Lateral Flow Analytics Market Revenue is Expected to Account
New York, July 7 28, 2022 (GLOBE NEWSWIRE) — Due to the high adoption of lateral flow test kits (LFA) and advances in point-of-care diagnostics in the healthcare industry, the global lateral flow testing market recorded a value of around US$7.9 billion in 2021. The market is expected to grow at a CAGR of 5% over the forecast period (2022-2032).
The growing prevalence of infectious diseases is a key driver of market growth. The emergence of infectious diseases has led to increased purchases of point-of-care testing devices and kits by international authorities, such as UNICEF. These authorities purchase LFA kits under long-term agreements.
Most notably, LFA tests are widely used due to their ease of application, which helps avoid multiple hospital visits. This has resulted in high market penetration of LFA technologies in seasonal and epidemic indications such as malaria, dengue, etc. There has also been a rapid increase in the adoption of lateral flow assays in various sectors such as food industry, veterinary diagnostics. , and health care,. Lower-middle-income countries are expected to experience significant growth in adoption due to economical pricing, easy availability, and higher sensitivity of LFA tests in infectious disease screening.
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Technological advances translate into functional evolutions of lateral flow assays in terms of selectivity, sensitivity and progress in quantification. Lateral flow assay readers are commonly used to measure sample test line intensity. Increasing size and compactness have spurred the adoption of portable lateral flow assay readers. Technological advancements in LFA test kits are also driving the market expansion.
Key insights from market research
- LFA kits held approximately 76.5% market share by product type in 2021.
- The infectious disease segment accounted for 37.6% of revenue share among applications in 2021.
- By distribution channel, hospital pharmacies are preferred by most patients and the segment held a market share of approximately 40.8% in 2021.
- Around 42.4% of the global market share, by region, was held by North America in 2021.
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“High prevalence of infectious diseases and increased adoption of self-testing devices are expected to drive growth in demand for lateral flow analysis over the next few years,” says an analyst at PPersistent market research.
Market competition
Major players in the Lateral Flow Analytics market are aggressively marketing and promoting their products online. This guarantees a better visibility of the products with the population. Additionally, market players are conducting outreach programs to increase their customer base.
Companies such as Quest Diagnostics Inc., Express Diagnostics International Inc. and many others offer training in identifying and handling test drugs.
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- In 2021, Abbott Laboratories launched its Panbio COVID-19 antigen self-test in India to help detect COVID-19 infections in the country. The results can be easily reported to the Indian Council of Medical Research through Abbott’s NAVICA reporting application, which in turn expands the reach of Abbott Laboratories.
What does the report cover?
Persistence Market Research offers unique perspective and actionable insights into the Lateral Flow Testing market in its latest study, presenting historical demand assessment from 2012 to 2021 and projections for 2022 to 2032.
The research study is based on the type of product (meters (benchtop meters and portable meters) and LFA kits (test strips, test strips, cassette and lancets), application (sexually transmitted diseases[humandeficiencyvirus(HIV)infectiongonorrheasyphilisandother)infectiousdiseases(diseasestransmittedbymosquitoesstreptococcalinfectionshepatitisgastrointestinalinfectionsrespiratorytractinfectionsandothers)diabetespregnancyandfertilitytestsanddrugaddictiontests)anddistributionchannel(hospitalpharmaciesretailpharmaciessupermarkets/hypermarketsandretail)insevenkeyregionsoftheworld[infectionparlevirusdeladéficiencehumaine(VIH)gonorrhéesyphilisetautres)maladiesinfectieuses(maladiestransmisesparlesmoustiquesinfectionsàstreptocoqueshépatitesinfectionsgastro-intestinalesinfectionsdesvoiesrespiratoiresetautres)diabètetestsdegrossesseetdefertilitéettestsdetoxicomanie)etcanaldedistribution(pharmacieshospitalièrespharmaciesdedétailsupermarchés/hypermarchésete-Commerce)dansseptrégionsclésdumonde
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