Lateral Flow Assay Components Market 2022 - Clinical Testing segment is expected to witness the fastest growth in the forecast period

The Lateral Flow Assay Components Market research report is an effective tool to gain information about the market's competitive landscape by ensuing success in the global Lateral Flow Assay Components Market. The information and data included in the report are validated and revalidated from trustworthy resources. In addition, the Lateral Flow Assay Components Market research report incorporates a generic outlook of the Lateral Flow Assay Components Market concerning product type, applications, and major regions. The report covers vital features and presents information about valuation by every product, price models, and production volume.

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The competitive landscape encompassed in the Lateral Flow Assay Components Market research report holds a vital position in the Lateral Flow Assay Components Market. It helps emerging entrants and stakeholders to decide the possibilities of the penetrating the industry. The in-depth details about competitive l,andscape included in this report are likely to provide an analysis of the prominent key market players, their company profiles, strategies,and tactic, this would helps stake holders to make informed decisions.

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).

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. 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.

"Membranes segment accounted for the largest share in the lateral flow assay components market."

Based on type, the lateral flow assay components 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 components 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 components 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.

"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.

A breakdown of the primary participants (supply-side) for the lateral flow assay components market referred to for this report is provided below:

By Company Type: Tier 1-35%, Tier 2-20%, and Tier 3-45%
By Designation: C-level-45%, Director Level-25%, and Others-30%
By Region: North America-36%, Europe-26%, Asia Pacific-21%, Latin America- 10%, and Middle East and Africa- 7%

Research Coverage:

The market study covers the lateral flow assay components market across various segments. It aims at estimating the market size and the growth potential of this market across different segments by type, application, by technique, end user, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report:

The report will help market leaders/new entrants in this market and provide information regarding the closest approximations of the lateral flow assay components market and its segments. This report will help stakeholders understand the competitive landscape, gain insights to position their businesses better, and plan suitable go-to-market strategies. The report will also help stakeholders in understanding the pulse of the market and gaining information on key market drivers, restraints, opportunities, and challenges.

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