The Business Research Company’s Lateral Flow Immunoassay (LFIA) Based Rapid Test Global Market Report 2021: COVID-19 Growth And Change to 2030
LONDON, GREATER LONDON, UK, May 3, 2021 /EINPresswire.com/ — Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
The demand for point-of-care testing under home care settings is expected to drive the antibody lateral flow test market. Point-of-care testing (POCT) is essential for rapid on-site diagnosis and treatment. The most important features for current POCT diagnostic systems are a quick analysis time with a test-to-answer format. Lateral flow immunoassays are widely used as POCTs due to their speed and precision, simplicity and low cost, which is why the lateral flow assays market is in demand with these. For instance, the recent outbreak of coronavirus disease (COVID-19) has increased the significance of these devices to rapid screening and surveillance. Acro Biotech COVID-19 Rapid POC CE-IVD is a lateral flow immunoassay that quantifiably assesses the existence of patient-generated IgG and IgM antibodies to SARS-CoV-2, the causative agent of novel coronaviral disease COVID-19. These antibodies may be detected in whole blood, serum or plasma samples in the test cassette. OZO has developed three different variations of its products using the Latex Enhanced Lateral Flow Immunoassays method for testing COVID-19. Therefore, the need for point-of-care testing under home care settings is expected to drive the LFIA based rapid test market.
The lateral flow immunoassay (LFIA) based rapid test market consists of sales of devices and equipment used to run LFIA based rapid test and related services by companies that develop LFIA based rapid test equipment. These are testing devices used to assess the existence of a target, such as pathogens or biomarkers, in samples obtained from the human body or animals, or pollutants in water sources, food or animal feed.
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The global lateral flow immunoassay (LFIA) based rapid test market is expected to grow from $5.77 billion in 2020 to $6.13 billion in 2021 at a compound annual growth rate (CAGR) of 6.4%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The lateral flow immunoassay market is expected to reach $9.13 billion in 2025 at a CAGR of 10%.
The global lateral flow immunoassay based rapid test market is segmented by technique into competitive assay, sandwich assay, multiplex detection assay, by end user into hospital & clinic, diagnostic laboratory, home care, others, and by application into infectious disease, pregnancy & fertility, toxicology, others.
Lateral Flow Immunoassay (LFIA) Based Rapid Test Global Market Report 2021: COVID-19 Growth And Change to 2030 is one of a series of new reports from The Business Research Company that provides Lateral Flow Immunoassay Based Rapid Test Market overview, forecast Lateral Flow Immunoassay Based Rapid Test Market size and growth for the whole market, Lateral Flow Immunoassay Based Rapid Test Market segments, and geographies, Lateral Flow Immunoassay Based Rapid Test Market trends, Lateral Flow Immunoassay Based Rapid Test Market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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