Home-Based Devices to Revolutionize the Lateral Flow Assays Market, The Market to Cross USD 11 Billion by 2028 - Arizton

Rhea-AI Summary

The lateral flow assays market is projected to grow at a CAGR of 3% from 2023 to 2028, reaching a market size of USD 11.30 billion by 2028, up from USD 9.53 billion in 2022. Key drivers include smartphone and AI integration, increased applications in food & beverage testing, and rising demand for home-based testing devices, particularly amid the COVID-19 pandemic. Major players in the market include Trinity Biotech, Abbott, Roche, and Thermo Fisher Scientific. This growth reflects heightened awareness and adoption of point-of-care testing solutions.

Positive

• Projected market growth to USD 11.30 billion by 2028.
• CAGR of 3% from 2023 to 2028.
• Increased adoption of home-based lateral flow assay devices.

Negative

• None.

CHICAGO, Jan. 25, 2023 /PRNewswire/ -- According to Arizton's latest research report, the lateral flow assays market will grow at a CAGR of 3% from 2023-2028. Smartphone and AI integration in lateral flow immunoassay, evolving new applications of lateral flow assays, and a surge in demand for lateral flow assays in the food & beverage industry are the growing trends in the global lateral flow assays market. PocDoc, a Cambridge-based startup, received the CE mark approval for its digital reader powered with AI for lateral flow testing. A cloud-based system turns any smartphone or tablet into a universal digital reader, enabling healthcare organizations to perform large-scale lateral flow testing for any disease or marker. In February 2022, an AI-driven innovation that can read a COVID-19 lateral flow diagnostic test using a user's smartphone received special use approval from the MHRA.

Lateral Flow Assays Market Report Scope

Report Attributes	Details
Market Size (2028)	USD 11.30 Billion
Market Size (2022)	USD 9.53 Billion
CAGR (2022-2028)	3 %
Base Year	2022
Forecast Year	2023-2028
Market Segments	Product, Application, Technique, End-Users, and Geography
Geographic Analysis	North America, Europe, APAC, Latin America, and Middle East & Africa
Countries Covered	The US, Canada, the UK, Germany, France, Italy, Russia, Spain, China, Japan, India, South Korea, Australia, Philippines, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, and Turkey
Page Number	312
Market Dynamics	·  Rising Prevalence of Chronic and Infectious Diseases ·  Growing Adoption of Home-Based Lateral Flow Assay Devices ·  Growing Demand for Point-Of-Care Testing
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The kits & reagents are expected to be the largest share of the global lateral flow assays market in 2022. These kits & reagents predominantly include biomarkers, assay kits, and reagents, including substrates, enzymes, specific proteins, lipids, and other test kits. The awareness of rapid and POC testing for various infectious diseases is one of the key factors driving the demand for rapid testing. The large market share of the segment is also attributed to the use of consumables reoccurring in nature, and the consumables segment generates continuous revenue for vendors. As a result, many renowned vendors are manufacturing consumables required for analyzers. This growth is attributable to the growing use of rapid tests in several points of care (POC) sites, such as emergency care, physician offices, ambulatory settings, nursing homes, and by individuals for diagnosing several diseases such as infectious diseases, diabetes, cancer, and other metabolic diseases.

Growing Adoption of Home-Based Lateral Flow Assay Devices
Home tests (also called self-tests or home tests) are typically sold over the counter and allow users to test self-collected samples and obtain results without the assistance of a trained medical professional. The home-use lateral flow assay device plays an important role in the treatment of cardiovascular disease and infectious diseases. These devices could also be very useful for testing pregnancy and stigmatized diseases such as HIV, allowing patients to perform self-tests at home. Therefore, the increasing incidence of these diseases and the growing adoption of lateral flow assay testing in home healthcare are expected to propel the lateral flow assays market growth. During COVID-19, many companies have introduced at-home lateral flow assays for COVID-19 testing. The fear of rushing to a diagnostic lab or hospital for testing has created a demand for at-home lateral flow assays. Some of the introduced tests for home use were:

• In August 2020, BinaxNOW COVID-19 Ag Card and Panbio rapid COVID-19 test in September 2020
• In September 2020, Roche launched the SARS-CoV-2 Rapid Antigen test.
• Quidel launched during the COVID-19, Sofia 2 Flu+ SARS Antigen FIA
• In June 2022, Siemens Healthineers launched the CLINITEST Rapid COVID-19 Antigen test and
• BD has launched the BD Veritor SARS CoV-2 Test

Vendor Landscape

Abbott, Thermo Fisher Scientific, Siemen Healthineers, F. Hoffmann-la Roche, and Quidel are the major global players in the market. The market is highly consolidated, with key players accounting for major market shares. Moreover, the market also offers tremendous growth opportunities to vendors due to the pandemic. Therefore, vendors prioritize developing and commercializing a wide range of automated and advanced analyzers and rapid test kits and platforms, helping end-users.

