Lateral Flow Immunoassay Based Rapid Test Market to Reach $8.49 Billion Globally by 2026 at 7.6% CAGR: Allied Market Research
- Benefits of LFIA based rapid tests over laboratory testing, and rise in healthcare expenditure across the world drive the growth of the global lateral flow immunoassay based rapid test market.
PORTLAND, Oregon, Dec. 11, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Lateral Flow Immunoassay (LFIA) Based Rapid Test Market by Application Type (Infectious Disease, Pregnancy & Fertility, Toxicology and Others), Technique type (Competitive Assay, Sandwich Assay and Multiplex Detection Assay), and End User (Hospitals & Clinics, Diagnostic Laboratories, Home Care and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." As per the report, the global lateral flow immunoassay based rapid test industry was estimated at $4.72 billion in 2018 and is expected to reach $8.49 billion by 2026, growing at a CAGR of 7.6% from 2019 to 2026.
Drivers, restraints, and opportunities-
Benefits of LFIA based rapid tests over laboratory testing, rise in initiatives of government and nonprofit organizations toward health awareness, and increase in healthcare expenditure across the world propel the growth of the global lateral flow immunoassay based rapid test market. On the other hand, inadequate reimbursement policies for LFIA based rapid test diagnostics curb the growth to some extent. However, growth prospects in the emerging markets, and surge in prevalence of various chronic and infectious diseases worldwide are expected to create a number of opportunities for the key players in the industry.
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The infectious disease segment to retain its dominance till 2026-
Based on application, the infectious disease segment contributed to more than four-fifths of the global lateral flow immunoassay based rapid test market share in 2018, and is expected to rule the roost throughout the study period. Increase in initiatives by the Centers for Disease Control and Prevention (CDC), Department of Health and Human Services, Food and Drug Administration, and National Institutes of Health (NIH) for the diagnosis of infectious diseases contributes toward the market growth. The same segment would also cite the fastest CAGR of 7.8% by the end of 2026.
The competitive assay segment to lead the trail during the forecast period-
Based on technique type, the competitive assay segment held the major share in 2018, generating nearly three-fifths of the global lateral flow immunoassay based rapid test market. Competitive immunoassays are widely used in the market, as these require only a small amount of antibody, higher flexibility, and sensitivity. The multiplex detection assay segment, on the other hand, would grow at the fastest CAGR of 9.0% during the estimated period. This is because it saves both time & precious sample by combining the detection of multiple analytes into a single reaction that reduces workflow and sample volume problems.
North America to maintain the lion's share by 2026-
Based on geography, North America accounted for more than two-fifths of the global lateral flow immunoassay based rapid test market revenue in 2018, and is predicted to dominate till 2026. Rise in prevalence of various diseases such as influenza, HIV, and cancer; increase in number of drug screening procedures; and presence of leading players in the market fuel the market growth in the province. At the same time, the region across Asia-Pacific would register the fastest CAGR of 9.2% during 2019–2026. This is attributed to high population base, increase in disposable income, and rise in awareness about LFIA based rapid tests in the region.
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Key market players-
- Becton
- F. Hoffmann-La Roche AG (Roche Diagnostics)
- Dickinson and Company
- Thermo Fisher Scientific
- Qiagen N.V.
- Bio-rad Laboratories, Inc.
- Abbott Laboratories (Alere Inc.)
- Danaher Corporation (Cepheid, Inc.)
- Hologic, Inc.
- Quidel Corporation
- Biomerieux SA
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