Lateral Flow Assays Market by Product (Kits, Readers), Technique (Sandwich, Competitive, Multiplex), Application (Clinical [Pregnancy, Infectious Diseases], Food Safety, Drug Development, Veterinary), and End User (Hospitals, Home Care) - Forecast to 2027

The Lateral Flow Assays (LFA) Market is expected to grow at a CAGR of 8.8% from 2020 to 2027 to reach $13.85 billion by 2027. Lateral flow assay kits are used to rapidly test for infectious diseases, cardiac markers, pregnancy & fertility, cholesterol testing/lipid profiling, and drug abuse. They are also used for testing food & beverages. The growth in the lateral flow assays market is mainly driven by factors such as the spread of various chronic and infectious diseases, increasing usage of home-based lateral flow assay kits, growth in government initiatives toward promoting health awareness, growing demand for point-of-care testing, the increasing adoption of LFA due to innovations, and advantages of LFA rapid tests over laboratory tests. Moreover, the recent outbreak of COVID-19 has positively affected the growth of the LFA market during 2019–2020.

The Impact of COVID-19 on the Lateral Flow Assays Market

Over the past few months, the lateral flow assays (LFA) market has seen considerable growth due to the COVID-19 pandemic. Lateral flow assay-based tests are being used worldwide for diagnosing COVID-19 infections as LFA test kits have demonstrated the potential to detect both symptomatic and asymptomatic COVID-19 infections. Many healthcare companies are focused on developing lateral flow assay devices that can detect patient antibodies (IgG and IgM) or COVID-19 viral antigens in the blood samples using a finger prick, saliva samples, or nasal fluid swabs. Factors that boost the demand for LFA-based devices for COVID-19 testing include the low cost of LFA devices and the fact that no trained personnel are required for performing the tests. The potential of LFA devices in detecting symptomatic and asymptomatic COVID-19 infections is its main advantage over other detection methods. For example, RT-PCR can only determine the active infections in patients, whereas LFA-based testing devices can determine patients who are asymptomatic, have been cured of the infection, and are no longer at risk of spreading the virus to others. Also, LFA-based tests can diagnose different stages of the COVID-19 infection in a patient. To a large extent, LFA-based tests shape the medical and economic decisions for countries that continue to be affected by the COVID-19 pandemic and those preparing for the second wave in the near future. Some of the recent product launches by key companies and approvals for lateral flow assay-based devices are:

• In July 2020, Abbott Laboratories (U.S.) launched its COVID-19 antigen test kit.
• In September 2020, F. Hoffmann-La Roche AG (Switzerland) launched a SARS-CoV-2 rapid antigen test kit and a SARS-CoV-2 rapid antibody test kit.
• In April 2020, Siemens Healthineers AG (Germany) launched a test kit for Coronavirus COVID-19.
• In July 2020, Becton, Dickinson and Company (U.S.) launched an antigen test kit to detect SARS-CoV-2.
• In March 2020, Becton, Dickinson and Company (U.S.) launched its rapid serology test to detect exposure to COVID-19 and a SARS-CoV-2 real-time PCR detection kit.
• In September 2020, QIAGEN N.V. (Germany) launched its Access Anti-SARS-CoV-2 Test kit.
• In August 2020, QIAGEN N.V. (Germany) launched its Access Anti-SARS-CoV-2 Total kit.

Thus, the COVID-19 pandemic has positively impacted the lateral flow assays market.

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Key Findings in the Lateral Flow Assays Market Study

Kits & Reagents Generated Higher Revenue than Lateral Flow Readers

The kits & reagents segment accounted for the largest share of the lateral flow assays market in 2020. The large share of this segment is mainly attributed to the increasing adoption of kits & reagents due to innovations and benefits of LFA rapid tests over laboratory tests; the rising prevalence of various chronic and infectious diseases worldwide; and the high number of lateral flow assay rapid detection kits launched by healthcare companies mainly for COVID-19 testing.

The Sandwich Assay Technique Dominated the Market

In 2020, the sandwich assay segment accounted for the largest share of the market. The large share of this segment is mainly attributed to factors such as evolving applications of sandwich assays in medical testing settings and the advantages of sandwich assays, such as higher sensitivity and specificity for larger analytes. Moreover, a large number of lateral flow assay-based rapid detection kits based on the sandwich assay technique were launched by companies for COVID-19 testing, which is further expected to contribute to the growth of this segment.

The Clinical Testing Segment Accounted for the Largest Market Share

In 2020, the clinical testing segment accounted for the largest share of the market. The large share of this segment is mainly attributed to growth in government initiatives to promote health awareness, growing awareness among people regarding clinical testing, and the increasing prevalence of chronic and infectious diseases worldwide. Also, continuous advancements in lateral flow assays are expected to contribute to the growth of this segment.

The Hospitals & Clinics Segment Dominated the Lateral Flow Assays Market

In 2020, the hospitals & clinics segment accounted for the largest share of the market. The large share of this segment is mainly attributed to factors such as the growing adoption of lateral flow assay (LFA) devices due to their advantages over conventional laboratory tests and the rising number of hospital admissions worldwide. Moreover, the sudden growth in demand for lateral flow assay tests during the COVID-19 pandemic is expected to further drive the growth of this segment.

Asia-Pacific: The Fastest-growing Regional Market

North America commanded the largest share of the lateral flow assays market in 2020, followed by Asia-Pacific, Europe, Latin America, and the Middle East & Africa. North America’s largest share is mainly attributed to the growing prevalence of various chronic and infectious diseases and the rising demand for point-of-care testing in the region. However, Asia-Pacific is projected to be the fastest-growing regional market due to increasing healthcare expenditure across the APAC countries, the prevalence of various infectious and chronic diseases, and growing government initiatives to enhance healthcare.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key strategic developments by leading market participants during the past four years. The key players profiled in the lateral flow assays market report include Abbott Laboratories (U.S.), Danaher Corporation (U.S.), F. Hoffmann-La Roche AG (Switzerland), Siemens Healthineers AG (Germany), Becton, Dickinson and Company (U.S.), bioMérieux SA (France), Bio-Rad Laboratories, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), QIAGEN N.V. (Germany), PerkinElmer Inc. (U.S.), Quidel Corporation (U.S.) and Merck KGAA (Germany).

Scope of the Report

Lateral Flow Assays Market, by Product

• Kits & Reagents
• Lateral Flow Readers
  • Digital/Mobile Readers
  • Benchtop Readers

Lateral Flow Assays Market, by Technique

• Sandwich Assays
• Competitive Assays
• Multiplex Detection Assays

Lateral Flow Assays Market, by Application

• Clinical Testing
  • Infectious Disease Testing
  • Cardiac Marker Testing
  • Pregnancy & Fertility Testing
  • Cholesterol Testing/Lipid Profile
  • Drug Abuse Testing
  • Other Clinical Tests
• Veterinary Diagnostics
• Food Safety & Environment Testing
• Drug Development & Quality Testing

Lateral Flow Assays Market, by End User

• Hospitals & Clinics
• Diagnostic Laboratories
• Home Care
• Pharmaceutical & Biotechnology Companies
• Other End Users

(Note: Other End Users Include Water Treatment Facilities and Food Processing Units)

Lateral Flow Assays Market, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia-Pacific (APAC)
  • China
  • Japan
  • India
  • Rest of APAC (RoAPAC)
• Latin America
• Middle East & Africa

Key Questions Answered in the Report: