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Lateral Flow Assays Market to Exceed US$ 11.7 Bn by 2032; Sales in Benchtop Readers Surge by 4.6%

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The global lateral flow assays market was valued at US$ 7.2 Bn in 2021. As per the report, the demand for lateral flow assays is likely to surge at a CAGR of 4.7% during 2022-2032, exceeding US$ 11.7 Bn by the end of 2032.

Growing prevalence of influenza, STDs, and tuberculosis worldwide is expected to propel the sales of lateral flow assays in future years. Rising awareness among people regarding the availability of point-of-care testing (POCT) kits is another vital factor that is set to augur well for the market.

As per the World Health Organization (WHO), in 2020, nearly 1.5 million people died from tuberculosis. It is considered to be the 2nd leading infectious killer after COVID-19 and the 13th leading cause of death across the globe. These numbers are projected to surge at a rapid pace, thereby bolstering the market.

Further, increasing utilization of lateral flow assays in pregnancy testing, drugs of abuse screening, and rapid cardiac markers diagnostics is likely to drive the market. Their cost-effective nature and ability to deliver analytical information will also push sales in the market.

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Lateral flow tests are capable of operating in low-resource settings, including home care settings. Thus, their usage is expected to surge at a steady pace for testing stigmatized conditions, such as HIV.

According to the Centers for Disease Control and Prevention (CDC), approximately 36,801 people received an HIV diagnosis in 2019 in the U.S. alone. By the end of 2019, about 1,189,700 people had HIV in the country. As lateral flow tests enable patients to perform self-tests in their homes, their demand is likely to grow in future years.

Moreover, evolving applications of lateral flow assays are expected to fuel the market. Rising usage of these assays in saliva diagnostics, biowarfare, and behavioral health testing is projected to accelerate the market.

Also, increasing concerns regarding public health and food safety are estimated to push the utilization of lateral flow tests in the food and beverage industry. These are set to be implemented for the detection of allergens and mycotoxins.

Report Attributes

Details

Base Year Value (2021A)

US$ 7.2 Bn

Estimated Year Value (2022E)

US$ 7.4 Bn

Projected Year Value (2032F)

US$ 11.7 Bn

Global Growth Rate (2022-2032)

CAGR 4.7%

Key Takeaways:

  • Regionally, North America is projected to exhibit a year-on-year growth rate of 5.5% in 2022, reaching US$ 2 Bn during 2022-2032.
  • The U.S. is estimated to account for lion’s share backed by the presence of cutting-edge point-of-care testing facilities.
  • Based on product type, the kits & reagents segment is expected to hold more than 70% of the global market, registering 5% CAGR by 2032.
  • Sales in the benchtop readers segment are projected to increase at a 4.6% CAGR until 2032.
  • In terms of application, demand in the clinical testing category is estimated to grow at a CAGR of 5% during the forecast period.

Growth Drivers:

  • Urgent need for the rapid diagnosis of various infectious diseases across the globe is set to propel the market.
  • Increasing demand for home-based lateral flow assay devices to manage cardiovascular diseases is likely to bode well for the market.

Restraints:

  • Low accuracy of results, as compared to laboratory tests may obstruct growth.
  • Absence of information about drug resistance during lateral flow urine lipoarabinomannan assay to detect tuberculosis may hamper growth.

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Competitive Landscape:

The global market is highly fragmented with the presence of a large number of key players. Majority of these players are aiming to generate more shares by launching innovative products in the market.

A few other companies are investing huge sums in research and development activities and joining hands with start-up companies to come up with novel products and gain fast track approvals.

For instance,

  • October 2021: Bio-Rad Laboratories, Inc., a developer and manufacturer of specialized technological products for the healthcare industry based in California, introduced Bio-Plex Pro Human IgA and IgM SARS-CoV-2 panels. These will be able to detect IgM and IgA antibodies against four SARS-CoV-2 antigens. These would also help researchers in developing vaccines, as well as in performing seroprevalence studies.
  • September 2021: The United States Food and Drug Administration (U.S. FDA) provided Emergency Use Authorization (EUA) to ANP Technologies Inc. for its NIDS COVID-19 Antigen Rapid Test Kit. The test is capable of delivering results in just 15 minutes and is a lateral flow immunoassay. It has proved to be effective at detecting numerous variants of COVID-19, including Delta.