In March 2021, F. Hoffmann-La Roche launched the Cobas SARS-CoV-2 Set 1 variant test on their Cobas 6800/8800 systems. The company developed the test to detect and differentiate SARS-CoV-2 mutations in known variants. The company's innovative test helped researchers track mutation prevalence, measure the spread of circulating variants, and screen their latent impact on vaccines, treatments, and public health measures.

Key Company Profiles

• Abbott
• F. Hoffmann-La Roche
• Siemens Healthineers
• Thermo Fisher Scientific
• Quidel

• BD
• Abaxis
• Abingdon Health
• Access BIO
• Arbor Vita
• Assure Tech
• Atomo Diagnostics
• AccuBioTech
• BIOMÉRIEUX
• bioLytical Laboratories
• BIO-RAD Laboratories
• Biosynex
• Cupid
• DIALAB
• HUMAN Gesellschaft für Biochemica und Diagnostica mbH
• INTEC
• J. Mitra & Co. Pvt. Ltd.
• Meril Life Sciences
• MP Biomedicals
• Medsource Ozone Biomedicals
• Nanjing Synthgene Medical Technology
• OraSure Technologies
• Premier Medical
• QIAGEN
• SD Biosensor
• Rega Biotechnology
• KHB
• Türklab A.S.
• Trinity Biotech
• Wondfo
• PerkinElmer
• Merck KGaA

Market Segmentation

Product

• Kits & Reagents
• Readers

Application

• Clinical Diagnostics
• Food Safety
• Veterinary Diagnostics
• Others

Technique

• Sandwich Assays
• Competitive Assays

End-Users

• Hospitals & Clinics
• Individuals
• Diagnostic Laboratories
• Food & Beverage Companies
• Pharma & Biotech Companies
• Others

Geography

• North America
• US
• Canada
• Europe
• UK
• Germany
• France
• Italy
• Russia
• Spain
• APAC
• China
• Japan
• India
• South Korea
• Australia
• Philippines
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• South Africa
• Saudi Arabia
• Turkey

