The Worldwide Lateral Flow Assay Components Industry is Expected to Reach $420 Million by 2027

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Global Lateral Flow Assay Components Market

Global Lateral Flow Assay Components Market

Dublin, April 22, 2022 (GLOBE NEWSWIRE) -- The "Lateral Flow Assay Components Market by Type, Application Type (Clinical Testing (Infectious, Cardiac Marker Test) Veterinary, Food Safety), Technique Type, End User and Region (North America, APAC, MEA, Europe, Latin America) - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global lateral flow assay components market is projected to reach USD 420 million by 2027 from USD 339 million in 2022, at a CAGR of 4.3% during the forecast period.

The high prevalence of infectious diseases worldwide, rapid growth in the geriatric population, the growing demand for point-of-care testing, the increased demand for lateral flow assay components due to COVID-19, and the rising use of home-based lateral flow assay devices are the major factors driving the growth of the lateral flow assay components market.

Membranes segment accounted for the largest share in the lateral flow assay components market.

Based on type, the lateral flow assay components market is segmented into membranes, pads, and others. In 2021, membranes accounted for the largest share of 58.8% of the global lateral flow assay components market. This segment is projected to reach USD 245.6 million by 2027 from 198.8 million in 2022, at a CAGR of 4.3% during the forecast period. The large share of this segment can be attributed to the increasing applications of lateral flow assay kits & reagents for POC testing, the growing burden of chronic diseases, the increasing use of lateral flow assay kits in home care settings, and their convenience and ease of use.

The lateral flow assay membranes market is further bifurcated into nitrocellulose and other membranes. In 2021, the nitrocellulose membranes segment accounted for the largest share of 98.3% of the global lateral flow assay membranes market. Nitrocellulose membranes are mainly used to make lateral flow immunoassays.

The lateral flow assay pads market is further bifurcated into sample pads, conjugate pads, and absorbent pads. In 2021, the sample pads segment accounted for 56.4% of the lateral flow assay pads market.

Clinical Testing segment is expected to witness the fastest growth in the forecast period.

Based on applications, the lateral flow assay components market is segmented into clinical testing, veterinary diagnostics, food safety & environmental testing, and drug development & quality testing. The clinical testing segment accounted for the largest share of 94.5% of the lateral flow assay components market in 2021. The large share of this segment can be attributed to the rising prevalence of chronic diseases, the growing pressure to reduce healthcare costs, and the increasing demand for patient-centric care.

Sandwich assays technique accounted for the largest share of lateral flow assay components market in 2021

Based on techniques, the lateral flow assay components market is segmented into competitive assays, sandwich assays, and multiplex detection assays. Sandwich assays dominated the lateral flow assay components market in 2021, with a share of 80.9%. The large share of this segment can be attributed to its better assay sensitivity and specificity as well as its extensive applications in the measurement of critical analytes (such as cardiac and hepatitis markers).

The medical device manufacturing company accounted for the largest share of lateral flow assays components market in 2021

Based on end users, the lateral flow assay components market is segmented into medical device manufacturing companies and medical device contract manufacturing companies. Medical device manufacturing companies accounted for the largest market share of 69.3% of the lateral flow assay components market in 2021. The COVID-19 pandemic has also increased the demand for point-of-care testing in professional healthcare settings, which increases the demand for lateral flow assay components among medical device manufacturing companies.

North America accounted for the largest share of the lateral flow assay components market in 2021

In 2021, North America accounted for the largest share of 49.4% of the lateral flow assay components market, followed by Europe, the Asia Pacific, Latin America, and the Middle East & Africa. However, the APAC region is expected to grow at the highest CAGR of 7.1% during the forecast period.

The rapidly developing raw material industry in China and India, the growing number of local manufacturers for lateral flow assay components, increasing investments in the region by key market players, the availability of low-cost labor for manufacturing, and the presence of a favorable regulatory environment are the key factors driving market growth in the APAC. The current COVID-19 scenario and its high impact in the Asia Pacific region (especially India) have also resulted in a high growth rate in the lateral flow assay components market in this region.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Lateral Flow Assay Components Market Overview
4.2 Regional Mix: Lateral Flow Assay Components Market
4.3 Asia-Pacific: Lateral Flow Assay Components Market, by Type and Country
4.4 Lateral Flow Assay Components Market: Geographical Growth Opportunities
4.5 Lateral Flow Assay Components Market: Developed Vs. Developing Countries

5 Market Overview
5.1 Introduction
5.2 Market Dynamics: Impact Analysis
5.2.1 Drivers
5.2.1.1 Growing Demand for Lateral Flow Assay Kits due to the COVID-19 Pandemic
5.2.1.2 Growing Usage of Home-Based Lateral Flow Assay Devices
5.2.1.3 Growing Demand for Point-Of-Care Testing
5.2.1.4 Increasing Public-Private Investments to Develop Lateral Flow Assays
5.2.2 Restraints
5.2.2.1 Availability of Alternative Diagnostic Technologies
5.2.3 Opportunities
5.2.3.1 Evolving Applications of Lateral Flow Assays
5.2.4 Challenges
5.2.4.1 Requirement of Specialized Storage and Shipping Facilities for Membranes
5.3 Assessment of the Impact of COVID-19 on the Economic Scenario in the Lateral Flow Assay Components Market
5.4 Trends/Disruptions Impacting Customers' Businesses (Yc-Ycc) in the Lateral Flow Assay Components Market
5.5 Average Selling Price Trend
5.6 Ecosystem Market Map
5.7 Patent Analysis
5.7.1 Patent Publication Trends for Lateral Flow Assays
5.7.2 Jurisdiction Analysis: Top Applicants (Countries) for Patents in the Lateral Flow Assay Components Market
5.8 Value Chain Analysis
5.9 Regulatory Landscape
5.10 Technology Analysis
5.10.1 Key Technology: Lateral Flow Assays
5.11 Key Conferences & Events During 2021-2023
5.12 Key Stakeholders & Buying Criteria
5.12.1 Key Stakeholders in the Buying Process
5.12.2 Buying Criteria
5.13 Porter's Five Forces Analysis

