The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s lateral flow immunoassay LFIA-based rapid test market report forecasts the lateral flow immunoassay LFIA-based rapid test market size to grow to $7.32 Billion by 2027, with a CAGR (compound annual growth rate) of -5.5%.

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Lateral Flow Immunoassay LFIA-based Rapid Test Market Size Forecast

The global lateral flow immunoassay LFIA based rapid test market is expected to grow from $10.14 billion in 2022 to $9.19 billion in 2023 at a compound annual growth rate (CAGR) of -9.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global lateral flow immunoassay (LFIA) based rapid test market size is expected to decline to $7.32 billion in 2027 at a CAGR of -5.5%.

North America held the largest lateral flow immunoassay LFIA based rapid test market share.

Key Lateral Flow Immunoassay LFIA Based Rapid Test Market Driver ­– Rise In Demand For Point-Of-Care Testing Under Home Care Settings

For instance, the recent outbreak of coronavirus disease (COVID-19) has increased the significance of these devices to rapid screening and surveillance. Acro Biotech COVID-19 Rapid POC CE-IVD is a lateral flow immunoassay that quantifiably assesses the existence of patient-generated IgG and IgM antibodies to SARS-CoV-2, the causative agent of novel coronaviral disease COVID-19. These antibodies may be detected in whole blood, serum, or plasma samples in the test cassette. OZO has developed three different variations of its products using the Latex Enhanced Lateral Flow Immunoassays (LFIAs) method for testing COVID-19. Therefore, the need for point-of-care testing under home care settings is expected to drive the Lateral Flow Immunoassay (LFIA) Based Rapid Test market.

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Key Lateral Flow Immunoassay LFIA Based Rapid Test Market Trend – Launching New Products

Companies are collaborating to launch new products. In May 2020, Lateral Flow Diagnostic Company Mologic Ltd., which has teamed up with Biosure Ltd., the developer of the only CE-approved HIV home testing kit, to develop a COVID-19 antibody self-test. The companies combine Mologic’s validated IgG lateral flow test strip with Biosure’s test kit. In July 2020, MP Biomedicals Asia-Pacific Pte Ltd collaborated with a Singapore company A*STAR to create the ASSURE® SARS-CoV-2 IgG / IgM rapid antibody test kit to detect IgG and IgM antibodies in a person infected with SARS-CoV-2. The kit delivers precise results in very less time as less as 15 minutes and uses the lateral flow method.

Lateral Flow Immunoassay LFIA Based Rapid Test Market Segment

1) By Technique: Competitive Assay, Sandwich Assay, Multiplex Detection Assay

2) By End User: Hospital & Clinic, Diagnostic Laboratory, Home Care, Other End Users

3) By Application: Infectious Disease, Pregnancy & Fertility, Toxicology, Other Applications

Lateral Flow Immunoassay LFIA Based Rapid Test Market Major Players and Strategies

Major players in the lateral flow immunoassay LFIA based rapid test market are Abbott Laboratories, F. Hoffmann-La Roche, Danaher Corporation, Siemens AG, Becton, Dickinson and Company, bioMérieux, Bio-Rad Laboratories, Thermo Fisher Scientific, QIAGEN NV, and Hologic Inc.

In April 2020, True Diagnostics, a leading US-based Point of Care (POC) company, partnered with Veravas and Infectolab Americas to create and distribute a fast, point-of-care immunoassay for SARS-CoV-2, the VeraTest SARS-CoV-2 IgA / IgG Fast Test will be developed to detect immunoglobulin A and immunoglobulin G antibodies to SARS-CoV-2 in the blood within 15 minutes. The test combines True Diagnostics, TrueDx lateral flow immunoassay technology with Veravas, VeraPrep clean, and VeraPrep capture technologies designed to remove cross-reaction antibodies and ensure the detection of only SARS-CoV-2-specific antibodies. Veravas is an emerging US-based diagnostic company. Infectolab Americas is a US-based laboratory specialized in lab testing for tick-borne disease.

The Lateral Flow Immunoassay LFIA Based Rapid Test Global Market Report 2023 covers regional data on lateral flow immunoassay LFIA based rapid test market size, lateral flow immunoassay LFIA based rapid test market trends and drivers, opportunities, strategies, and lateral flow immunoassay LFIA based rapid test market competitor analysis. The countries covered in the lateral flow immunoassay LFIA based rapid test market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Lateral Flow Immunoassay (LFIA) based rapid test is a simple technology-based diagnostic device that is used to determine the presence of a target such as pathogens or biomarkers in samples collected from the human body. These samples may include urine, saliva, blood, sweat and other fluids.

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