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Table of Content

1 RESEARCH METHODOLOGY

2 RESEARCH OBJECTIVES

3 RESEARCH PROCESS

4 SCOPE & COVERAGE

4.1 MARKET DEFINITION

4.1.1 INCLUSIONS

4.1.2 EXCLUSIONS

4.1.3 MARKET ESTIMATION CAVEATS

4.2 BASE YEAR

4.3 SCOPE OF THE STUDY

4.3.1 MARKET SEGMENTATION BY GEOGRAPHY

5 REPORT ASSUMPTIONS & CAVEATS

5.1 KEY CAVEATS

5.2 CURRENCY CONVERSION

5.3 MARKET DERIVATION

6 PREMIUM INSIGHTS

6.1 MARKET OVERVIEW

6.1.1 MARKET DYNAMICS

6.1.2 MARKET SEGMENTATION

6.1.3 VENDOR ANALYSIS

7 MARKET AT A GLANCE

8 INTRODUCTION

8.1 OVERVIEW

9 MARKET OPPORTUNITIES & TRENDS

9.1 SMARTPHONE & ARTIFICIAL INTELLIGENCE INTEGRATION IN LATERAL FLOW IMMUNOASSAY

9.2 NEW APPLICATIONS OF LFAS

9.3 SURGE IN DEMAND FOR LFAS IN FOOD & BEVERAGE INDUSTRY

10 MARKET GROWTH ENABLERS

10.1 PREVALENCE OF CHRONIC & INFECTIOUS DISEASES

10.2 ADOPTION OF HOME-BASED LFA DEVICES

10.3 DEMAND FOR POC TESTING

11 MARKET RESTRAINTS

11.1 AVAILABILITY OF ALTERNATIVE TESTING APPROACHES

11.2 INCONSISTENT RESULTS & LIMITATIONS OF LFA TESTS

11.3 CHALLENGES IN RAW MATERIAL SOURCING & LFA DEVELOPMENT

12 MARKET LANDSCAPE

12.1 MARKET OVERVIEW

12.2 MARKET SIZE & FORECAST

12.2.1 INSIGHT BY GEOGRAPHY SEGMENTATION

12.2.2 INSIGHT BY PRODUCT SEGMENTATION

12.2.3 INSIGHT BY TECHNIQUE SEGMENTATION

12.2.4 INSIGHT BY APPLICATION SEGMENTATION

12.2.5 INSIGHT BY END-USER SEGMENTATION

12.3 FIVE FORCES ANALYSIS

12.3.1 THREAT OF NEW ENTRANTS

12.3.2 BARGAINING POWER OF SUPPLIERS

12.3.3 BARGAINING POWER OF BUYERS

12.3.4 THREAT OF SUBSTITUTES

12.3.5 COMPETITIVE RIVALRY

13 PRODUCT

13.1 MARKET SNAPSHOT & GROWTH ENGINE

13.2 MARKET OVERVIEW

13.3 KITS & REAGENTS

13.3.1 MARKET OVERVIEW

13.3.2 MARKET SIZE & FORECAST

13.3.3 MARKET BY GEOGRAPHY

13.4 READERS

13.4.1 MARKET OVERVIEW

13.4.2 MARKET SIZE & FORECAST

13.4.3 MARKET BY GEOGRAPHY

14 APPLICATION

14.1 MARKET SNAPSHOT & GROWTH ENGINE

14.2 MARKET OVERVIEW

14.3 CLINICAL DIAGNOSTICS

14.3.1 MARKET OVERVIEW

14.3.2 MARKET SIZE & FORECAST

14.3.3 MARKET BY GEOGRAPHY

14.4 FOOD SAFETY

14.4.1 MARKET OVERVIEW

14.4.2 MARKET SIZE & FORECAST

14.4.3 MARKET BY GEOGRAPHY

14.5 VETERINARY DIAGNOSTICS

14.5.1 MARKET OVERVIEW

14.5.2 MARKET SIZE & FORECAST

14.5.3 MARKET BY GEOGRAPHY

14.6 OTHERS

14.6.1 MARKET OVERVIEW

14.6.2 MARKET SIZE & FORECAST

14.6.3 MARKET BY GEOGRAPHY

15 TECHNIQUE

15.1 MARKET SNAPSHOT & GROWTH ENGINE

15.2 MARKET OVERVIEW

15.3 SANDWICH ASSAYS

15.3.1 MARKET OVERVIEW

15.3.2 MARKET SIZE & FORECAST

15.3.3 MARKET BY GEOGRAPHY

15.4 COMPETITIVE ASSAYS

15.4.1 MARKET OVERVIEW

15.4.2 MARKET SIZE & FORECAST

15.4.3 MARKET BY GEOGRAPHY

16 END-USER

16.1 MARKET SNAPSHOT & GROWTH ENGINE

16.2 MARKET OVERVIEW

16.3 HOSPITALS & CLINICS

16.3.1 MARKET OVERVIEW

16.3.2 MARKET SIZE & FORECAST

16.3.3 MARKET BY GEOGRAPHY

16.4 HOME HEALTHCARE

16.4.1 MARKET OVERVIEW

16.4.2 MARKET SIZE & FORECAST

16.4.3 MARKET BY GEOGRAPHY

16.5 DIAGNOSTIC LABORATORIES

16.5.1 MARKET OVERVIEW

16.5.2 MARKET SIZE & FORECAST

16.5.3 MARKET BY GEOGRAPHY

16.6 FOOD & BEVERAGE COMPANIES

