Global Lateral Flow Assay Components Market Forecast to 2030
The Lateral Flow Assay Components Market study was developed as a result of extensive primary and secondary research, qualitative analysis, and quantitative analysis of significant market segments. Business experts have also acknowledged and verified the clever information. The report's objective is to provide more details on the general market environment for lead-free piezoelectric ceramic materials.
The global Lateral Flow Assay (LFA) components market size was USD 340.7 Million in 2021 and is expected to register a revenue CAGR of 4.1% during the forecast period, according to latest analysis by Emergen Research. Increasing adoption of lateral flow assay devices in home settings for early detection and diagnosis of infectious diseases, growing technological advancements in product design of lateral flow assay components, and increasing prevalence of infectious diseases globally are some of the key factors driving market growth of the market.
One of the approaches for qualitative and quantitative analysis is use of lateral flow assay based devices. On a plastic background, LFA is applied to a strip that has been constructed out of various parts. Nitrocellulose membrane, adsorption pad, conjugate pad, and sample application pad are among these elements. In addition, LFA blends biorecognition probes with unique advantages of chromatography and LFA-based strips come in a variety of detection forms. LFA development is kept and maintained, within specs and budget by making intelligent decisions early on, such as selecting proper type of Nitrocellulose (NC) membrane. Moreover, rising lateral flow assay device use for infectious illness early detection and diagnosis is another key factor driving market growth. Lateral flow immunoassays are indispensable for diagnosis of infectious illnesses and as a result of technological developments, these tests now function better and are acknowledged by professional users. Since SARS-CoV-2 pandemic, the industry has expanded to the point that hundreds of millions of tests are now required annually for usage by both professionals and even households. The Polymerase Chain Reaction (PCR) and Enzyme-Linked Immunosorbent Assay (ELISA), which are time-consuming, labor-intensive, and expensive to execute as well as requiring specialist personnel and expensive equipment, are examples of traditional methods for diagnosing infectious infections. Two biotechnology companies, Cellex and Exa Health, recently collaborated to create a 20-minute lateral flow antigen test that is read by an AI algorithm and accessed through a smartphone application (Lateral Flow with AI Read; LFAIR). This rapid test can provide results at home, but it can also, if necessary, convey results simultaneously to medical specialists and public health authorities, rising demand for lateral flow assay components and driving market revenue growth.
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The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Lateral Flow Assay Components market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic.
Key Companies Profiled in the Report are:
Merck KGaA, Danaher Corporation, Sartorius Stedim Biotech, Abbott., Advanced Microdevice Pvt. Ltd., Ahlstrom-Munksjö., Nupore Filtration, DCN Diagnostics., Ballya Bio., and PerkinElmer Inc.
Research Report on the Lateral Flow Assay Components Market Addresses the Following Key Questions:
- Who are the dominant players of the Lateral Flow Assay Components market?
- Which regional market is anticipated to have a high growth rate over the projected period?
- What consumer trends and demands are expected to influence the operations of the market players in the Lateral Flow Assay Components market?
- What are the key growth drivers and restraining factors of the Lateral Flow Assay Components market?
- What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
- What is the overall impact of the COVID-19 pandemic on the Lateral Flow Assay Components market and its key segments?
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Some Key Highlights From the Report
- The sandwich assay segment accounted for largest revenue share in 2021. Sandwich lateral flow assays, which provide a quick, affordable, one-step assay, are some of the most commercially commercialized paper-based biosensors. Sandwich-based immunostrip, known as lateral flow strip test, is used to quickly (5–20 min) determine whether target molecules are present in a sample. This kind of test is suitable for use in detection and diagnosis of snakebites and can give medical professionals advice on how to deliver antivenom. It is more commonly used for bigger molecular weight analytes because smaller molecular weight compounds do not respond as well to sandwich configuration. Sandwich format assays are used when analyte has many binding sites (aptamers epitopes), whereas competitive substrates are more practical for analytes with low molecular weight or a single binding site, which is significantly driving revenue growth of this segment.
- The pads segment is expected to account at a steady revenue CAGR during the forecast period. Pads on membrane's two sides are equally important for performance. The sample pad can serve a variety of purposes, most crucial is to distribute sample uniformly and guide it toward conjugate pad. Sample pad is typically impregnated with buffer salts, proteins, surfactants, and other fluids to regulate sample's flow rate and prepare it for contact with detection system. In addition, sample pad's holes can function as a filter to eliminate extraneous elements such as red blood cells. Conjugate pad's primary job is to store detector particles and maintain their functional stability up until the test is conducted.
- The Asia Pacific market accounted for a significant revenue share in 2021. This is attributed to rising incidences of infectious diseases, such as dengue, respiratory syncytial viruses and COVID-19, favorable government regulations as well as rising RD activities and projects. Governments of countries, such as China, South Korea, and many others, are practicing mass testing resulting in higher demand for rapid testing kits based on lateral flow assays to curb rising cases of new variants of COVID-19 and further mutations. India and China are densely populated countries and only social distancing is not sufficient to minimize the spread of this disease, therefore, efficient testing kits showcasing rapid results are largely demanded in this region.
Market Segmentations of the Lateral Flow Assay Components Market
This market is segmented based on Types, Applications, and Regions. The growth of each segment provides accurate forecasts related to production and sales by Types and Applications, in terms of volume and value for the period between 2022 and 2030. This analysis can help readers looking to expand their business by targeting emerging and niche markets. Market share data is given on both global and regional levels. Regions covered in the report are North America, Europe, Asia Pacific, Latin America, and Middle East Africa. Research analysts assess the market positions of the leading competitors and provide competitive analysis for each company. For this study, this report segments the global Lateral Flow Assay Components market on the basis of product, application, and region:
Segments Covered in this report are:
- Product Type Outlook (Revenue, USD Million; 2019-2030)
- Pads
- Membranes
- Lateral Flow Test Strips Readers
- Others
- Technique Outlook (Revenue, USD Million; 2019-2030)
- Sandwich Assays
- Multiplex Detection Assays
- Competitive Assays
- Application Outlook (Revenue, USD Million; 2019-2030)
- Clinical Testing
- Food Safety Environmental Testing
- Drug Development Quality Testing
- Others
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Regional Landscape section of the Lateral Flow Assay Components report offers deeper insights into the regulatory framework, current and emerging market trends, production and consumption patterns, supply and demand dynamics, import/export, and presence of major players in each region.
The various regions analyzed in the report include:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key reasons to buy the Global Lateral Flow Assay Components Market report:
- The latest report comprehensively studies the global Lateral Flow Assay Components market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.
- The report offers an insightful analysis of the regional outlook of the market.
- It offers a detailed account of the end-use applications of the products services offered by this industry.
- The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.
In conclusion, the Lateral Flow Assay Components Market report is an exhaustive database that will help readers formulate lucrative strategies. The Lateral Flow Assay Components Market report studies the latest economic scenario with value, drivers, constraints, growth opportunities, challenges, demand and supply ratio, production capacity, import/export status, growth rate, and others. Additionally, the report also undertakes SWOT Analysis and Porter’s Five Forces Analysis to study the leading companies.
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