New York City, United States -- Since the COVID-19 infection flare-up in December 2019, the malady has spread to right around 100 nations around the world with the World Health Organization proclaiming it a general wellbeing crisis. The worldwide effects of the coronavirus sickness 2019 (COVID-19) are now beginning to be felt, and will essentially influence the Healthcare Industry in 2020.
Technological preferences and advancements in lateral flow assay kits over the years have resulted in reduced hospital visits, which is expected to contribute to the growth of the global lateral flow assay market. Technological improvements, coupled with increasing awareness, are projected to increase the acceptance of lateral flow assay kits globally.
Lateral flow assay kits are used for the early-stage diagnosis of diseases. According to the latest research by the company, the global lateral flow assay market is projected to account for over US$ 9.7 Bn in terms of value by the end of 2026.
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- Abbott Laboratories
- bioMerieux S.A
- Bio-Rad Laboratories Inc.
- Danaher Corporation
- QIAGEN N.V.
- Thermo Fisher Scientific, Inc.
- Siemens Healthineers
- Hologic Inc.
- F. Hoffmann-La Roche Ltd
The report further projects a 5.4% growth rate with an increasing average Y-o-Y throughout 2026. The lateral flow assay market is expanding and gaining popularity as these tests are simple and can be performed by the patients themselves. These kits provide faster results within few minutes. The lateral flow assay readers match the sensitivity of Elisa tests and eliminate the possibility of human errors.
Factors Impacting Revenue Growth of the Lateral Flow Assay Market
The growing acceptance of smart devices has resulted in the advent of automated smartphone-based readers for lateral flow assay tests. Test images captured with a smartphone camera are processed and stored electronically with information about the patient & operator, and the date & time of each test.
These readers can be used for analyzing various metabolites present in the urine and saliva, blood, serum, plasma and solubilized solids. Ease of use, low costs and ease of production are among factors that have resulted in the expansion of lateral flow assay kits in various fields.
Bench top readers are sophisticated and automated for qualitative as well as quantitative tests. These readers exclude the possibility of human errors that occur due to the visual judgment of colored areas by humans.
Increasing prevalence of infectious diseases, such as mosquito-borne diseases, Streptococcus infections, Tuberculosis (TB) and Sexually Transmitted Infections (STI), is boosting the lateral flow assay market. The presence of a large patient pool in developing regions, such as China and South Africa, and the advent of new lateral flow assays are among factors expected to drive the lateral flow assay market during the forecast period.
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Lateral Flow Assay Market: Competitive Assessment
Companies are increasingly emphasizing on the research and development of drugs and therapies for diseases such as malaria, salmonella, and others, and their early stage diagnosis is expected to create significant growth opportunities for the lateral flow assays market.
Significant collaborations and acquisitions among the key players in the industry, funding programs and the presence of reimbursement agencies is also expected to aid the growth of the market. For instance, in 2016, Abbott acquired Alere, which was one of the major market players in the lateral flow assays.
In addition, manufacturers are joining hands with various organizations to spread awareness about the usage of lateral flow assays. The emergence of diseases, such as Zika virus, Ebola, and other pandemic disease, has increased the procurement of point-of-care testing devices and kits by international bodies, such as UNICEF, which has boosted the lateral flow assay market.