16.6.1 MARKET OVERVIEW

16.6.2 MARKET SIZE & FORECAST

16.6.3 MARKET BY GEOGRAPHY

16.7 PHARMA & BIOTECH COMPANIES

16.7.1 MARKET OVERVIEW

16.7.2 MARKET SIZE & FORECAST

16.7.3 MARKET BY GEOGRAPHY

16.8 OTHERS

16.8.1 MARKET OVERVIEW

16.8.2 MARKET SIZE & FORECAST

16.8.3 MARKET BY GEOGRAPHY

17 GEOGRAPHY

17.1 MARKET SNAPSHOT & GROWTH ENGINE

17.2 GEOGRAPHIC OVERVIEW

18 NORTH AMERICA

18.1 MARKET OVERVIEW

18.2 MARKET SIZE & FORECAST

18.3 NORTH AMERICA: PRODUCT SEGMENTATION

18.4 NORTH AMERICA: APPLICATION SEGMENTATION

18.5 NORTH AMERICA: TECHNIQUE SEGMENTATION

18.6 NORTH AMERICA: END-USER SEGMENTATION

18.7 KEY COUNTRIES

18.7.1 US: MARKET SIZE & FORECAST

18.7.2 CANADA: MARKET SIZE & FORECAST

19 EUROPE

19.1 MARKET OVERVIEW

19.2 MARKET SIZE & FORECAST

19.3 EUROPE: PRODUCT SEGMENTATION

19.4 EUROPE: APPLICATION SEGMENTATION

19.5 EUROPE: TECHNIQUE SEGMENTATION

19.6 EUROPE: END-USER SEGMENTATION

19.7 KEY COUNTRIES

19.7.1 UK: MARKET SIZE & FORECAST

19.7.2 FRANCE: MARKET SIZE & FORECAST

19.7.3 GERMANY: MARKET SIZE & FORECAST

19.7.4 ITALY: MARKET SIZE & FORECAST

19.7.5 RUSSIA: MARKET SIZE & FORECAST

19.7.6 SPAIN: MARKET SIZE & FORECAST

20 APAC

20.1 MARKET OVERVIEW

20.2 MARKET SIZE & FORECAST

20.3 APAC: PRODUCT SEGMENTATION

20.4 APAC: APPLICATION SEGMENTATION

20.5 APAC: TECHNIQUE SEGMENTATION

20.6 APAC: END-USER SEGMENTATION

20.7 KEY COUNTRIES

20.7.1 INDIA: MARKET SIZE & FORECAST

20.7.2 CHINA: MARKET SIZE & FORECAST

20.7.3 JAPAN: MARKET SIZE & FORECAST

20.7.4 SOUTH KOREA: MARKET SIZE & FORECAST

20.7.5 AUSTRALIA: MARKET SIZE & FORECAST

20.7.6 PHILIPPINES: MARKET SIZE & FORECAST

21 LATIN AMERICA

21.1 MARKET OVERVIEW

21.2 MARKET SIZE & FORECAST

21.3 LATIN AMERICA: PRODUCT SEGMENTATION

21.4 LATIN AMERICA: APPLICATION SEGMENTATION

21.5 LATIN AMERICA: TECHNIQUE SEGMENTATION

21.6 LATIN AMERICA: END-USER SEGMENTATION

21.7 KEY COUNTRIES

21.7.1 BRAZIL: MARKET SIZE & FORECAST

21.7.2 MEXICO: MARKET SIZE & FORECAST

21.7.3 ARGENTINA: MARKET SIZE & FORECAST

22 MIDDLE EAST & AFRICA

22.1 MARKET OVERVIEW

22.2 MARKET SIZE & FORECAST

22.3 MIDDLE EAST & AFRICA: PRODUCT SEGMENTATION

22.4 MIDDLE EAST & AFRICA: APPLICATION SEGMENTATION

22.5 MIDDLE EAST & AFRICA: TECHNIQUE SEGMENTATION

22.6 MIDDLE EAST & AFRICA: END-USER SEGMENTATION

22.7 KEY COUNTRIES

22.7.1 TURKEY: MARKET SIZE & FORECAST

22.7.2 SAUDI ARABIA: MARKET SIZE & FORECAST

22.7.3 SOUTH AFRICA: MARKET SIZE & FORECAST

23 COMPETITIVE LANDSCAPE

23.1 COMPETITION OVERVIEW

23.2 MARKET SHARE ANALYSIS

24 KEY COMPANY PROFILES

24.1 ABBOTT

24.1.1 BUSINESS OVERVIEW

24.1.2 PRODUCT OFFERINGS

24.1.3 KEY STRATEGIES

24.1.4 KEY STRENGTHS

24.1.5 KEY OPPORTUNITIES

24.2 F. HOFFMANN-LA ROCHE

24.3 SIEMENS HEALTHINEERS

24.4 THERMO FISHER SCIENTIFIC

24.5 QUIDEL

25 OTHER PROMINENT VENDORS

25.1 ABAXIS

25.1.1 BUSINESS OVERVIEW

25.1.2 PRODUCT OFFERINGS

25.2 ABINGDON HEALTH

25.3 ACCESS BIO

25.4 ARBOR VITA

25.5 ASSURE TECH

25.6 ATOMO DIAGNOSTICS

25.7 ACCUBIOTECH

25.8 BD

25.9 BIOMÉRIEUX

25.1 BIOLYTICAL LABORATORIES

25.11 BIO-RAD LABORATORIES

25.12 BIOSYNEX

