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The lateral flow assay components market is estimated to grow at a CAGR of 5.22% between 2022 and 2027. The size of the market is forecast to increase by USD 97.76 million. The growth of the market depends on several factors, including the rising efforts in research and development, technological advancement, and the growing usage of home-based lateral flow assay devices.
This report extensively covers market segmentation by technique (sandwich assays, competitive assays, and multiplex detection assays), end-user (medical device manufacturing companies and medical device contract manufacturing companies), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global lateral flow assay components market as a part of the global life science tools and services market. The parent, global life science tools and services market covers products and companies engaged in research and development (R and D) of a variety of product categories, including capital equipment, instruments, accessories, and consumables that are used for R and D on pharmaceuticals and biotechnology products and laboratory diagnosis of various diseases. It also covers life sciences-related services, including contract research, contract manufacturing, and contract sales. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The rising efforts in research and development are notably driving the market growth, although factors such as the increase in regulations and inconsistency in test results may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Lateral Flow Assay Components Market Driver
The rising efforts in research and development are the key factor driving the global lateral flow assay components market growth. The increased emphasis on drug and therapy research and development for rare diseases such as salmonella and malaria will create enormous opportunities for lateral flow assay component manufacturers. Rising early diagnosis needs will increase the demand for conducting research activities, promoting the market growth.
Moreover, the increased global prevalence of infectious diseases, a rapidly ageing population, and home-based lateral flow assay kits are further estimated to drive the research and development of the global lateral flow assay components market. Thus, the rise in incidences of infectious diseases is anticipated to fuel the research and development in the lateral flow assay components market and is expected to grow the market in focus during the forecast period.
Key Lateral Flow Assay Components Market Trend
The growing demand for point-of-care (POC) testing is the primary trend in the global lateral flow assay components market. POC testing is anticipated to hold the greatest share in the lateral flow assay components market because of its importance in combating the growing disease burden. Lateral flow assay-based POC tests are increasingly being adopted to replace lengthy, conventional laboratory procedures. POC diagnostic tests do not require complex infrastructures and training, owing to which the cost of these tests is less expensive compared with conventional laboratory diagnostic procedures.
Furthermore, point-of-care testing devices are quick, simple, and portable, and they give faster results, leading to better patient outcomes. More novel goods with improved technology have been introduced because of the rising demand for POC testing equipment. The increased need for point-of-care testing, as well as the growing emphasis on employing lateral flow assay, assay-based POC testing devices to achieve better portability, are projected to drive the growth of the lateral flow assay components market during the forecast period.
Key Lateral Flow Assay Components Market Challenge
The increase in regulations and inconsistency in test results is a major challenge to the global lateral flow assay components market growth. Inconsistency in the test result is a major reason which negatively impacted the demand for lateral flow assays. Apart from it, two other reasons that limited lateral flow assay components market growth are an abhorrence to changing established diagnostic methods and the introduction of multiplexed assays. Furthermore, variations in lateral flow assay test results and stringent regulations are likely to stymie market expansion.
Variations in test results led to consumers' reluctance to switch from traditional diagnostic tests to advanced methods, as well as the imposition of a significant excise tax on the trading of medical equipment is likely to limit market development. In various places globally, lateral flow assay-based diagnostics have witnessed limited adoption due to difficult and time-consuming rules and regulation policies, which is expected to further hinder the market growth during the forecast period.
Key Lateral Flow Assay Components Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Lateral Flow Assay Components Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ahlstrom.com - The company offers lateral flow assay components such as CytoSep single-layer plasma separation media.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
Based on technique, the market is segmented into sandwich assays, competitive assays, and multiplex detection assays. The market share growth by the sandwich assays segment will be significant during the forecast period. The sandwich assay is a type of enzyme-linked immunosorbent assay that employs two antibodies: a capture antibody and a detection antibody. Because the antigen is bound between antibodies, it is called a sandwich. The goal of this assay is to detect the presence of a target antigen in a sample. In a sandwich assay, the target antigen is bound between a capture antibody and a detection antibody. The capture antibody is fixed on a surface, and the detection antibody is added last.
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The sandwich assays segment was valued at USD 169.57 million in 2017 and continue to grow by 2021. The sandwich assay technique is a positive test represented by the presence of a coloured line at the test line position. In clinical settings, the sandwich assay is commonly used to test for a variety of antibodies and antigens. The technique will detect antibodies in blood samples against specific foods or other common allergens. As the human body fights virus infections, antibodies specific to that virus are produced and circulated, and those antibodies are used as a biomarker for infection in sandwich assay tests. Sandwich assay tests have been used to detect well-known diseases such as Lyme disease, human immunodeficiency virus (HIV), and Zika virus. Sandwich assays held the largest share of the lateral flow assay components market. The wide applications of these assays in clinical testing, as well as the benefits associated with their use, such as higher sensitivity and specificity for larger analytes, are the major factors expected to drive the growth of the sandwich assays segment in the lateral flow assay components market during the forecast period.
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North America is expected to account for 43% of market growth by 2023. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America is dominating the global lateral flow assay components market, accounting for the largest market share, owing to the increasing incidence of chronic diseases such as Lyme disease and tuberculosis and the presence of a highly developed healthcare system and many lateral flow assay components manufacturing companies in this region. As per the US Centers for Disease Control and Prevention (CDC) data, there have been approximately 16 million influenza infections in the US in 2020, resulting in an estimated 380,000 hospitalizations.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. COVID-19 led to an upsurge in the demand for North America. In 2021, business and industrial activities related to the lateral flow assay components resumed with the relaxation of stringent lockdown restrictions due to the availability of COVID-19 vaccines and the vaccination drives carried out by the governments of countries such as the US, Canada, and Mexico. A major factor for market expansion is that RT-PCR can only detect active infections in patients, whereas LFA-based testing devices can detect patients who are asymptomatic, have been cured of the infection, and are no longer at risk of infecting others. In addition, the low cost of lateral flow assay devices is expected to increase the demand for lateral flow assay components and is expected to grow the market in focus across the region during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by technique, end-user, and region.
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Lateral Flow Assay Components Market Scope |
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Report Coverage |
Details |
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Page number |
153 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.22% |
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Market growth 2023-2027 |
USD 97.76 million |
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Market structure |
Fragmented |
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YoY growth (%) |
4.41 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 43% |
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Key countries |
US, Canada, Germany, UK, and China |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Abbott Laboratories, Ahlstrom Munksjo, AXIVA SICHEM Pvt. Ltd., Becton Dickinson and Co., Bio Rad Laboratories Inc., Bio Techne Corp., DxDiscovery Inc., F. Hoffmann La Roche Ltd., Geno Technology Inc., Hologic Inc., Merck KGaA, Nupore Filtration System, PerkinElmer Inc., Porex Corp., QIAGEN NV, Quidel Corp., Sartorius AG, Siemens AG, Thermo Fisher Scientific Inc., and Cytodiagnostics Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technique
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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