Lateral Flow Assays Market Size, Share, Growth Analysis, By Product(Kits & Reagents, Lateral Flow Readers), By Sample Type(Blood Samples, Urine Samples, Saliva Samples, others), By Technique(Sandwich Assays, Competitive Assays, Multiplex Detection Assays), By Application(Clinical Testing, Veterinary Diagnostics, Food safety & Environment Testing, Drug Development & Quality Testing), By End User(Hospitals & Clinics, Diagnostic Laboratories, Home Care, Pharmaceutical & Biotechnology Companies), By Region - Industry Forecast 2024-2031

North America region dominated the global lateral flow assays market and accounted for approximately 45% of the total market share in 2021. Growing use of POC tests for secure and early detection along with an increase in the occurrence of infectious illnesses will strengthen the region's dominance. Over the projected period, it is expected that significant R&D expenditures by public and private funding agencies, particularly lateral flow tests, will increase the lateral assays market size. Furthermore, the market is expanding as a result of the high affordability and broad availability of technologically sophisticated lateral flow tests. In 2021, the U.S. held a market share of over 91.8% of the North American lateral flow assay market. The country's lateral flow assay market is expanding as a result of an increase in the manufacture of these tests. Sales of lateral flow assay kits have increased in the U.S. as a result of increased purchases of these kits by foreign organisations like UNICEF as a result of the growing occurrence of infectious illnesses like the coronavirus, Ebola, Zika virus, and other pandemic diseases.

Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period. The ageing population, rising life expectancy, rising per capita income, increasing investments by major market players in the region, the expansion of private hospitals and clinics into rural areas, the availability of low-cost labour for manufacturing, the presence of a favourable regulatory environment, and rising demand for lateral flow assay kit, home, and POC testing are some of the factors influencing the growth of the lateral flow assays market in this region. In 2021, China had the greatest market share in East Asia for lateral flow assays, accounting for almost 46.3 percent of the total market. Key companies in the China lateral flow test market have a lot of potential thanks to smartphone-based devices. People benefit from using mobile devices since they instantly deliver quick results. This minimises the likelihood of delay and saves a significant amount of time. During the projected period, the introduction of quick diagnostic test kits for use in home healthcare settings is also anticipated to fuel market expansion in China.