Major Growth Influencing Factors:
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 lateral flow assay components market during the forecast period.
Projected Growth in Revenue Generation:
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.
Impact of Covid-19:
The lateral flow assay components market has been positively impacted by the COVID-19 pandemic, as the need for the rapid diagnosis of the coronavirus infection has been the focus since the inception of the pandemic outbreak in December 2019. As the number of cases increased across regions, most major lateral flow assay market players invested in R&D, as well as entered into partnerships and agreements with other industry players and government agencies to develop lateral flow diagnostic solutions for the diagnosis of COVID-19. To meet the rising demand for rapid kits, lateral flow assay component manufacturers have also invested in and expanded their manufacturing capacities. This has resulted in a growing number of acquisitions and partnerships by key players in the lateral flow assay components market.
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DRIVERS: Growing demand for lateral flow assay kits due to the COVID-19 pandemic
During COVID-19, many companies launched home-based lateral flow assays for COVID-19 testing as people were afraid to get tested at diagnostic laboratories or hospitals, which supported the demand for home-based lateral flow assays.
Growing Usage of home-based lateral flow assay devices
Home-based lateral flow assay devices play a vital role in managing cardiovascular and infectious diseases. These devices are also very useful in testing pregnancy and stigmatized conditions such as HIV as they potentially empower patients to perform self-tests in their homes. Hence, the increasing incidence of these diseases and the higher adoption of lateral flow assay tests in home care settings are expected to boost the demand for lateral flow assay components in the coming years.
RESTRAINTS: Availability of alternative diagnostics technologies
Although lateral flow assay kits have many advantages like low cost, rapid detection, stability over a wide range of environmental conditions, and a very long shelf life, they are also associated with a number of disadvantages. These kits are mostly qualitative or semi-quantitative, reproducibility varies from lot to lot, they suffer from low biomolecule affinity toward analytes, the tendency of cross-reactivity, and the occasional requirement of pretreatment of samples which is time-consuming. Once a sample is applied to a strip, capillary action cannot be decreased or sped up, and the analysis time is also dependent on the nature of the sample itself, i.e., viscosity or surface tension. This limits the adoption of lateral flow assay kits to a greater extent, affecting the demand for lateral flow assay components.
OPPORTUNITY: Evolving application of lateral flow assays
Lateral flow assays have evolved rapidly in the last two decades and are routinely used in POC and diagnostic applications. Although lateral flow tests are widely used for infectious disease diagnostics, the diagnosis of cardiac diseases, and veterinary applications, their use has increased in several new applications over the last few years. For instance, saliva diagnostics, behavioral health, agriculture (genetically modified organism detection and crop quality testing), biowarfare (anthrax detection), environmental testing (detection of contaminating enzymes in manufacturing plants), and food microbiology (detection of E. coli O157, Salmonella, Listeria, and other food spoilage organisms) have emerged as new application areas for lateral flow assays.
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.
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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 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.
