REDDING, Calif., May 19, 2021 /PRNewswire/ -- According to a new market research report "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", published by Meticulous Research, the lateral flow assays market is expected to grow at a CAGR of 8.8% from 2020 to 2027 to reach $13.85 billion by 2027.
Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5165
Lateral flow assays are devices used to confirm the presence or absence of a target analyte without the need for lab equipment. These devices are widely used in hospitals and clinical laboratories for the qualitative and quantitative detection of specific antigens and antibodies. It is a simple and low-cost technology used in qualitative and quantitative detection of pathogens or biomarkers in humans or animals, or contaminants or toxic elements in water supplies, foodstuffs, or animal feeds.
The growth of the overall lateral flow assays market is mainly attributed to the benefits of LFA-based rapid tests over laboratory testing, increasing usage of home-based lateral flow assay kits, growing demand for point-of-care testing, increasing prevalence of chronic & infectious diseases, and growing acceptance of smart devices. In addition, evolving applications of lateral flow assays and rising demand for lateral flow assays in the food & beverage industry offer significant growth opportunities for players operating in the lateral flow assays market.
On the other hand, the reluctance towards changing existing diagnostic practices and the development of multiplexing assays are some of the factors challenging the growth of this market to a certain extent. Also, variance in lateral flow assay test results and stringent regulations are expected to hinder the growth of this market.
The overall lateral flow assays market is segmented based on product, technique, application, end user, and geography.
Speak to our Analysts to Understand the Impact of COVID-19 on Your Business: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5165
Based on product, the lateral flow assays market is segmented into kits & reagents and lateral flow readers. In 2020, the kits & reagents segment accounted for the largest share of the overall lateral flow assays market. Factors such as the higher adoption rate of kits & reagents, increasing use of home-based lateral flow assay devices, and growing demand for point-of-care testing are driving the growth of this segment.
On the basis of technique, the lateral flow assays market is segmented into sandwich assays, multiplex detection assays, and competitive assays. In 2020, the sandwich assays segment accounted for the largest share of the overall lateral flow assays market. Factors such as the wide application of sandwich assays in various medical testing settings and advantages offered by these assays, such as higher sensitivity and specificity for larger analytes, are driving the growth of this segment.
Based on application, the lateral flow assays market is segmented into clinical testing, veterinary diagnostics, food safety & environment testing, and drug development & quality testing. In 2020, the clinical testing segment accounted for the largest share of the overall lateral flow assays market. Factors such as increasing healthcare expenditure, rising initiatives towards health awareness, growing awareness about clinical testing, and increasing spread of various chronic and infectious diseases are contributing towards the growth of this segment.
Quick Buy -Lateral Flow Assays Market Research Report: https://www.meticulousresearch.com/Checkout/67098011
Based on end user, the lateral flow assays market is segmented into hospitals & clinics, diagnostic laboratories, home care settings, pharmaceutical & biotechnology companies, and other end users. Factors such as increasing adoption of lateral flow assays due to their benefits over conventional laboratory tests, increasing use of PoC tests, growing hospital admissions, and rapid growth in demand for lateral flow tests during COVID-19 are driving the growth of this segment.
Based on geography, the lateral flow assays market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the global lateral flow assays market, followed by Europe and Asia-Pacific. Factors such as increasing prevalence of chronic and infectious diseases, rising geriatric population, growing demand for point-of-care testing facilities, and the presence of key players in the region are driving the growth of this regional segment.
The key players operating in the global lateral flow assays market are Abbott Laboratories (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) among others.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/lateral-flow-assays-market-5165
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
Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5165
Amidst this crisis, Meticulous Research is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research
Related Reports:
Immunoassay Market by Product & Solution (Immunoassay Kits {ELISA, Rapid Tests}, Immunoassay Platform, Software and Services), Platform (Chemiluminescence, Radioimmunoassay), Application (Infectious Diseases, Oncology, Allergy), End User - Forecast to 2027
https://www.meticulousresearch.com/product/immunoassay-market-4982
In-vitro Diagnostics Market by Product & Solution (Consumables, Systems, Software & Services), Technology (ELISA, Rapid Tests, PCR, Microbiology), Application (Infectious Diseases, Oncology), End User (Hospitals, Diagnostic Laboratories) - Forecast to 2027
https://www.meticulousresearch.com/product/ivd-market-4858
Infectious Disease Diagnostics Market by Product and Solution (Consumables, System, Software and Services), Technology (Immunodiagnostics, PCR, INAAT), Disease (HIV, HAIS, Influenza), End User (Hospital, Reference Lab, Research) - Global Forecast to 2027
https://www.meticulousresearch.com/product/infectious-disease-diagnostics-market-4976
Point of Care Molecular Diagnostics Market by Product and Solution (Assay, Analyzer, Software, Services), Technology (RT-qPCR, INAAT), Application (Respiratory Diseases, Hospital Acquired Infections, STD), and End User - Global Forecast to 2027
https://www.meticulousresearch.com/product/point-of-care-molecular-diagnostics-market-5081
About Meticulous Research
Meticulous Research was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
Europe: +44-203-868-8738
APAC: +91 744-7780008
Email- sales@meticulousresearch.com
Visit Our Website: https://www.meticulousresearch.com/
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Content Source: https://www.meticulousresearch.com/pressrelease/377/lateral-flow-assays-market-2027
Logo: https://mma.prnewswire.com/media/1213534/Meticulous_Research_Logo.jpg
