Lateral Flow Assays Market size to surpass $14.5 Bn by 2032

Lateral Flow Assays Market size is anticipated to exceed USD 14.5 billion by 2032, according to a new research report by Global Market Insights Inc.
 

The increasing cases of infectious diseases like tuberculosis (TB), influenza, pneumonia, STIs, and severe acute respiratory syndrome (SARS) will fuel the demand for lateral flow assay (LFA) tests. These diseases are particularly prevailing across developing nations like Bangladesh, China, India, Indonesia, and South Africa, among others. A high incidence of such illnesses would ramp up the need for LFA tests, facilitating market growth prospects over the forecast timeframe.
 

Robust need for LFA kits across hospitals and clinical laboratories

Lateral flow assays market from LFA kits segment was valued at more than USD 6.75 billion in 2022. During the COVID-19 pandemic, lateral flow testing kits were in huge demand due to their ability to quickly detect the presence of SARS-CoV-2. They were largely used across hospitals and clinical laboratories for the quantitative and qualitative detection of the COVID-19 virus among many other infectious diseases.
 

Higher convenience, limited reliability, and portability still make LFA kits a popular choice among healthcare institutions. The launch of new and improved ready-to-use LFA kits would facilitate segment revenue over the estimated period.
 

Browse key industry insights spread across 240 pages with 468 market data tables & 14 figures & charts from the report, “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, Troponin I}, 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, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” In detail along with the table of contents:
https://www.gminsights.com/industry-analysis/lateral-flow-assays-market
 

Mounting demand for cholesterol testing kits

Lateral flow assays market share from the cholesterol testing application will observe a 3.6% CAGR by 2032. Rising cases of cardiovascular diseases like heart failure have raised the demand for cholesterol testing kits across both developed and developing economies. The prevalence of these diseases is considerably high among the geriatric population which is estimated to grow at an exponential rate in the near future. As per the World Health Organization (WHO), by 2030, 1 out of 6 people are expected to be over the age of 60 years.
 

New initiatives are rolled out by many government organizations to create awareness about the importance of conducting periodic health tests like lipid profile. Furthermore, emerging cases of high cholesterol levels in the young and adult population as a result of an unhealthy lifestyle may spur the demand for these kits.
 

Adoption of the sandwich assay technique for pregnancy testing

Lateral flow assays market share from The sandwich assays technique segment is predicted to record over 4.5% CAGR by 2032. The sandwich assay method is extensively used in the diagnosis of pregnancy & fertility testing, drug abuse testing, etc. It is utilized in home pregnancy tests as it uses capillary action to automate the detection of pregnancy hormone. Several diagnostic centers have adopted the sandwich assay method for diagnosis given to its high sensitivity and specificity. The availability of a large range of kits for carrying out sandwich assays would boost segment development in the ensuing years.
 

Expanding healthcare sector across Asia Pacific

Asia Pacific lateral flow assays market is expected to record over 5.5% CAGR by 2032. Countries like India, China, Japan, and South Korea are attempting to upgrade the healthcare sector and introduce new medical devices and equipment that enhance disease diagnostics and treatment.
 

For instance, India is currently working on incorporating 3D printing, Health Internet of Things, and robotics into its digital healthcare ecosystem. This will help in precise diagnosis and improved treatment for patients in the coming years. Integration of advanced technologies like AI with lateral flow assays will enhance disease detection and help lower the incidence rate of chronic illnesses in the region.
 

New product launches to influence lateral flow assay market expansion

Quidel Corporation, Abingdon Health, Bioeasy Biotechnology Inc., bioMerieux SA, Abbott, Hologic Inc., F. Hoffmann La Roche, Bio-Rad Laboratories, Thermo Fischer Scientific, and OPERON, S.A., are some of the prominent solution providers of global lateral flow assays market.