CHICAGO, April 1, 2022 /PRNewswire/ -- According to the new market research report "Lateral Flow Assay Components Market by Type, Application Type (Clinical Testing (Infectious, Cardiac Marker Test) Veterinary, Food Safety), Technique Type, End User and Region (North America, APAC, MEA, Europe, Latin America) - Global Forecast to 2027", published by MarketsandMarkets, the global 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.
Browse in-depth TOC on "Lateral Flow Assay Components Market"
204 - Tables
33 - Figures
232 - Pages
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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 market during the forecast period.
In this report, the market has been segmented based on type, technique, application, end user, and region.
Membranes segment accounted for the largest share in the lateral flow assay components market.
Based on type, the market is segmented into membranes, pads, and others. In 2021, membranes accounted for the largest share of 58.8% of the global lateral flow assay component market. This segment is projected to reach USD 245.6 million by 2027 from 198.8 million in 2022, at a CAGR of 4.3% during the forecast period. The large share of this segment can be attributed to the increasing applications of lateral flow assay kits & reagents for POC testing, the growing burden of chronic diseases, the increasing use of lateral flow assay kits in home care settings, and their convenience and ease of use.
The lateral flow assay membranes market is further bifurcated into nitrocellulose and other membranes. In 2021, the nitrocellulose membranes segment accounted for the largest share of 98.3% of the global lateral flow assay membranes market. Nitrocellulose membranes are mainly used to make lateral flow immunoassays.
The lateral flow assay pads market is further bifurcated into sample pads, conjugate pads, and absorbent pads. In 2021, the sample pads segment accounted for 56.4% of the lateral flow assay pads market.
Clinical Testing segment is expected to witness the fastest growth in the forecast period.
Based on applications, the lateral flow assay components market is segmented into clinical testing, veterinary diagnostics, food safety & environmental testing, and drug development & quality testing. The clinical testing segment accounted for the largest share of 94.5% of the lateral flow assay component market in 2021. The large share of this segment can be attributed to the rising prevalence of chronic diseases, the growing pressure to reduce healthcare costs, and the increasing demand for patient-centric care.
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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 component market is segmented into competitive assays, sandwich assays, and multiplex detection assays. Sandwich assays dominated the 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 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.
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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 component 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 market in this region.
Key Market Players:
The prominent players in this lateral flow assay components 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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