Lateral Flow Assay Components Market by Type (Kits & Reagents and Lateral Flow Readers), Application (Clinical Testing, Veterinary Diagnostics, Food Safety & Environmental Testing, and Drug Development & Quality Testing), Technique (Sandwich Assays, Competitive Assays, and Multiplex Detection Assays), and End User (Hospitals & Clinics, Home Care, and Pharmaceutical & Biotechnology Companies): Global Market Size Estimates and Forecast (2022-2030)

The market crossed US$ 9.15 billion mark in 2022 and is expected to hit US$ 13.24 billion by 2030, recording a CAGR of 4.7% during the forecast period.

Rise in the demand of lateral flow assay components due to COVID-19

Emergence of the COVID-19 pandemic has highlighted the importance of widespread testing to facilitate the management and control of disease. As people avoid to get tested at diagnostic laboratories/hospitals, many companies launched home-based lateral flow assays for COVID-19 testing, which supported the raised demand for lateral flow assays. Various tests launched include SARS-CoV-2 Rapid Antigen test (Roche Diagnostics), Panbio Rapid COVID-19 test (Abbott), Sofia 2 Flu+ SARS Antigen FIA (Quidel Corporation), and CLINITEST Rapid COVID-19 Antigen test (Danaher Corporation). Due to this, the market is expected to witness a significant growth during the forecast period. The clinical testing segment is expected to pace up with the rising prevalence of chronic diseases and the increasing demand for patient-centric care. These tests are widely used in physicians’ offices, hospitals, and clinical laboratories for the quantitative and qualitative detection of specific antibodies, products of gene amplification, and antigens and facilitate disease testing due to their ease of use and portability.

Within the report, the market is segmented into type, technique, application, end user, and geography. By type, the market is bifurcated into kits & reagents and lateral flow readers. On the basis of application, the market is segmented into clinical testing, veterinary diagnostics, food safety & environmental testing, and drug development & quality testing. By technique, the market is categorized into sandwich assays, competitive assays, and multiplex detection assays. Based on end user, the market is divided into hospitals & clinics, home care, and pharmaceutical & biotechnology companies. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

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Lateral flow assay is a platform for detecting and quantifying analytes in complex mixtures, where the sample is positioned on a test device, and the results are displayed within 5 to 30 min. Less development costs and ease of lateral flow assay production have resulted in expanding its applications to various fields in which rapid tests are required. These lateral flow assay-based tests are widely used in hospitals, physician's offices, and clinical laboratories for qualitative and quantitative detection. Moreover, sandwich assays dominated the lateral flow assay components market owing to better assay sensitivity, specificity, and extensive applications in measuring critical analytes. In addition, availability of a range of kits for performing sandwich assays with proven accuracy and increasing awareness regarding advantages delivered by the method in the diagnosis of pregnancy & fertility testing, drug of abuse testing, etc. are some of the factors expected to drive the segment growth over the coming years.

Rising efforts in research & development is a major factor in boosting the market growth.

Increasing emphasis on the R&D of drugs and therapies for rare diseases, such as salmonella, malaria, and others, will create huge opportunities for lateral flow assay component manufacturers. As rising needs will increase the demand for conducting research activities which will favor the market's growth. In response to COVID-19, the U.S. FDA and European Commission, among other regulatory bodies, authorized some rapid lateral flow tests to prevent the transmission of virus and reduce infection or illness rate.

Recent strategic developments in lateral flow assay components market

The lateral flow assay components market has undergone several significant developments, and a few of these have been mentioned below:

• In June 2021, Abbott launched Panbio COVID-19 Antigen Self-Test to detect SARS-CoV-2 virus in children and adults with or without symptoms. It identifies the infection from the sample obtained from the nasal swab and provides rapid result within 15 minutes. This strategy enabled the company to expand its lateral flow assays product portfolio and increase revenue generation.
• In October 2021, Siemens launched the Clinitest rapid COVID-19 antigen test, which can identify individuals infected with COVID-19 in 15 minutes in Europe.
• In December 2021, Merck invested US$ 132.8 million (€121 million) to construct a lateral flow membrane production facility at Sheboygan, Wisconsin, US. Building of this new facility supports Merck’s overall Life Science strategy to add physical capacity and expand its regional network for further growth of its key portfolios.

Several players drive the lateral flow assay components market by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. F. Hoffmann-La Roche AG; Thermo Fisher; Merck KGaA; Abbott Point of Care; Hologic, Inc.; Sartorius Stedim Biotech; and DCN Diagnostics are among the prominent players operating in the market.

Target audience for the report:

• Raw material providers
• Organizations, forums, and alliances
• Government bodies, such as regulating authorities and policy makers
• Private equity firms, and start-up companies
• LFA Devices distributors and sales firms
• End users of LFA devices
• Research institutes and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

• Type:
  • Kits & Reagents
  • Lateral Flow Readers
• Application:
  • Clinical Testing
  • Veterinary Diagnostics
  • Food Safety & Environmental Testing
  • Drug Development & Quality Testing
• Technique:
  • Sandwich Assays
  • Competitive Assays
  • Multiplex Detection Assays
• End User:
  • Hospitals & Clinics
  • Home Care
  • Pharmaceutical & Biotechnology Companies
• Region
  • North America
  • Europe
  • Asia Pacific (APAC)
  • South & Central America
  • Middle East & Africa
• Companies profiled
  • F. Hoffmann-La Roche AG
  • Thermo Fisher
  • Merck KGaA
  • Abbott Point of Care
  • PerkinElmer
  • Bio-Rad Laboratories
  • Quidel Corporation
  • Hologic, Inc.
  • Sartorius Stedim Biotech
  • DCN Diagnostics