6 Lateral Flow Assay Components Market, by Type
6.1 Introduction
6.2 Membranes
6.2.1 Nitrocellulose Membranes
6.2.1.1 Advantages of Nitrocellulose Membranes Such as High Protein-Binding Affinity and Compatibility with a Wide Range of Detection Methods to Drive Market Growth
6.2.2 Other Membranes
6.3 Pads
6.3.1 Sample Pads
6.3.1.1 Ability to Promote Even and Controlled Distribution of Samples to Drive Market Growth
6.3.2 Conjugate Pads
6.3.2.1 Conjugate Pads Play an Important Role in Controlling the Performance of Lateral Flow Immunoassays
6.3.3 Absorbent Pads
6.3.3.1 Absorbent Pads Prevent Backflow - A Key Factor Driving Market Growth
6.4 Other Components

7 Lateral Flow Assay Components Market, by Application
7.1 Introduction
7.2 Clinical Testing
7.2.1 Infectious Disease Testing
7.2.1.1 Rising Demand for Infectious Disease Testing in Emerging Markets to Drive Market Growth
7.2.2 Pregnancy & Fertility Testing
7.2.2.1 Growing Infertility Levels due to Changing Lifestyles - A Key Factor Driving Market Growth
7.2.3 Cardiac Marker Testing
7.2.3.1 Rising Prevalence of Cardiovascular Diseases and Growing Government Support to Drive Growth in this Market Segment
7.2.4 Cholesterol Testing/Lipid Profiling
7.2.4.1 Growing Prevalence of Obesity and CVD - a Key Factor Driving Market Growth
7.2.5 Drugs-Of-Abuse Testing
7.2.5.1 Technological Advancements and a Growing Focus on Workplace Drug Testing are Driving Market Growth
7.2.6 Other Clinical Testing Applications
7.3 Veterinary Diagnostics
7.3.1 Infectious Disease Outbreaks (Particularly in Large Livestock Animals) to Drive Market Growth
7.4 Food Safety & Environmental Testing
7.4.1 High Sensitivity and Ease of Use are Key Factors Driving the Demand for Lateral Flow Assays for Food Safety Testing
7.5 Drug Development & Quality Testing
7.5.1 Increasing Focus on Product Safety and Quality Assurance to Drive Market Growth in the Coming Years

8 Lateral Flow Assay Components Market, by Technique
8.1 Introduction
8.2 Sandwich Assays
8.2.1 Sandwich Assays Provide Higher Levels of Assay Sensitivity and Specificity Than Other Assay Techniques - A Key Factor Driving Growth in this Market Segment
8.3 Competitive Assays
8.3.1 Reduced Selectivity and Sensitivity of Competitive Assays in Relation to Sandwich Assays Could Hamper Market Growth
8.4 Multiplex Detection Assays
8.4.1 Increasing Adoption of Multi-Analyte Assays Among Clinicians to Drive Market Growth

9 Lateral Flow Assay Components Market, by End-user
9.1 Introduction
9.2 Medical Device Manufacturing Companies
9.2.1 Increasing Use of Poc Tests is Driving the Adoption of Lateral Flow Assay Components Among Medical Device Manufacturing Companies
9.3 Medical Device Contract Manufacturing Companies
9.3.1 Growing Inclination Toward Fast and Early Diagnosis, Especially in Relation to the Current COVID-19 Scenario, Will Drive Market Growth

10 Lateral Flow Assay Components Market, by Region

11 Competitive Landscape
11.1 Overview
11.2 Key Player Strategies/Right to Win
11.3 Revenue Share Analysis for Key Players in the Lateral Flow Assay Components Market
11.4 Market Share Analysis
11.5 R&D Assessment of Key Players
11.6 Geographic Revenue Assessment of Key Players
11.7 Company Evaluation Quadrant
11.7.1 Stars
11.7.2 Pervasive Players
11.7.3 Emerging Leaders
11.7.4 Participants
11.8 Competitive Benchmarking
11.8.1 Overall Company Footprint
11.9 Competitive Scenario
11.9.1 Deals
11.9.2 Other Developments

12 Company Profiles
12.1 Key Players
12.1.1 Danaher Corporation (Pall Corporation and Cytiva Life Science)
12.1.2 Sartorius Stedim Biotech
12.1.3 Merck KGaA
12.1.4 Ahlstrom-Munksjo
12.1.5 Advanced Microdevices Pvt. Ltd.
12.1.6 DCN Diagnostics
12.2 Other Players
12.2.1 Fortis Life Sciences
12.2.2 Hangzhou Cobetter Filtration Equipment Co. Ltd
12.2.3 Axiva Sichem Biotech
12.2.4 Nupore Filtration System
12.2.5 Ballya Bio
12.2.6 Runbio Biotech Co. Ltd.
12.2.7 Neenah Gessner
12.2.8 Maxim Biomedical
12.2.9 Cytodiagnostics
12.2.10 Senova GmbH

13 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/6nf8za

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• Global Lateral Flow Assay Components Market

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