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 the 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 the product design of lateral flow assay components, and the increasing prevalence of infectious diseases globally are some of the key factors driving market growth.
The report, Global Lateral Flow Assay Components Market Research Report and Forecast to 2030, provides a detailed analysis of the global Lateral Flow Assay Components Market, including market size, market share, current and future trends, and the most recent technological breakthroughs. The research provides information on the regional and global competitive landscape of the Lateral Flow Assay Components Market, along with a complete prognosis through 2030. The impact of the COVID-19 epidemic on the market for Lateral Flow Assay Components has been updated in the most recent research. It examines the impact of the epidemic on each region's political and economic systems. It presents a present and projected view of the pandemic's effects on supply chain disruptions and economic volatility.
One of the approaches for qualitative and quantitative analysis is the 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 the unique advantages of chromatography, and LFA-based strips come in a variety of detection forms. LFA development is kept within specs and budget by making intelligent decisions early on, such as selecting the 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 the diagnosis of infectious illnesses, and as a result of technological developments, these tests now function better and are acknowledged by professional users. Since the SARS-CoV-2 pandemic, the industry has expanded to the point that hundreds of millions of tests are now required annually for use 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 study outlines the rapidly evolving and growing market segments along with valuable insights into each element of the industry. The industry has witnessed the entry of several new players, and the report aims to deliver insightful information about their transition and growth in the market. Mergers, acquisitions, partnerships, agreements, product launches, and joint ventures are all outlined in the report.
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.
Target Audience of the Global Lateral Flow Assay Components Market Report:
Key Market Players
Investors
Venture capitalists
Small- and medium-sized and large enterprises
Third-party knowledge providers
Value-Added Resellers (VARs)
Global market producers, distributors, traders, and suppliers
Research organizations, consulting companies, and various alliances interested in this sector
Government bodies, independent regulatory authorities, and policymakers
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Major Geographies Analyzed in the Report:
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)
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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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.
Additional information offered by the report:
Along with a complete overview of the global Lateral Flow Assay Components market, the report provides detailed scrutiny of the diverse market trends observed on both regional and global levels.
The report elaborates on the global Lateral Flow Assay Components market size and share governed by the major geographies.
It performs a precise market growth forecast analysis, cost analysis, and a study of the micro- and macro-economic indicators.
It further presents a detailed description of the company profiles of the key market contenders.
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