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Lateral Flow Assays Market: Meticulous Research Reveals Why This Market is Growing at a CAGR of 8.8% to Reach $13.85 Billion by 2027

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Lateral Flow Assays Market: Meticulous Research Reveals Why This Market is Growing at a CAGR of 8.8% to Reach $13.85 Billion by 2027

August 25
20:33 2021
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 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

Lateral flow assay kits are used to rapidly test infectious diseases, cardiac markers, pregnancy & fertility, cholesterol testing/lipid profiling, drug abuse, and food and beverages. Further, in recent years, the increase in adoption rate due to innovations and benefits of LFA rapid tests over laboratory tests have supported the growth of the lateral flow assays market. Meticulous Research®, in its latest publication on the Lateral Flow Assays Market, states that the lateral flow assays market will increase at a CAGR of 8.8% from 2020 to 2027 to reach $13.85 billion by 2027.

The growth of the lateral flow assays market is mainly attributed to the increasing healthcare expenditure, the rising prevalence of various chronic and infectious diseases, growth in the aging population, the increasing usage of home-based lateral flow assay kits, growth in government initiatives promoting health awareness, the growing demand for PoC testing, and the increasing adoption of LFA products due to innovations and benefits 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.

Download Free Sample Report Copy Here : https://www.meticulousresearch.com/download-sample-report/cp_id=5165

To provide efficient analysis, Meticulous Research has segmented this market based on Product [Kits & Reagents; and Lateral Flow Readers (Digital/Mobile Readers & Benchtop Readers)], Technique [Sandwich Assays, Competitive Assays, and Multiplex Detection Assays], 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, and Drug Development & Quality Testing], End User (Hospitals & Clinics, Diagnostic Laboratories, Home Care, Pharmaceutical & Biotechnology Companies, and Other End Users), and Geography.

Geographically, in 2020, North America is expected to command the largest share in this market, followed by Europe and Asia-Pacific. The increasing spread of various chronic & infectious diseases, increasing healthcare expenditure, growing aging population, and growing demand for point-of-care testing are the major factors driving the North American market. Continuous advancements in lateral flow assay diagnostic techniques will offer significant growth opportunities for the coming years.

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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

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

Based on product, the kits & reagents segment is estimated to account for the largest share of the lateral flow assays market in 2020. The large share of this segment is mainly attributed to factors such as the increasing adoption of lateral flow assay-based test kits due to innovations and their benefits over laboratory tests; the increasing spread of various chronic and infectious diseases across the world; and the high number of lateral flow assay rapid detection kits being launched by healthcare companies mainly for COVID-19 testing.

Based on technique, the sandwich assays segment is estimated to account for the largest share of the market in 2020. The large share of this segment is mainly attributed to the 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 companies are launching rapid detection kits based on the sandwich assay technique for COVID-19 testing, which is further expected to contribute to the growth of this segment.

Based on application, the clinical testing segment is estimated to account for the largest share of the market in 2020. The large share of this segment is mainly attributed to the increasing healthcare expenditure across the world, rise in government initiatives promoting health awareness, growing awareness among people regarding clinical testing, and the rising prevalence of various chronic and infectious diseases worldwide. In addition, continuous advancements in lateral flow assays are also expected to contribute to the growth of this segment.

Based on end user, the hospitals & clinics segment is estimated to account for the largest share of the market in 2020. Factors driving the growth of this segment are the increasing access to healthcare, economic growth, the rising prevalence of lifestyle diseases, and the impact of COVID-19.

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

Key Players:

The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players in this market, including Abbott Laboratories (U.S.), Danaher Corporation (U.S.), F. Hoffmann-La Roche Ltd. (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).

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.

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