According to the Lateral Flow Assay Components Market study, the market size, revenue growth, and CAGR from 2022 to 2030 are all covered. In order to provide readers a competitive edge, the research also offers significant insights about the leading companies in the market, in-depth SWOT analysis, Porter's Five Forces analysis, and feasibility analysis. The paper focuses on the most recent trends, significant difficulties, prospects, and constraints of the present epidemic.
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.
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Competitive Landscape:
The latest study provides an insightful analysis of the broad competitive landscape of the global Lateral Flow Assay Components market, emphasizing the key market rivals and their company profiles. A wide array of strategic initiatives, such as new business deals, mergers & acquisitions, collaborations, joint ventures, technological upgradation, and recent product launches, undertaken by these companies has been discussed in the report. The report analyzes various elements of the market’s competitive scenario, such as the regulatory standards and policies implemented across the industry over recent years. Our team of experts has leveraged several powerful analytical tools, such as Porter’s Five Forces analysis and SWOT analysis, to deliver a comprehensive overview of the global Lateral Flow Assay Components market and pinpoint the fundamental growth trends.
The leading market contenders listed 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.
Global Lateral Flow Assay Components Market Highlights:
- Regional demand estimation and forecast
- Product Mix Matrix
- R&D Analysis
- Cost-Benefit Analysis
- Pre-commodity pricing volatility
- Supply chain optimization analysis
- Technological updates analysis
- Raw Material Sourcing Strategy
- Competitive Analysis
- Mergers & Acquisitions
- Location Quotients Analysis
- Carbon Footprint Analysis
- Patent Analysis
- Vendor Management
Key Parameters Analyzed in This Section:
- Company Profiles
- Gross Revenue
- Profit margins
- Product sales trends
- Product pricing
- Industry Analysis
- Sales & distribution channels
Regional Segmentation:
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
Key Points Covered in This Section:
- Regional contribution
- Estimated revenue generation
- Vital data and information about the consumption rate in all the leading regional segments
- An expected rise in market share
- Forecast growth in the overall consumption rate
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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 R&D 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 Overview:
The report bifurcates the Lateral Flow Assay Components market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
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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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.
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