LATERAL FLOW ASSAYS MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Lateral Flow Assays Market Analysis:

The Lateral Flow Assay Market is projected to experience substantial growth, with an anticipated increase from USD 9.90 billion in 2023 to USD 13.03 billion by 2028, reflecting a compound annual growth rate (CAGR) of 5.65% during the forecast period (2023–2028).

The emergence of the COVID-19 pandemic has had a positive impact on the market. The utilization of lateral flow test kits has proven to be convenient, as they are compact, portable, and require minimal training to operate. This makes them an attractive option for use outside of healthcare facilities, particularly in low- and middle-income countries, as well as for countries implementing large-scale population screening programs. Despite their lower accuracy compared to PCR tests, the affordability, speed, and ease of use of lateral flow tests make them particularly appealing to countries lacking extensive laboratory infrastructure or a sufficient number of trained healthcare professionals to conduct PCR tests for COVID-19 screening. Notably, countries such as Slovakia and the United Kingdom have extensively employed lateral flow tests as part of their mass screening initiatives. For instance, the British government has been closely monitoring the use of the Innova SARS-CoV-2 Antigen Rapid Qualitative Test in Liverpool, a region currently experiencing high COVID-19 rates, and intends to implement it nationwide.

The primary driver behind the growth of the lateral flow assay market is the escalating global prevalence of infectious diseases, HIV, and cancer, necessitating the development of new diagnostic methods to effectively address the rising mortality rates. According to the November 2021 report from the World Health Organization (WHO) on HIV/AIDS, approximately 37.7 million individuals worldwide were living with HIV in 2020, with 25.4 million of them residing in the WHO African region. Furthermore, the same report indicates that around 1.5 million people were diagnosed with HIV globally in 2020.

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