The Global Lateral Flow Assay Components Market study includes a thorough analysis of market dynamics as well as historical and current data analysis. The report also discusses the key market growth drivers and restraining factors that are likely to affect market growth during the forecast period. The Global Lateral Flow Assay Components Market undertakes market scenario research to provide growth projections for the Lateral Flow Assay Components industry from 2022 to 2030. The analysis focuses on potential growth possibilities and difficulties that market leaders may run into during the forecast period. The study places a lot of emphasis on newly emerging business elements, specialized sectors, product launches, and brand promotions that are taking place in the market
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.
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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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
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.
Key Companies Profiled 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.
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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Additional information offered by the report:
Along with a complete overview of the global Cobots market, the report provides detailed scrutiny of the diverse market trends observed on both regional and global levels.
The report elaborates on the global Cobots 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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