According to the recent research report titled ‘ Lateral Flow Assays Market Size By Product (Kits, Readers), By Application (Infectious Disease Testing {Influenza, STDs, Hepatitis, Tuberculosis}, Cardiac Metabolic Testing {CK-MB Testing, Myoglobin, D-dimer}, Pregnancy & Fertility Testing {Pregnancy Testing, Fertility Testing}, Cholesterol Testing, Drug of Abuse), By Technique (Sandwich Assays, Competitive Assays, Multiplex Detection Assays), By End-use (Hospital & Clinics, Diagnostic Laboratories, Homecare Settings), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’ available with MarketStudyReport, global lateral flow assays market is expected to expand significantly through 2027.

Mounting demand for diagnostic testing, especially since the advent of COVID-19 pandemic and rapid technological breakthroughs are some of the major factors driving the growth of global lateral flow assays market.

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Notably, lateral flow assays are simple paper-based devices that are used to detect a target analyte's presence in a liquid sample without assistance from specialized equipment used for medical diagnostics.

Industry players are coming up with lucrative strategies to fulfill the demands of diagnostic testing, which in turn is strengthening the overall business outlook.

The market is segmented based on technique type, product type, application range, end-user scope, and regional analysis. Based on product type, the market is further split into readers and kits segments. Further, the reader’s segment reached a sizable valuation of USD 1.6 billion in 2020 and is likely to depict similar growth trends in the ensuing years.

On the basis of application scope, the market is categorized into cholesterol testing, drug abuse testing, cardiac marker testing, pregnancy & fertility testing, infectious disease, and others. Among these, global lateral flow assays industry share from the drug abuse testing segment is expected to witness a 6.6% CAGR during the forecasted period.

In terms of technique segment, the market is classified into sandwich assays, multiplex detection assays, and competitive assays. The competitive assays segment accounted for 33.4% of market share in 2020 and is predicted to rise continuously by 2027.

Moving on to the end-user terrain, the market is segregated into hospitals & clinics, home care settings, diagnostic laboratories, home care settings, and others. The home care settings segment is predicted to reach a valuation of USD 3.6 billion by 2027.

The regional landscape of global lateral flow assays market is classified into the Middle East & Africa, Europe, North America, Asia Pacific, and Latin America. The Middle East & Africa market is predicted to reckoned to showcase a CAGR of 5.4% during the forecasted period. 

The major companies operating in global lateral flow assays market are Quidel Corporation, Operon Technologies Inc., Thermo Fischer Scientific, F. Hoffmann-La Roche Ltd., Hologic Inc., bioMérieux S.A., Bioeasy Biotechnology Inc., Bio-Rad Laboratories Inc., Abbott Laboratories Ltd., and Abingdon Health.