LONDON, Feb. 08, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the Lateral Flow Immunoassay (LFIA) based rapid test market, LFIA based rapid test companies are focusing on developing at-home test kits. There is an increasing demand for at-home test kits for patients to self-administer, following at-home sample collection for infectious diseases and other applications. There are several ways to distribute LFIA tests, such as local pharmacies, other public sites, and home delivery via post or courier. For example, Abbott, a US-based pharmaceutical company, has announced that the U.S. Food and Drug Administration (FDA) has issued an Emergency Use Authorization (EUA) for a virtually guided at-home use of its BinaxNOW COVID-19 Ag Card rapid test for detection of COVID-19 infection. Abbott is bringing BinaxNOW, the most affordable and widely distributed rapid test, into the home, where the result is delivered in minutes without the need to send it out for processing. Currently, the $25 cost for the test is the lowest and is available for at-home testing.
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The global LFIA based rapid test market size grew from $5.76 billion in 2020 to $6.13 billion in 2023 at a compound annual growth rate (CAGR) of 6.4%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $9.13 billion in 2025 at a CAGR of 10%.
Affordable or low-cost test kits are gaining popularity among Lateral Flow Immunoassay (LFIA) based rapid test market trends. The affordable or low-cost test kits will be available for every patient suffering from infectious diseases. Lateral Flow Assays (LFAs) are paper-based Point-Of-Care (POC) diagnostic instruments that are commonly used for their low cost, ease of use, and rapid design. LFAs are used for the rapid diagnosis of influenza, streptococcus, and a lot of new viral and bacterial infections. For instance, in January 2023, the YourTest device, developed on Co-Diagnostics’ Eikon platform, was created to make PCR testing more reasonably priced, commonly available, and recommended for rapid analyses in the home or at the point of care.
The global lateral flow immunoassay (LFIA) based rapid test market is fragmented, with a large number of players. The top ten competitors in the market made up 22.46% of the total market in 2020. Companies in the market are expanding their businesses by adopting various strategies, such as mergers and acquisitions. Other companies are developing new test methods for the diagnosis and are introducing new products to retain their market share. Major players in the market are Abbott Laboratories, F. Hoffmann-La Roche, Quidel Corporation, Becton, Dickinson and Company, Danaher Corporation, Siemens AG, Thermo Fisher Scientific Inc., Bio-Rad Laboratories, Inc., PerkinElmer Inc., Hologic, Inc., and other players.
The global LFIA based rapid test market report is segmented by technique into competitive assay, sandwich assay, multiplex detection assay; by end user into hospital & clinic, diagnostic laboratory, home care, others; by application into infectious disease, pregnancy & fertility, toxicology, others.
North America was the largest region, accounting for 37.5% of the total Lateral Flow Immunoassay (LFIA) based rapid test market share in 2023. It was followed by the Asia-Pacific, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the LFIA based rapid test market will be Africa and the Middle East. These will be followed by North America and Western Europe.
Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Global Report 2020-30: COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide lateral flow immunoassay (LFIA) based rapid test market overviews, lateral flow immunoassay (LFIA) based rapid test market analyze and forecast market size and growth for the whole market, lateral flow immunoassay (LFIA) based rapid test market segments and geographies, lateral flow immunoassay (LFIA) based rapid test market trends, lateral flow immunoassay (LFIA) based rapid test market drivers, lateral flow immunoassay (LFIA) based rapid test market restraints, lateral flow immunoassay (LFIA) based rapid test market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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