Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Expected to Reach $8.5 Billion by 2026

According to a new report published by Allied Market Research, titled, " LFIA Based Rapid Test Market, by Application, Techniques, End User: Global Opportunity Analysis and Industry Forecast, 2019–2026," the global LFIA based rapid test market size was valued at $4.72 billion in 2018, and is expected to reach $8.50 billion by 2026, growing at a CAGR of 7.6% from 2019 to 2026. 

LFIA based rapid test market is anticipated to exhibit growth owing to increase in incidence of infectious disease, rise in awareness about these tests owing in developing countries, surge in promotional activities by the key players, no need of complex medical devices, and lower cost of the tests. In addition, other factors, such as speed of diagnosis, convenience, specificity, and stability further support the lateral flow immunoassay based rapid test market growth. 

At present, by application, the pregnancy & fertility and infectious disease segment is the highest revenue contributor, and is anticipated to remain dominant in the near future. Moreover, easy availability of cost-efficient products, rise in promotion activities by the key players for LFIA based rapid test, and increase in adoption of LFIA based rapid test among the general population fuel the growth of this segment. However, infectious disease segment is expected to exhibit the fastest market growth during the forecast period due to surge in incidence of infectious disease and rise in demand for low cost & accurate rapid tests for preliminary infectious disease testing. 

By end user, the home care segment occupied the largest share in 2018, and is anticipated to continue its dominance during the forecast period, due to increased demand for personalized care rapid tests and cost-efficient product availability.  

Key Findings of the LFIA Based Rapid Test Market :

• As per the application, the infectious disease segment is expected to exhibit the fastest growth, registering a CAGR of 7.8% from 2019 to 2026, in terms of value. 
• On the basis of the technique type, the multiplex detection assay segment is expected to exhibit the fastest growth, registering a CAGR of 8.9% from 2019 to 2026, in terms of value. 
• By end user, the hospitals & Clinics segment is expected to grow at the highest CAGR of 11.6% from 2019 to 2026, in terms of value. 
• Region wise, Asia-Pacific is expected to witness the highest growth rate, registering a CAGR of 10.6% during the forecast period, in terms of volume. 

North America accounted approximately one-half of the global market share in 2018 and is expected to remain dominant throughout the forecast period. This was attributed to the well-developed healthcare infrastructure, higher awareness about advanced applications of rapid tests among the healthcare professionals & patients, and ease of product availability. On the other side, Asia-Pacific is projected to grow at the highest CAGR during the forecast period, owing to increase in demand for LFIA based rapid tests; upsurge in incidence of infectious disease, rise in drug screening procedures; and surge in use of home care diagnostics devices.