Lateral Flow Assay is a simple to use diagnostic device used to confirm the presence or absence of a target analyte, such as pathogens or biomarkers in humans or animals, or contaminants in water supplies, foodstuffs, or animal feeds.
Factor such as the high prevalence of infectious diseases across the globe, rapidly increasing geriatric population, increasing usage of home-based lateral flow assay devices, and growing demand for point-of-care testing are fueling the growth of the market. The global market of Lateral Flow Assay Industry is not concentrated due to the wide application and consumption scale.
In 2018, Lateral Flow Assay market
managed to increase in worldwide, with the revenue of 4674.6 million USD. In the next seven years, the global revenue of Lateral Flow Assay will maintain a 6.33% annual growth rate from 2018 to 2025, revenue is expected in 2025 will be 7185.14 Million USD.
The United States Lateral Flow Assay market is valued at 1713.33 million USD in 2018, about 36.8% the largest market share in the world, and is expected to reach 2498.36 million USD by the end of 2025, growing at a CAGR of 6.42% between 2018 and 2025.
Based on application, the lateral flow assay market is segmented into Medicine, Environment Testing and Food Safety. The medicine and food safety segment are expected to grow at the highest CAGR during the forecast period. The medical sector accounts for the largest market share, approximately 54% in 2018.
The high growth of this segment is driven by the medical diagnosis industry to rapid lateral flow assay tests and the shifting of the food & beverage industry from lab-based conventional microbiology techniques to rapid lateral flow assay tests.
Despite the presence of competition problems, due to the global recovery trend is clear, investors are still optimistic about this area, the future will still have more new investment enter the field.