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The lateral flow immunoassay (LFIA) based rapid test market is forecasted to achieve significant growth in the coming few years with a forecast CAGR (compound annual growth rate) of more than 8%, as per The Business Research Company’s market report!

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The Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Size In 2022 And Forecast

The global lateral flow immunoassay (LFIA) based rapid test market is expected to grow from $6.08 billion in 2021 to $6.66 billion in 2022 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, affecting many markets across the globe. The lateral flow immunoassay (LFIA) based rapid test market is expected to grow to $9.08 billion in 2026 at a CAGR of 8.1%.

The lateral flow immunoassay (LFIA) based rapid test market consists of sales of devices and equipment used to run lateral flow immunoassays (LFIA) based rapid test and related services by companies that develop lateral flow immunoassays (LFIA) based rapid test equipment.

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Demand For Point-Of-Care Testing Under Home Care Settings Is Driving The Growth Of The Lateral Flow Immunoassay (LFIA) Based Rapid Test Market

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.

Competitive Landscape And The Regional Analysis Of The Lateral Flow Immunoassay (LFIA) Based Rapid Test Market

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.

Additionally, as per TBRC’s research – North America was the largest region in the lateral flow immunoassay (LFIA) based rapid test market in 2021 holding the largest market share.

The Lateral Flow Immunoassay (LFIA) Based Rapid Test Global Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. 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. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the lateral flow immunoassay (LFIA) based rapid test market.

Launching New Products – A Key Trend In The Lateral Flow Immunoassay (LFIA) Based Rapid Test Market

Companies are collaborating to launch new products.

Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Segmentation By The Business Research Company

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

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