The lateral flow assays market is expected to witness substantial growth by 2028 on account of rising incidences of infectious disease. In addition, soaring demand for point-of-care testing around the world is likely to foster market expansion through the forecast period.
Lateral flow assay is a popular point-of-care diagnostic platform that has played a vital role in controlling the COVID-19 pandemic. Additionally, the ongoing COVID-19 pandemic has emphasized the need for improved rapid diagnostic tests, which has augmented industry uptake during the pandemic.
Moreover, industry participants are implementing profitable strategies to tap into emerging trends in the market, which has supported business growth. For instance, in July 2021, Abingdon Health plc, a global manufacturer of effective and high-quality rapid tests, entered into a strategic manufacturing and supply agreement with Bioporto A/S, a prominent in vitro diagnostics company. According to the deal, Abingdon agreed to manufacture the lateral flow diagnostic strips for the Generic Rapid Assay Device platform, which is Bioporto's exclusive technology for rapid lateral flow test development.
The lateral flow assays industry has been bifurcated on the basis of end-use, product, technique, application, and region. From the product point of view, the market has further been differentiated into readers and kits. The readers sub-segment held a valuation of about USD 1.8 billion in 2021 and is speculated to amass significant gains by the end of 2028.
In terms of application, the market has been divided into pregnancy & fertility testing, drug of abuse testing, cholesterol testing, infectious disease, cardiac marker testing, and others. The lateral flow assays market share from the drug of abuse testing sub-segment is speculated to expand at a CAGR of approximately 5.5% over the analysis timeline to reach a substantial valuation by the end of the estimated period.
From the technique perspective, the lateral flow assays industry has been segregated into competitive assays, sandwich assays, and multiplex detection assays. In 2021, the competitive assays sub-segment attained around 33.3% market share and is foreseen to exhibit robust development through the assessment timeframe.
With respect to end-use, the lateral flow assays market has been categorized into homecare settings, hospitals & clinics, diagnostic laboratories, and others. The homecare settings sub-segment is anticipated to be valued at more than USD 3,758.2 million by the end of 2028, registering a considerable growth rate over the forecast timeframe.
On the regional front, the Latin America lateral flow assays market registered nearly 5.0% share in the overall industry in 2021 and is likely to gain a solid growth momentum over 2022-2028. The Middle East & Africa lateral flow assays industry is expected to develop at a growth rate of above 4.3% over the study timeline.