The Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Is Expected To Reach $9 Billion By 2026 With The Increasing Demand For Home-Based LFIA Devices As Per TBRC's Lateral Flow Immunoassay Based Rapid Test Global Market Report 2022
TBRC’s market research report covers lateral flow immunoassay based rapid test market size, LFIA based rapid test market forecasts, major lateral flow immunoassay based rapid test companies and their market share, key strategies to undertake, and more.
LONDON, May 25, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the lateral flow immunoassay (LFIA) based rapid test market, the growing demand for home-based lateral flow assay devices is expected to support the LFIA based rapid test market in the forecast period. Home-based lateral flow assay devices are diagnostic equipment used to confirm the presence or absence of a target analyte in humans or animals, such as infections or biomarkers, or pollutants in water sources, foodstuffs, or animal feeds. They are frequently used to test pregnancy and stigmatized conditions such as HIV, as they can be conducted at home. Many firms created home-based lateral flow assays for COVID-19 testing during the COVID-19 pandemic as individuals were terrified of being tested at diagnostic laboratories or hospitals. This fueled the need for home-based lateral flow tests, thus driving the market. As a result, various home-based tests were developed.
For instance, in 2021, Novacyt, a biotech company focusing on clinical diagnostics, launched two antigen lateral flow tests that are small, instrument-free, and include all of the components needed for safe sample collection, preparation, testing, result interpretation, and disposal for use by healthcare professionals or patients at home. The increasing demand for home-based lateral flow assay devices is expected to boost the growth of the lateral flow immunoassay (LFIA) based rapid test market.
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The global LFIA based rapid test market size is expected to grow from $6.08 billion in 2021 to $6.66 billion in 2022 at a compound annual growth rate (CAGR) of 9.4%. The global LFIA based rapid test market share is expected to grow to $9.08 billion in 2026 at a CAGR of 8.1%.
Technological advancements are a key driver in the LFIA-based rapid test market. Companies are gradually increasing innovation in lateral flow assay-based Point of Care (PoC) devices for applications such as pregnancy testing, ovulation monitoring, screening for infectious diseases and drugs of abuse, and the measurement of protein markers in the blood to aid rapid clinical diagnostics of life-threatening events (such as heart attacks, strokes, and deep-vein thrombosis). For instance, in February 2021, Canadian firm Laipac Technology, a leading company in the development of Telehealth and Internet of Medical Things (IoMT) products and solutions, announced a partnership with United Arab Emirates companies. The European CE-IVD approved LooK SPOT AI COVID-19 Antigen Rapid Test System. This is a smartphone-based diagnostic device with a lateral flow immunoassay, intended for the qualitative detection of nucleocapsid protein from SARS-CoV-2 in nasal swabs. The LooK SPOT artificial intelligence ecosystem modernizes medical diagnostics, allowing initial disease detection with consistent and accurate results.
Major players in the lateral flow immunoassay (LFIA) based rapid test market are Abbott Laboratories, F. Hoffmann-La Roche, Danaher Corporation, Siemens AG, Becton, Dickinson and Company, bioMérieux, Bio-Rad Laboratories, Thermo Fisher Scientific, QIAGEN NV, and Hologic Inc.
The global lateral flow immunoassay (LFIA) based rapid test market is segmented by technique into competitive assay, sandwich assay, multiplex detection assay; by end-user into hospital and clinic, diagnostic laboratory, home care, other; by application into infectious disease, pregnancy and fertility, toxicology, other.
North America was the largest region in the lateral flow immunoassay (LFIA) based rapid test market in 2021. Asia-Pacific was the second largest region in the global LFIA-based rapid test market. The regions covered in the LFIA based rapid test industry forecast are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Lateral Flow Immunoassay (LFIA) Based Rapid Test Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide lateral flow immunoassay (LFIA) based rapid test market overviews, analyze and forecast market size and growth for the whole market, lateral flow immunoassay (LFIA) based rapid test market segments and geographies, lateral flow immunoassay (LFIA) based rapid test market trends, lateral flow immunoassay (LFIA) based rapid test market drivers, lateral flow immunoassay (LFIA) based rapid test market restraints, lateral flow immunoassay (LFIA) based rapid test market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
The lateral flow immunoassay (LFIA) based rapid test market research report is one of a series of new reports from The Business Research Company that provides lateral flow immunoassay (LFIA) based rapid test market market statistics, including lateral flow immunoassay (LFIA) based rapid test industry global market size, regional shares, competitors with a lateral flow immunoassay (LFIA) based rapid test market share, detailed lateral flow immunoassay (LFIA) based rapid test market segments, lateral flow immunoassay (LFIA) based rapid test market trends and opportunities, and any further data you may need to thrive in the lateral flow immunoassay (LFIA) based rapid test industry. This lateral flow immunoassay (LFIA) based rapid test market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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