Lateral Flow Assay Components Market worth $420 million by 2027
Expected Revenue Gains:
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.
Major Growth Boosting Factors:
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.
On the other hand, the availability of conventional substitutes such as alternative diagnostics may restrict the growth of the lateral flow assay components market during the forecast period.
In this report, the lateral flow assay components market has been segmented based on type, technique, application, end user, and region.
Data Triangulation:
After arriving at the market size, the total market was divided into several segments and subsegments. Data triangulation and market breakdown procedures were employed wherever applicable to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments.
Approach to derive the market size and estimate market growth
The market rankings for leading players were ascertained after a detailed assessment of their revenues from the lateral flow assay components business using secondary data available through paid and unpaid sources. Owing to data limitations, in certain cases, the revenue share was arrived at after a detailed assessment of the product portfolios of major companies and their respective sales performance. At each point, this data was validated through primary interviews with industry experts.
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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 Market Players :
The prominent players in this market include Danaher Corporation (Cytiva Life Science and Pall Corporation) (US), Merck KGaA (Germany), Sartorius Stedim Biotech (Germany), Ahlstrom-Munksjö (Finland), Advanced Microdevice Pvt. Ltd. (India), Hangzhou Cobetter Filtration System Co., Ltd. (China), Axiva-Axiflow Group (India), Nupore Filtration (India), DCN Diagnostics (US), and Ballya Bio (China).
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