Lateral Flow Assay Market Size (2024 - 2029)

Lateral Flow Assay Market Analysis

The Lateral Flow Assay Market size is estimated at USD 10.46 billion in 2024, and is expected to reach USD 14.79 billion by 2029, growing at a CAGR of 7.18% during the forecast period (2024-2029).

The factors driving the growth of the market are increased demand for point-of-care testing (POC) with technological advancements, the rise in the adoption of home-based devices, and the global incidence of infectious diseases. For instance, according to the study article published in Asian Biomedicine in December 2023, Lateral Flow Assays (LFAs) are considered ideal POC devices. Consumers and regulatory authorities prefer them the most for disease diagnostics globally. LFAs have a simple designated structure, making them portable and equipment-free. LFAs, with their comparatively low manufacturing costs, are priced affordably in the market. Thus, studies like this emphasize the significant benefits of point-of-care testing in diagnosing diseases, which is expected to contribute to Lateral Flow Assays Market growth during the forecast period.

Also, the growing prevalence of infectious diseases such as HIV, Tuberculosis, and Acute Hepatitis and increasing demand for testing kits like Rapid Diagnostic Kits will boost the market during the forecast period. For instance, according to the United Nations Programme on HIV/AIDS Global AIDS Update 2024, globally, 39.9 million people lived with HIV at the end of 2023, an increase of 2.3% compared to 2022. Thus, with the high prevalence of HIV, the demand for its testing increases, thereby driving the Rapid Diagnostics Market growth during the forecast period.

Additionally, the new research and studies and technological developments in the Lateral Flow Assay Market are expected to drive the growth of the market. For instance, an article published in Multidisciplinary Digital Publishing Institute in October 2022 highlighted advancements in Lateral Flow Immunoassays. The highlighted developments are crucial for detecting adulteration and toxic substances in food and drug samples by integrating robust sensors boasting ultra-high reproducibility. Thus, such technological developments are increasing the adoption of LFAs, thereby driving the growth of the market.

Consequently, driven by rising demand for point-of-care testing, technological advancements, and significant disease burden, the market is poised for good growth during the forecast period, according to current Lateral Market Trends. However, stringent and tedious regulatory frameworks, leading to delays in the approval of products, and the risk of false results and reluctance toward these products among people in emerging nations are expected to hinder the growth of the market during the forecast period.

Lateral Flow Assay Industry Segmentation

As per the scope of the report, lateral flow assays, also referred to as lateral flow immunochromatographic assays, are cellulose-based devices used to detect the presence of a target analyte in the sample without the need for specialized and costly equipment and highly skilled healthcare professionals for their operation.

The lateral flow assay market is segmented by application, technique, product, end user, and geography. By application, the market is segmented into clinical testing, drug abuse testing, and other applications. The clinical testing segment includes pregnancy testing, influenza testing, tuberculosis, D-dimer testing, and other clinical testing. By technique, the market is segmented into sandwich assay, competitive assay, and multiplex assay. By product, the market is segmented into lateral flow readers and kits and reagents. The lateral flow readers include digital/mobile readers and benchtop readers. By end user, the market is segmented into home care, hospitals and clinics, and other end users. By geography, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD) for all the above segments.