The Lateral Flow Assays Market is projected to grow at a 4.70% CAGR, reaching $13.35 billion by 2030, driven by increased demand and COVID-19 impact.
The global Lateral Flow Assays Market is estimated at $ 8.35 billion by 2020 and will reach $ 13.35 billion by 2030, registering a CAGR of 4.70% from 2021 to 2030. according to the Allied Market Report. This is a Average Annual Growth Rate (CAGR) from 2021 to 2030. Key Growth Strategies, Drivers, Opportunities, Key Sector Analysis, and Porter’s Five Forces and Competitive Landscape Analysis. This research is a resource to help market participants, investors, agents, stakeholders, and newcomers gain an in-depth understanding of the industry and take steps to gain a competitive advantage.
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The proliferation of infectious diseases around the world, the increasing use of home immunochromatography kits, and the growing demand for on-site health metrics are driving the growth of the global immunochromatography market. On the other hand, the accuracy of the immunochromatographic tests is poor and the price of the immunochromatographic product is limited, which hinders growth somewhat. However, advanced lateral flow testing programs are expected to pave the way for beneficial industry opportunities.
COVID-19 scenario:
1) Immunochromatography is used worldwide to diagnose COVID-19 infection as the LFA test kit demonstrates the ability to detect both.
2) COVID-19 infection with and without symptoms. This factor makes the market grow in one direction or the other.
3) Many medical companies are focused on developing immunochromatographic devices that can detect patient antibodies (IgG and IgM) or COVID-19 viral antigens in blood samples through a finger bite, saliva sample, or nasal swab Unequal.
According to the manufacturer, the devices and reagents sector will make up the largest share in 2020 and account for almost three quarters of the world market. At the same time, the leading sector of the subsector is expected to have the fastest average annual growth rate of 7.5% between 2021 and 2030. Depending on the region, the North American market had the largest share in 2020 with around two fifths of the world market. However, the Asia-Pacific region is expected to have the fastest compound annual growth rate of 6.2 by the end of 2030. Other countries covered in this report are Europe and LAMEA.
Important search results:
1) According to technology, the sandwich testing sector will have the largest share of the global immunochromatography market by 2020.
2) By product, the lateral leader segment will have the largest market share in 2020 and is expected to remain dominant over the forecast period.
3) Looking at the region, North America is expected to grow at the highest annual growth rate of 3.80 over the forecast period.
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The article discusses the growth of the Lateral Flow Assays Market, projected to reach $13.35 billion by 2030.
COVID-19 has increased the demand for immunochromatography kits, driving market growth.
The Asia-Pacific region is expected to have the fastest growth by 2030.
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