At 9.5% CAGR, Asia Pacific Lateral Flow Assay Market is Projected to be Worth US$ 2,636.19 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific lateral flow assay market was valued at US$ 1,271.23 million in 2022 and is expected to reach US$ 2,636.19 million by 2030, registering a CAGR of 9.5% from 2022 to 2030. Rising popularity of point-of-care testing and evolving applications of lateral flow assays are among the critical factors attributed to drive the Asia Pacific lateral flow assay market growth.

Lateral flow assay-based point-of-care (POC) diagnostic tools are rapid, easy-to-use, and low-cost paper-based procedures, which are specifically perceived to be beneficial in resource-limited settings and industrialized countries. These tests are increasingly replacing prolonged, conventional laboratory methods. No training and complex infrastructures are required to run POC diagnostic tests. Thus, these tests cost less than conventional laboratory diagnostic techniques. POC testing tools are expected to be a crucial revenue pocket in the lateral flow assay market because of their prominent role in combating the burgeoning disease burden. Many companies are engaged in developing innovative lateral flow assay-based POC devices for infectious disease diagnosis, drugs-of-abuse screening, pregnancy (using hCG levels) and ovulation confirmation, and blood protein marker measurement. The rising popularity of POC testing and ongoing developments in lateral flow assay-based POC testing fuel the growth of the lateral flow assay market.

On the contrary, inconsistent assay results due to procedural limitations hamper the growth of Asia Pacific lateral flow assay market.

Based on product type, the Asia Pacific lateral flow assay market is bifurcated into kits & reagents and lateral flow readers. The kits & reagents segment held 62.5% market share in 2022, amassing US$ 794.60 million. It is projected to garner US$ 1,674.18 million by 2030 to register 9.8% CAGR during 2022-2030.

In terms of technique, the Asia Pacific lateral flow assay market is segmented into sandwich assay, competitive assays, and multiplex detection assay. The sandwich assay segment held 45.6% share of Asia Pacific lateral flow assay market in 2022, amassing US$ 579.82 million. It is anticipated to garner US$ 1,193.57 million by 2030 to expand at 9.4% CAGR during 2022-2030.

By test type, the Asia Pacific lateral flow assay market is divided into lateral flow immunoassay and nucleic acid lateral flow assay. The lateral flow immunoassay segment held 63.9% share of Asia Pacific lateral flow assay market in 2022, amassing US$ 811.81 million. It is projected to garner US$ 1,743.32 million by 2030 to expand at 10.0% CAGR from 2022 to 2030.

Based on application, the Asia Pacific lateral flow assay market is categorized into clinical testing, veterinary diagnostics, food safety & environment testing, and drug development & quality testing. The clinical testing segment held 72.4% share of Asia Pacific lateral flow assay market in 2022, amassing US$ 920.72 million. It is predicted to garner US$ 1,912.89 million by 2030 to expand at 9.6% CAGR between 2022 and 2030.

By end user, the Asia Pacific lateral flow assay market is segmented into hospitals and clinics, diagnostics laboratories, homecare, veterinary clinics, pharmaceutical & biotechnology companies, and others. The hospitals and clinics segment held 42.2% share of Asia Pacific lateral flow assay market in 2022, amassing US$ 536.97 million. It is estimated to garner US$ 1,157.96 million by 2030 to expand at 10.1% CAGR during 2022-2030.

Based on country, the Asia Pacific lateral flow assay market is categorized into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 25.2% share of Asia Pacific lateral flow assay market in 2022. It was assessed at US$ 319.91 million in 2022 and is likely to hit US$ 752.82 million by 2030, registering a CAGR of 11.3% during 2022-2030.

Key players operating in the Asia Pacific lateral flow assay market are F. Hoffmann-La Roche Ltd, Siemens Healthineers AG, Becton Dickinson and Co, PerkinElmer Inc, Hologic Inc, QIAGEN NV, bioMerieux SA, QuidelOrtho Corp, Abbott Laboratories, Merck KGaA, Bio-Rad Laboratories Inc, and Thermo Fisher Scientific Inc, among others.

•    In May 2022, Bio-Rad Laboratories launched the CFX Duet Real-Time PCR system to support researchers in developing singleplex and duplex quantitative PCR assays. The system offers the robust thermal performance and proprietary, accurate optical shuttle system of the company's CFX Opus system.
  
  
  

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