Lateral Flow Assays Market is Powered by Increasing Prevalence of Infectious Diseases

The lateral flow assays market was valued at 22 billion in 2023, and it will power at a rate of 2.1% by the end of this decade, to touch USD 25.4 billion by the end of this decade.  

The development can be chiefly credited to the increasing incidence of communicable ailments, the growing requirement for point-of-care testing, the rising elderly populace, the growing use of home-based lateral flow assay devices, the mounting requirement for effective diagnostic methods, and the growing government initiatives encouraging health consciousness. 

kits and reagents category had the larger share for lateral flow assays, on the basis of the product segment, in the future. This is because of the increasing count of application areas of lateral flow kits and reagents for point-of-care testing, the rising occurrence of chronic ailments, and the growing usage of lateral flow kits in residential care, because of their easy, contented, and suitable assistances. 

The sandwich assays category led the industry with a share of about 50%, in 2023. This is chiefly credited to the improved sensitivity and specificity of these assays for greater analytes that have 2 epitopes or binding sites. The most common commercially paper-based biosensors are inserting lateral flow assays that provide a reasonable, precise, speedy, and single-step assay.  

Lateral Flow Assays Market Size, Share & Growth Report, 2030

For example, the sandwich-based assay can offer results in just 20 minutes and can be used in low-resource healthcare amenities without requiring the assistance of skilled medical professionals. 

The blood samples are the leader of the lateral flow assays market on the basis of sample type. This is as a result of the usage of blood samples for performing lateral flow assays, and the lateral flow tests can spot numerous infectious ailments as well as malaria, HIV, and syphilis, amongst others.  

Furthermore, the rising knowledge of rapid solution providers, the acceptance of detection of disease antigens from blood samples, and the growing consciousness with regards to the rapid testing solutions and straightforward identification of ailment antibodies from blood samples are powering the growth of the industry. 

North America is the leader of the industry, with a share of 45% in 2023. This is attributable to the augmented occurrences of COVID-19, Lyme ailment, and TB, and an increase in mortality rates associated with AIDS and HIV in the region. As per the government statistics, in October 2022, about 1.2 million individuals have HIV in the U.S. and around 13% populace is ignorant of the fact and requires testing. 

Due to the increasing prevalence of infectious disorders all over the world, the demand for lateral flow assays is on the rise. This trend is on the rise in the current scenario. 

SOURCE: P&S Intelligence