Lateral Flow Assays Market Size By Product (Kits, Readers), By Application (Infectious Disease Testing {Influenza, STDs, Hepatitis, Tuberculosis}, Cardiac Metabolic Testing {CK-MB Testing, Myoglobin, D-dimer}, Pregnancy & Fertility Testing {Pregnancy Test

Lateral Flow Assays Market Size By Product (Kits, Readers), By Application (Infectious Disease Testing {Influenza, STDs, Hepatitis, Tuberculosis}, Cardiac Metabolic Testing {CK-MB Testing, Myoglobin, D-dimer}, Pregnancy & Fertility Testing {Pregnancy Testing, Fertility Testing}, Cholesterol Testing, Drug of Abuse), By Technique (Sandwich Assays, Competitive Assays, Multiplex Detection Assays), By End-use (Hospital & Clinics, Diagnostic Laboratories, Homecare Settings), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027

The lateral flow assays market is set to expand at a robust pace by 2027 owing to burgeoning need for diagnostic testing during the COVID-19 pandemic across the globe.

Lateral flow assays (LFA) are simple paper-based devices designed to detect a target analyte's presence (or absence) in a liquid sample without the need for specialized and expensive equipment. These tests are typically used for medical diagnostics for point of care testing or home testing, or in laboratory settings. Latest technological advancements in diagnostics have driven product demand in recent years.

Notably, industry players are employing lucrative strategies to accommodate the surging demand for infectious disease testing due to the ongoing COVID-19 pandemic, strengthening the overall business outlook.

For instance, in April 2020, Abingdon Health, a leading manufacturer of high-quality rapid lateral flow tests, announced the acquisition of UK-based Concepta plc’s lateral flow manufacturing facility based in Doncaster. The deal enabled Abingdon to expand its lateral flow manufacturing presence with the integration of Concepta’s manufacturing facility, which is equipped with a fully automated lateral flow manufacturing capacity, including automated cartridge assembly, reel-to-reel spraying, and lamination.

The lateral flow assays market has been segmented on the basis of technique, product, end-use, application, and region. In terms of product, the market has further been divided into readers and kits. The readers sub-segment attained a sizable valuation of nearly USD 1.6 billion in 2020 and is expected to witness steady expansion over the assessment period.

With respect to application, the market has been categorized into drug of abuse testing, infectious disease, cholesterol testing, cardiac marker testing, pregnancy & fertility testing, and others. The drug of abuse testing sub-segment is slated to register considerable growth at a CAGR of about 6.6% through the forecast timeline.

From the technique point of view, the lateral flow assays market has been classified into multiplex detection assays, sandwich assays, and competitive assays. In 2020, the competitive assays sub-segment accounted for a market share of around 33.4% and is speculated to garner notable gains over the analysis period.

Based on end-use, the market has been segregated into homecare settings, diagnostic laboratories, hospitals & clinics, and others. The lateral flow assays industry from the homecare settings sub-segment is foreseen to reach a valuation of more than USD 3.6 billion by 2027.

From the regional spectrum, the Latin America lateral flow assays market held over 5.1% market share in 2020 and is estimated to showcase optimistic growth over 2021-2027. Meanwhile, the Middle East & Africa lateral flow assays industry is anticipated to gain significant traction at almost 5.4% CAGR over the review period.