The lateral flow assays market size is expected to advance at a CAGR of 2.1% during 2024–2030, to reach USD 25.4 billion by 2030. This can be ascribed to the surging demand for better patient care, the increasing volume of diagnostic centers, and the rising government initiatives to support the development and adoption of advanced technologies in the healthcare sector.
Furthermore, the rise in the launch of novel diagnostic solutions is driving the growth of the market. For instance, in August 2021, Becton, Dickinson and Company announced FDA approval for the over-the-counter rapid antigen test using the Scanwell Health Mobile App. This test makes use of computer vision technology in a smartphone to interpret and provide a digital display of testing results within 15 minutes.
The use of home-based devices for detecting the prevalence of infectious disorders is fueling the market growth. The use of lateral flow devices in residential care settings is increasing, due to their easy accessibility, quick interpretation of the data without the requirement of medical intervention or any instrumentation, and portability. Moreover, these diagnostic tests can be purchased without a doctor’s prescription and hence boosting the market expansion.
Furthermore, the rising launches of home-based lateral flow assays by companies during the COVID-19 pandemic, as the fear of COVID-19 was at its peak and people were avoiding stepping out from their homes, supported the adoption of such devices. For instance, in September 2020, Roche Diagnostics launched its SARS-CoV-2 Rapid Antigen test kits.
On the basis of product, the lateral flow reader category is expected to witness the highest CAGR during the forecast period. This can be due to the quick quantitative analysis of lateral flow strips in competitive, sandwich, and reverse-competitive test types. These readers are capable of measuring the intensity of a test line to evaluate the quantity of analytes in samples and offer results of fully quantitative assays. Also, the readers carry out a single read for multiple devices or multiple reads from a single device, tracked by the results of automatic statistical analysis to support a consolidated value. Additionally, these readers are highly sensitive and could measure accurately and transmit data.
The Asia-Pacific market is projected to witness the highest CAGR, of 2.6%, during the forecast period. This growth can be mainly attributed to the surging economies, the rapid development of the healthcare industry in India and China, the growing geriatric population, and the rising cases of chronic and infectious disorders, including hepatitis, tuberculosis, high cholesterol, cardiac ailments, respiratory syncytial viruses, and dengue, among others, in the region.
Moreover, during the COVID-19 pandemic, governments of regional countries, such as South Korea, China, and India, focused on mass testing, resulting in high demand for rapid testing kits that work on lateral flow assays to control the growing cases of new variants of COVID-19. Hence, this factor further fosters the growth of the market for lateral flow assays in the region.
Furthermore, the soaring life expectancy, the aging demography, the rising per capita income, the surging number of private hospitals and clinics in rural areas, the increasing investments in the region by key industry players, the occurrence of a favorable regulatory regime, the availability of cheap manufacturing labor, and continued growth for household and point-of-care diagnostics are some other factors fuelling the demand for lateral flow assays in APAC.
Some of the major players operating in the lateral flow assays market players are Abbott Laboratories, Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd., Bio-Rad Laboratories Inc., Siemens Healthineers GmbH, Quidel Corporation, Hologic Inc., PerkinElmer Inc., QIAGEN N.V., and Becton, Dickinson and Company.