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

Lateral Flow Assays Market size was valued at USD 20.1 billion in 2019 and is poised to grow from USD 20.5 billion in 2023 to USD 24.5 billion by 2031, growing at a CAGR of 2% in the forecast period (2024-2031).

Lateral flow assay, also known as an immunoassay is an easy-to-use diagnostic tool called used to determine whether a target analyte—such as contaminants in water supplies, food, or animal feed—is present or absent. Other examples of target analytes include pathogens or biomarkers in humans or animals. Pregnancy tests are the most widely used kind of lateral flow quick test strip. Infectious illness testing, drug misuse screening, and rapid cardiac marker diagnostics are just a few other uses for LFAs. Furthermore, lateral flow tests don't need flowing water, power, or special knowledge to work. They provide analytical information quickly and affordably. They can also detect a wide variety of infections, biomarkers, and environmental pollutants.

LFAs generally have one or more target or test lines as well as a control line to ensure the test is functioning properly. The operation of these devices requires little training because they are made to have intuitive user conventions. When used in conjunction with reader technology, they can be quantitative and read visually or deliver data. In many different sectors, point-of-care testing frequently uses lateral flow tests. In a variety of locations, such as the lab, clinic, or home, they can be carried out by experts, knowledgeable lay users, or a patient. Despite several recent technical developments, some developing nations still struggle to obtain timely medical assistance when they are in need. This is one of the primary drivers of market expansion as dipsticks or lateral flow assays are increasingly used to provide prompt diagnosis and treatment.

US Lateral Flow Assays Market  is poised to grow at a sustainable CAGR for the next forecast year.