Key Companies Profiled by Fact.MR

  • Abbott Laboratories
  • Thermo Fisher Scientific, Inc.
  • F. Hoffmann-La Roche AG
  • Bio-rad Laboratories, Inc.
  • Biomérieux SA
  • Quidel Corporation
  • Hologic, Inc.
  • Perkinelmer, Inc.
  • Merck KGAA
  • Becton, Dickinson and Company
  • Siemens Healthineers
  • Danaher Corporation
  • Qiagen N.V

More Valuable Insights on Lateral Flow Assays Market

In the latest study, Fact.MR reveals key factors expected to boost the growth in global lateral flow assays market during the forecast period (2022-2032). The survey also provides an in-depth analysis of opportunities and drivers projected to propel sales of lateral flow assays through detailed segmentation as follows:

By Product Type:

  • Lateral Flow Readers
  • Digital/Mobile Readers
  • Benchtop Readers
  • Kits & Reagents

By Application:

  • Drug Development & Quality Testing
  • Clinical Testing
  • Veterinary Diagnostics
  • Food safety & Environment Testing

By Technique:

  • Sandwich Assays
  • Competitive Assays
  • Multiplex Detection Assays

By Region:

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA

Key Questions Covered in the Lateral Flow Assays Market Report

  • What is the estimated revenue of the lateral flow assays market during the forecast period?
  • Which are the challenges faced in the lateral flow assays market?
  • Which region is estimated to exhibit fastest growth rate in the global lateral flow assays market during 2022-2032?
  • What is the projected market valuation of the lateral flow assays market in 2022?
  • Which are the factors driving the lateral flow assays during 2022-2032?
  • What is the expected growth rate of the lateral flow assays market until 2032?

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Dermatology CRO Market: The dermatology CRO market is estimated to exhibit growth at a CAGR of 9.1% in the forecast period from 2022 to 2032. The surging demand for topical dermatological drugs for the treatment of acne is a major factor that is anticipated to augur well for the market.

Paper-based Diagnostic Test Kits Market: Various government initiatives in developed countries, such as the U.S. to enhance the diagnosis of infectious diseases is expected to boost the demand for paper-based diagnostic test kits. In addition, the growing prevalence of dengue and tuberculosis across Asia Pacific is set to propel the market.

Uveal Melanoma Treatment Market: The rising prevalence of eye cancer and increasing awareness about the usage of innovative biomarkers for early diagnosis are expected to drive the market. Besides, the easy availability of cutting-edge products for the treatment of uveal melanoma across online platforms is likely to push sales in the market.

Artificial Intelligence

XtalPi Unveils XtalGazer: A Comprehensive AI-Driven Polymorph Selection Platform

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CAMBRIDGE, Mass., March 28, 2024 /PRNewswire/ — XtalPi Inc., a leading global technology company in integrating artificial intelligence (AI) and robotics to advance the discovery of groundbreaking medicine and innovative materials, announced today the launch of its proprietary comprehensive solid form discovery and selection platform, XtalGazer. This advanced platform aims to significantly improve the polymorph selection process for the pharmaceutical industry by integrating AI- and automation-powered experimental and computational approaches.

