North America Is Dominating Lateral Flow Assays Industry

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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Pharmaceutical Sterility Testing Industry IS Dominated by North America

The pharmaceutical sterility testing market will reach USD 2,953.9 million by 2030, growing at a rate of 11.2% during 2023–2030. This is because of the development of biotech and pharma firms, an increase in their R&D activities, an increase in the incidence of diseases, and substantial government spending on the healthcare industry.

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The increasing occurrence of diseases in the pest has brought about an increase in R&D activities for the manufacturing of effective and safe therapeutics. Regarding this, the continuing studies on the preventing severe viral infections, such as the novel coronavirus, and those centered on the expansion of effective and safe vaccines have a positive impact on the industry.

The occurrence of hematological malignancies is increasing. As per the Leukemia & Lymphoma Society, every 3 minutes, a person is identified with leukemia, myeloma, or lymphoma in the U.S. Biopharma, for example gene, and immune cell therapies are quickly being accepted as a substitute treatment for hematological cancers. This is due to the fact that such therapeutics have high effectiveness and efficacy against these kinds of diseases.

North America pharmaceutical sterility testing market had a major share of 40%, in 2022. This is credited to the presence of leading pharma and biopharma players, increasing R&D activities in the biotech and pharma industry, increasing number of product introductions, high occurrence of chronic ailments, and supportive policies of the government for the setup of R&D facilities. 

Furthermore, Europe follows North America in terms of revenue share. This is attributable to the formation of universal public healthcare systems in numerous nations in the region, which has considerably increased the requirement for healthcare products. The employment of stringent regulatory policies with regards to the safety of drugs is another key factor contributing to the growth of the industry.

The increasing acceptance of digital platforms has a positive impact on the demand for pharmaceutical sterility testing, and this will be the trend in the years to come as well.

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