Lateral Flow Immunoassay (LFIA) Based Rapid Test Market Opportunities and Strategies to 2033

This report describes and explains the lateral flow immunoassay (LFIA) based rapid test market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global lateral flow immunoassay (LFIA) based rapid test market reached a value of nearly $9.07 billion in 2023, having grown at a compound annual growth rate (CAGR) of 5.67% since 2018. The market is expected to decline from $9.07 billion in 2023 to $8.02 billion in 2028 at a rate of -2.43%. The market is then expected to grow at a CAGR of 7.34% from 2028 and reach $11.43 billion in 2033.

Growth in the historic period resulted from the high prevalence of infectious diseases, favorable government initiatives, increased focus on personalized medicine and expanding point-of-care diagnostic testing. Factors that negatively affected growth in the historic period include regulatory challenges.

Going forward, the rising healthcare expenditure globally, increasing aging population worldwide, rising incidence of chronic diseases and growing awareness of early diagnosis will drive the market. Factors that could hinder the growth of the lateral flow immunoassay (LFIA) based rapid test market in the future include storage and shelf-life challenges and limited availability of skilled professionals.

The lateral flow immunoassay (LFIA) based rapid test market is segmented by technique into competitive assay, sandwich assay and multiplex detection assay. The sandwich assay market was the largest segment of the lateral flow immunoassay (LFIA) based rapid test market segmented by technique, accounting for 48.39% or $4.38 billion of the total in 2023. Going forward, the multiplex detection assay segment is expected to be the fastest growing segment in the lateral flow immunoassay (LFIA) based rapid test market segmented by technique, at a CAGR of -1.64% during 2023-2028.

The lateral flow immunoassay (LFIA) based rapid test market is segmented by application into infectious disease, pregnancy and fertility, toxicology, cardiac marker and cholesterol testing and other applications. The infectious disease market was the largest segment of the lateral flow immunoassay (LFIA) based rapid test market segmented by application, accounting for 45.65% or $4.14 billion of the total in 2023. Going forward, the other applications segment is expected to be the fastest growing segment in the lateral flow immunoassay (LFIA) based rapid test market segmented by application, at a CAGR of -0.70% during 2023-2028.

North America was the largest region in the lateral flow immunoassay (LFIA) based rapid test market, accounting for 38.04% or $3.45 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the lateral flow immunoassay (LFIA) based rapid test market will be Africa and the Middle East, where growth will be at CAGRs of -1.72% and -2.15% respectively. These will be followed by North America and Western Europe, where the markets are expected to grow at CAGRs of -2.17% and -2.20% respectively.

The global lateral flow immunoassay (LFIA) based rapid test market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 22.95% of the total market in 2023. Abbott Laboratories was the largest competitor with a 6.51% share of the market, followed by F. Hoffmann-La Roche AG with 3.61%, Thermo Fisher Scientific Inc. with 2.43%, Siemens AG with 2.39%, Danaher Corporation with 2.11%, Hologic, Inc. with 1.45%, bioMérieux SA with 1.32%, Becton, Dickinson and Company with 1.20%, Merck KGaA with 1.11% and Bio-Rad Laboratories, Inc. with 0.82%.

The top opportunities in the lateral flow immunoassay (LFIA) based rapid test market segmented by technique will arise in the multiplex detection assay segment, which will gain -$146.66 million of global annual sales by 2028. The top opportunities in the lateral flow immunoassay (LFIA) based rapid test market segmented by application will arise in the other applications segment, which will gain -$35.56 million of global annual sales by 2028. The top opportunities in the lateral flow immunoassay (LFIA) based rapid test market segmented by end-users will arise in the home care segment, which will gain -$142.05 million of global annual sales by 2028. The lateral flow immunoassay (LFIA) based rapid test market size will gain the most in Indonesia at -$11.53 million.

Market-trend-based strategies for the lateral flow immunoassay (LFIA) based rapid test market include focus on portable point-of-care diagnostics for rapid management of critical health emergencies and advancements to introduce LFIA rapid tests that have longer shelf life.

Player-adopted strategies in the lateral flow immunoassay (LFIA) based rapid test market include focus on enhancing operational capabilities through new launches and developing new products to expand business expertise.

To take advantage of the opportunities, the analyst recommends the lateral flow immunoassay (LFIA) based rapid test companies to focus on portable point-of-care diagnostics, focus on enhancing test stability and accessibility, focus on multiplex detection assays, focus on infectious disease testing, focus on home care testing, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, continue to use B2C promotions and focus on targeting the aging population.