XtalGazer provides a total solution for delivering high-quality polymorph screening and selection methods to expedite drug development and mitigate risks. It represents a paradigm shift in solid-state research, moving from the traditional trial-and-error approach to a data-driven, design-led methodology. The platform provides an expansive suite of foundational tools to accelerate polymorph discovery, characterization, and selection process, empowering pharmaceutical companies to conduct thorough research with less active pharmaceutical ingredient (API) in shorter development cycles.
A key component of XtalGazer is XtalCSP, a crystal structure prediction platform to perform global searches of crystal structures for target molecules and the other optional components in the corresponding searching space, offering a deep insight into possible stable forms. Furthermore, crystallization strategy recommendations will provide AI-backed experimental design to help avoid human bias. XtalGazer also utilizes MicroED to rapidly elucidate crystal structures from powder samples, reducing the need for growing single crystals.
XtalPi’s launch of XtalGazer marks another significant step in the company’s ongoing exploration of solid-state research. From crystal structure prediction platforms being one of the first products to launch at XtalPi, to today’s comprehensive polymorph selection platform, XtalPi will keep fulfilling its promise to solving challenging problems in this space. XtalPi will continue to deliver faster, more accurate, and more comprehensive approaches to building an ecosystem for the R&D process in solid-state, pre-formulation and crystallization.
For more information about XtalPi, please visit www.xtalpi.com.
About XtalPi:
XtalPi is an innovative technology company powered by artificial intelligence (AI) and robotics. Founded in 2015 on the MIT campus, XtalPi is dedicated to driving intelligent and digital transformation in the life science and new materials industries. With tightly interwoven quantum physics, AI, cloud computing, and large-scale clusters of robotic workstations, XtalPi offers a range of technology solutions, services, and products to accelerate and empower innovation for biopharmaceutical and new materials companies worldwide.
Media Contact: Vivienne [email protected]
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Artificial Intelligence

ICIS and Base Oil News Announce Partnership to Enhance Market Insights

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LONDON, March 28, 2024 /PRNewswire/ — ICIS, a global source of commodity intelligence, is pleased to announce a strategic partnership with Base Oil News, a premier news outlet founded by industry expert Iain Pocock that provides in-depth coverage of the base oils and lubricants market. This collaboration marks a significant milestone in the dissemination and exchange of critical market data and insights.

With more than two decades of journalism experience at Bloomberg, Reuters, and Argus Media, Iain Pocock brings unparalleled expertise to this partnership. His deep understanding of illiquid energy markets makes him a credible and influential figure in the industry. Since November 2023, Iain has been working closely with ICIS to share and exchange valuable data and insights, enhancing the services both platforms offer to the base oils and lubricants market.
Through the collaboration, Iain integrates ICIS’ extensive content and data resources in Base Oil News market coverage. In return, he contributes market insights to ICIS News, including expert and exclusive analysis of supply and demand dynamics, price margins, and other critical market drivers. This exchange ensures that subscribers of both ICIS and Base Oil News have access to the most comprehensive, timely, and accurate market information, empowering them to make informed decisions.
“It’s a very exciting partnership – where we leverage each other’s strengths and provide actionable insights to our customers,” said Iain Pocock, Founder of Base Oil News. “The market is the winner.”
“As ICIS is already the world’s most trusted pricing benchmark for base oils, this collaboration with Iain Pocock and Base Oil News provides an even stronger and deeper service to our customers,” said Stephen Burns, Editorial Director at ICIS. “Iain’s expertise and extensive industry connections are invaluable, and we have established a fruitful partnership that benefits the market at large.”
For the latest insights from Iain Pocock on ICIS News, visit ICIS News.  
About ICIS
ICIS – Independent Commodity Intelligence Services – helps businesses through seamlessly delivering data and analytics, across the chemical, fertilizer and energy markets. A trusted source and benchmark for price information and insight across key commodities markets worldwide. Our independent, transparent market intelligence informs thousands of quality decisions every day, taking the pressure out of negotiations and giving customers space for more innovative thinking, through published datasets including price assessments, price forecasts, supply and demand fundamentals and more.
Over 150 years of shaping the world by connecting markets to optimise the world’s valuable resources. With a global team of more than 600 experts, ICIS has employees based in London, New York, Houston, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo and Perth.
ICIS is part of RELX, a FTSE15 company with a market cap of £64bn and an employee base of over 30,000 experts across 40 countries.
About RELX
RELX is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. Total market capitalisation is approximately £64bn | €75bn | $81bn.
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Artificial Intelligence

Trianz Welcomes Israel Abraham as Vice President of Services for Extrica.ai – The Data to AI Platform

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SANTA CLARA, Calif., March 28, 2024 /PRNewswire/ — Digital transformation technology & services company Trianz is pleased to announce the appointment of Israel Abraham as Vice President of Extrica Platform Services.

