In 2023, the lateral flow assays market amounted to USD 22.0 billion and is set to grow at a compound annual growth rate of 2.1% between 2024 and 2030 reaching an estimated amount of USD 25.4 billion by 2030.
This development of the market can be credited to the increasing occurrence of communicable syndromes, the rising need for point-of-care testing, the rising elderly populace, the growing utilization of home-based lateral flow assay devices, the increasing requirement for efficient diagnostic methods, and the growing government initiatives motivating health awareness.
Presently, the mainstream of diagnostic test procedures is lab-based throughout the globe. Thus, there is a quick increase in the acceptance of POC testing based on lateral flow assays, to substitute time-taking conservative lab test procedures.
Because of the utilization of these assays, POC testing is fast, easy, low-priced, simple to interpret, and suitable. Also, the price of test procedures is less than orthodox tests, and they do not require complex infrastructure and training. Therefore, such reasons are subsequently boosting the growth and demand for such assays.
The North American market, which accounts for 45% of revenue in 2023, is the largest worldwide LFF assay market. This is due to the increased incidences of COVID-19, Lyme disease, and tuberculosis, and a rise in mortality rates related to HIV and AIDS in the region.
In the US, according to government statistics, around 1.2 million people are infected in October 2022 and an estimated 13% don't know what it is or need testing.
The U.S. had the larger revenue share in the North American industry. This is because of the increasing pool of patients suffering from diseases and high affordability with rising per-capita income.
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