PUBLISHER: The Business Research Company | PRODUCT CODE: 1429528
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429528
The rapid test based on Lateral Flow Immunoassay (LFIA) is a straightforward technology-driven diagnostic device employed for detecting the presence of specific targets, such as pathogens or biomarkers, in samples obtained from the human body. These samples encompass various bodily fluids such as urine, saliva, blood, and sweat.
The primary techniques include the competitive assay, sandwich assay, and multiplex detection assay. The competitive assay specifically determines the presence of targets, such as pathogens or biomarkers, within the collected samples. Its applications span infectious diseases, pregnancy and fertility assessments, toxicology, and others, making it applicable in diverse settings such as hospitals, clinics, diagnostic laboratories, home care, and more.
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 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, 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.
The lateral flow immunoassay (lfia) based rapid test market size has declined steeply in recent years. It will grow from ' $9.19 billion in 2023 to $8.33 billion in 2024 at a compound annual growth rate (CAGR) of -9.4%. The growth observed in the historical period can be ascribed to several factors, including a surge in infectious disease cases, heightened demand for point-of-care testing within home care settings, augmented healthcare expenditure, and the expansion of emerging markets.
The lateral flow immunoassay (lfia) based rapid test market size is expected to see marginal decline in the next few years. It will grow to $7.79 billion in 2028 at a compound annual growth rate (CAGR) of -1.6%. The growth anticipated in the forecast period can be attributed to several factors, including increased healthcare access, the impact of the COVID-19 pandemic, a rising aging population, a growing demand for home-based lateral flow assay devices, enhanced accessibility, and an upswing in regulatory approvals. Noteworthy trends in the forecast period involve the advancement of technologies for multiple or repetitive LFIA-based rapid tests and the storage/communication of results. There is also a focus on forming partnerships and collaborations to introduce new or improved products, the development of at-home test kits for patients to self-administer and manage their health in their own homes, investments in artificial intelligence-based tests for disease screening and detection, and the imperative to create low-cost test kits to ensure affordable access for patients.
The lateral flow immunoassay (LFIA) based rapid test market is anticipated to witness growth driven by the demand for point-of-care testing in home care settings. Point-of-care testing is crucial for swift on-site diagnosis and treatment, with LFIA being widely used due to its speed, precision, simplicity, and cost-effectiveness. The recent COVID-19 outbreak has underscored the significance of LFIA devices for rapid screening and surveillance, as seen with products such as Acro Biotech COVID-19 Rapid POC CE-IVD and OZO's variations employing Latex Enhanced Lateral Flow Immunoassays (LFIAs) for COVID-19 testing. Consequently, the market is expected to thrive due to the need for point-of-care testing in home care settings.
The lateral flow immunoassay (LFIA) based rapid test market is set to experience growth fueled by the increasing prevalence of chronic diseases. These long-term health conditions demand early detection, point-of-care testing, and regular monitoring, with LFIA-based rapid tests offering prompt results and aiding in the management of chronic diseases. The World Health Organization reports a significant number of deaths attributed to non-communicable diseases (NCDs) annually, emphasizing the role of LFIA in addressing conditions such as cardiovascular diseases, cancer, chronic respiratory diseases, and diabetes. The market is thus stimulated by the rising incidence of chronic diseases.
Leading companies in the lateral flow immunoassay (LFIA) based rapid test market are concentrating on innovative products to enhance their market share. Notable among these is Abbott Laboratories, which introduced the Panbio COVID-19 antigen self-test, designed for individuals to self-detect the SARS-CoV-2 virus causing COVID-19. The self-test employs Abbott's lateral flow technology, providing quick results within 15 minutes using a minimally invasive nose swab. To streamline the process, Abbott's NAVICA mobile app facilitates self-registration, result interpretation, and reporting in accordance with ICMR requirements.
The focus on healthcare investments by various stakeholders is intensifying, contributing to the lateral flow immunoassay (LFIA) based rapid test market. Such investments support research and development efforts aimed at improving LFIA test sensitivity, specificity, and overall performance. This includes the development of new LFIA assays, identification of novel biomarkers, and enhancements in detection methods. In Australia, the government has substantially increased hospital funding, reaching an estimated $32.7 billion in 2025-26, showcasing a commitment to healthcare investments.
In August 2023, Danaher Corporation acquired Abcam plc for $5.7 billion, aligning with Danaher's strategy to bolster its life sciences business. The acquisition of Abcam, a UK-based biotechnology company specializing in LFIA-based rapid tests, is expected to enhance value for shareholders and deliver outstanding results for both the workforce and clients.
Major companies operating in the lateral flow immunoassay (lfia) based rapid test market report are Abbott Laboratories, F. Hoffmann-La Roche, Quidel Corporation, Becton, Dickinson and Company, Danaher Corporation, Siemens AG, Thermo Fisher Scientific Inc., Bio-Rad Laboratories, Inc., PerkinElmer Inc., Hologic, Inc., LTEK Co., Ltd., JOYSBIO Biotechnology, Jiangsu Medomics Medical Technologies, Diagnocure, Ubio Biotechnology Systems, Elabscience® Immunoassay Kits, FyoniBio / Glycotope GmbH, Atomo Diagnostics Limited, INDICAL Bioscience, Lionex Gmbh, BIOMED Labordiagnostik GmbH, Charles River Laboratories, EKF Diagnostics, Launch Diagnostics, Diagnostic Instruments Ltd., Qiagen N.V., Merck KGaA, XPhyto Therapeutics, 3a Diagnostics, Roche Holding AG, BATM, Biomaxima, SensDx, Vitrosens Biotechnology, Bioeasy Biotechnology, Fujirebio, Immunodiagnostic Systems Holdings PLC, Mesa Biotech Inc., CTK Biotech, Wamadiagnostica, Marksans Pharma Ltd., Lana Al Khaleej, Natejah Medical Supplies, Synlab, K2 Medical's, SA Biomedical Group
North America was the largest region in the lateral flow immunoassay (LFIA) based rapid test market in 2023. Asia-Pacific was the second largest region in the global lateral flow immunoassay (LFIA) based rapid test market. The regions covered in the lateral flow immunoassay (lfia) based rapid test market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the lateral flow immunoassay (lfia) based rapid test market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
Lateral Flow Immunoassay (LFIA) based rapid test market consists of sales of conjugate pads, nitrocellulose membrane and absorbent pad. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Lateral Flow Immunoassay (LFIA) Based Rapid Test Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on lateral flow immunoassay (lfia) based rapid test market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for lateral flow immunoassay (lfia) based rapid test? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The lateral flow immunoassay (lfia) based rapid test market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.