Trianz has embarked on a transformative journey, redefining its value proposition with an ‘IP Led’ model, with a commitment to deliver the fastest time to value, lowest human dependence, and highest ROI. Central to this approach are our hyper-automated platforms, Concierto.Cloud, Extrica.AI, and Pulse, driving industry-leading transformations in cloud, data and analytics, AI, and the digital workplace.
Israel Abraham is a very well-known pioneer and industry leader in AI, data management, and analytics systems, with over three decades of experience. He joins as the services leader for Extrica- the Trianz Data to AI platform, which productizes data, provides data a face and purpose, and accelerates time to insights and AI by 50% or more. In the role of Extrica Services leader, Israel will lead the shaping, visioning, and delivery of Extrica.ai based enterprise wide datamesh, BI, and AI solutions for customers worldwide.
“We are thrilled to welcome Israel Abraham to the Trianz family,” said Sri Manchala, CEO of Trianz and author of Crossing the Digital Faultline. “He is a leader in modernization as well as conceptualization of data platforms anew. Israel’s prior background in the industry with financial services and insurance giants underscores our commitment to securing top-tier talent that brings real-world experiences and needs to our technology platforms. As we continue to broaden our footprint in the digital transformation space, Israel’s visionary leadership and practical experience will serve as the cornerstone in accelerating insights and AI to deliver transformative value to our clients.”
Having played pivotal roles in highly reputed and large organizations such as Liberty Mutual Insurance, MassMutual, Safeco, and CNA Insurance, Israel has garnered recognition as a seasoned leader in big data and AI cloud implementations. His accolades include the prestigious 2014 Ventana Research IT Innovation Award, the 2009 Informatica MDM Innovation Award, and three filed Data Engineering patents in the last four years.
“Trianz has been at the forefront of digital innovation, and Extrica.ai is a paradigm shifting data to AI platform that completely changes how analytics and AI are delivered- much faster, taking business ahead of change. I am excited to scale the adoption of the Extrica platform, which has attracted attention from giants across the industry and hyperscalers,” said Israel Abraham. “I look forward to engaging with customers, bringing my own experiences, and collaborating with the talented team at Trianz to further enhance the capabilities of the Extrica Platform Services to transform data & AI strategies, execution, and outcomes for customers.”
About Trianz
Trianz is a leading-edge technology platforms and services company that accelerates digital transformations at Fortune 100 and emerging companies worldwide in data & analytics, digital experiences, cloud infrastructure, and security. Our ‘IP Led Transformations’ approach, informed by insights from a recent global study spanning 20+ industries and 5000+ companies, addresses challenges posed by the rapid pace of AI-driven transformation, digital talent scarcity, and economic uncertainty. Our IP and platforms, including Concierto, Extrica, and Pulse, revolutionize cloud adoption, data analytics, and AI insights, empowering organizations to navigate the complexities of digital transformation seamlessly.
Founded in California and with an organization of over 2,000 associates across the United States and India, Trianz is a Premier Partner of AWS, consistently rated #1 by clients for value delivery over the past five years. Trianz has been ranked as one of the best Consulting Firms by Forbes and has been certified as a Great Place to Work for three years in a row. To learn more about Trianz, email [email protected] or visit www.trianz.com.
Watch Trianz CEO Sri Manchala’s insightful interview with Bloomberg on Partner | Crossing The Digital Faultline & Leading Towards Transformative Success – YouTube and delve deeper into his book Crossing the Digital Faultline at Crossing the Digital Faultline | Trianz.
Trianz Media [email protected] +1-408-387-5800
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