Lateral Flow Assay Market worth $16.8 billion by 2029

As per the recently published report by MarketsandMarkets?, The report "Lateral Flow Assays Market?by Product (Kit, Readers), Application (STI, Covid-19, Hep, TB, Cardiac marker, Pregnancy; Drug abuse, Vet Diagnostic, Food), Sample (Blood, Urine, Saliva), Technique (Sandwich, Competitive), End User - Global Forecast to 2029", is valued at an estimated USD 10.8 in 2023. The size is projected to reach USD 16.8 billion by 2029, at a CAGR of 7.6%.

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• 420? ? ?Market Data Tables
• 59? ? ? ?Figures
• 399? ? ?Pages and in-depth TOC on?" Lateral Flow Assays Market - Global Forecast to 2029”

Some of the prominent key players are:

• Abbott Laboratories (US),
• Quidel Corporation (US),
• F. Hoffman-La Roche AG (Switzerland),
• Danaher Corporation (US),
• Siemens AG (Germany), and many more......

Mergers & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the Lateral Flow Assays Market.

• Based on product type, the lateral flow assays market is segmented into kits & reagents and lateral flow readers. During the forecast period, the the lateral flow readers segment is expected to witness the second highest growth during the forecast period. The growth of this segment can be attributed as these are economical, quantitative as well as capability of assaying multiple analytes simultaneously.
• Based on applications, the lateral flow assays market is segmented into clinical testing, veterinary diagnostics, food safety & environmental testing, and drug development & quality testing. The veterinary diagnostic segment accounted for the second largest share of the lateral flow assays market in 2022.
• Based on technique, the lateral flow assay kits & reagents market is segmented into competitive assays, sandwich assays, and multiplex detection assays. The multiplex detection assays technique anticipated to undergo the most substantial growth in the given forecast period.
• North America has some of the highest worldwide healthcare spending rates, which translates into large investments in state-of-the-art ophthalmic technology. This encourages the creation and uptake of cutting-edge technology, expanding the realm of what is practical for preventive and vision restoration.

The rising ?demand of lateral flow assays due to increasing? number of geriatric population, growing prevalence of infectious diseases as well as increasing of of point of care tests are some of the key factors that are driving the growth of this market. However , the hesitance in the patients as awell as in health professionals to change in the conventional diagnostic method ?and the lack of ?accuracy of lateral flow assays are some of the key restraints for lateral flow assyas market