The lateral flow assay market is expected to reach USD 8.7 billion by 2023 from an estimated USD 6.0 billion in 2018, at a CAGR of 7.7%.
The study involved four major activities to estimate the current market size for lateral flow assay products. Exhaustive secondary research was done to collect information on market, peer market and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter market breakdown and data triangulation was used to estimate the market size of segments and subsegments.
Lateral Flow Assay Market, by Product
- Kits & Reagents
- Lateral Flow Readers
- Digital/Mobile Readers
- Benchtop Readers
Clinical testing segment is expected to dominate the lateral flow assay market through forecast period
Based on application, the lateral flow assay market is categorized into clinical/point-of-care testing, veterinary diagnostics, food safety & environmental testing, and drug development & quality control testing. In 2017, the clinical/point-of-care testing segment accounted for the largest share of this market. The rise in population levels and prevalence of chronic diseases, growing pressure to reduce healthcare costs, and increasing demand for patient-centric care are the major factors driving the growth of the clinical/POC testing market.
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The prominent players in the global lateral flow assay market are Abbott Laboratories (US), F. Hoffmann-La Roche AG (Switzerland), Danaher Corporation (US), Siemens AG (Germany), Becton, Dickinson and Company (US), bioMérieux SA (France), Bio-Rad Laboratories, Inc. (US), Thermo Fisher Scientific Inc. (US), QIAGEN N.V. (The Netherlands), PerkinElmer, Inc. (US), Hologic, Inc. (US), Merck Millipore (US), Quidel Corporaton (US), Abcam plc. (US), DCN Diagnostics (US), Surmodics, Inc. (US), BioPorto Diagnostics A/S (Denmark), Chembio Diagnostic Systems, Inc. (US), Polysciences, Inc. (US), Innova Biosciences Ltd. (UK), Microcoat Biotechnologie GmbH (Germany), Senova GmbH (Germany), Scienion AG (Germany), and Orasure Diagnostics (US).