25.13 CUPID

25.14 DIALAB

25.15 HUMAN GESELLSCHAFT FÜR BIOCHEMICA UND DIAGNOSTICA MBH

25.16 INTEC

25.17 J. MITRA & CO. PVT.LTD.

25.18 KHB

25.19 MERIL LIFE SCIENCES

25.20 MERCK KGAA

25.21 MP BIOMEDICALS

25.22 MEDSOURCE OZONE BIOMEDICALS

25.23 NANJING SYNTHGENE MEDICAL TECHNOLOGY

25.24 ORASURE TECHNOLOGIES

25.25 PERKINELMER

25.26 PREMIER MEDICAL

25.27 QIAGEN

25.28 REGA BIOTECHNOLOGY

25.29 SD BIOSENSOR

25.30 TÜRKLAB A.S.

25.31 TRINITY BIOTECH

25.32 WONDFO

26 REPORT SUMMARY

26.1 KEY TAKEAWAYS

26.2 STRATEGIC RECOMMENDATIONS

27 QUANTITATIVE SUMMARY

27.1 MARKET BY PRODUCT

27.1.1 NORTH AMERICA: PRODUCT SEGMENTATION

27.1.2 EUROPE: PRODUCT SEGMENTATION

27.1.3 APAC: PRODUCT SEGMENTATION

27.1.4 LATIN AMERICA: PRODUCT SEGMENTATION

27.1.5 MIDDLE EAST & AFRICA: PRODUCT SEGMENTATION

27.2 MARKET BY TECHNIQUE

27.2.1 NORTH AMERICA: TECHNIQUE SEGMENTATION

27.2.2 EUROPE: TECHNIQUE SEGMENTATION

27.2.3 APAC: TECHNIQUE SEGMENTATION

27.2.4 LATIN AMERICA: TECHNIQUE SEGMENTATION

27.2.5 MIDDLE EAST & AFRICA: TECHNIQUE SEGMENTATION

27.3 MARKET BY APPLICATION

27.3.1 NORTH AMERICA: APPLICATION SEGMENTATION

27.3.2 EUROPE: APPLICATION SEGMENTATION

27.3.3 APAC: APPLICATION SEGMENTATION

27.3.4 LATIN AMERICA: APPLICATION SEGMENTATION

27.3.5 MIDDLE EAST & AFRICA: APPLICATION SEGMENTATION

27.4 MARKET BY END-USER

27.4.1 NORTH AMERICA: END-USER SEGMENTATION

27.4.2 EUROPE: END-USER SEGMENTATION

27.4.3 APAC: END-USER SEGMENTATION

27.4.4 LATIN AMERICA: END-USER SEGMENTATION

27.4.5 MIDDLE EAST & AFRICA: END-USER SEGMENTATION

27.5 MARKET BY GEOGRAPHY

27.5.1 KITS & REAGENTS: GEOGRAPHY SEGMENTATION

27.5.2 READERS: GEOGRAPHY SEGMENTATION

27.5.3 CLINICAL DIAGNOSTICS: GEOGRAPHY SEGMENTATION

27.5.4 FOOD SAFETY: GEOGRAPHY SEGMENTATION

27.5.5 VETERINARY DIAGNOSTICS: GEOGRAPHY SEGMENTATION

27.5.6 OTHERS: GEOGRAPHY SEGMENTATION

27.5.7 SANDWICH ASSAYS: GEOGRAPHY SEGMENTATION

27.5.8 COMPETITIVE ASSAYS: GEOGRAPHY SEGMENTATION

27.5.9 HOSPITALS & CLINICS: GEOGRAPHY SEGMENTATION

27.5.10 HOME HEALTHCARE: GEOGRAPHY SEGMENTATION

27.5.11 DIAGNOSTIC LABORATORIES: GEOGRAPHY SEGMENTATION

27.5.12 FOOD & BEVERAGE COMPANIES: GEOGRAPHY SEGMENTATION

27.5.13 PHARMA & BIOTECH COMPANIES: GEOGRAPHY SEGMENTATION

27.5.14 OTHERS: GEOGRAPHY SEGMENTATION

28 APPENDIX

28.1 ABBREVIATIONS

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FAQ

What is the projected market size of the lateral flow assays market by 2028?

The lateral flow assays market is projected to reach a size of USD 11.30 billion by 2028.

What is the CAGR for the lateral flow assays market from 2023 to 2028?

The lateral flow assays market is expected to grow at a CAGR of 3% from 2023 to 2028.

Who are the major players in the lateral flow assays market?

Major players in the market include Trinity Biotech, Abbott, Roche, and Thermo Fisher Scientific.

What factors are driving the growth of the lateral flow assays market?

Key growth drivers include smartphone and AI integration, increased applications in food & beverage testing, and rising demand for home-based testing devices.