Objectives of the Study:
# To define, describe, analyze, and forecast the lateral flow assay components market by type, application, technique, end user, and region.
# To provide detailed information about the major factors influencing the market growth (drivers, restraints, opportunities, and challenges).
# To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall lateral flow assay components market.
# To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players.
# To forecast the size of the lateral flow assay components market in North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
# To strategically profile key players in the global lateral flow assay components market and comprehensively analyze their core competencies.
# To track and analyze competitive developments such as product launches, expansions, acquisitions, partnerships, agreements, and other developments of leading players in the global lateral flow assay components market.
Major Growth Influencing Factors:
The growth of the market may due to 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.
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.
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Overview of This Study:
This study involved four major approaches in estimating the current lateral flow assay components market size. Extensive research was conducted to collect information on the market as well as its peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the value market. After that, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.
Recent Developments:
# In January 2021, Merck acquired AmpTec to expand its mRNA capabilities for vaccines, treatments, and diagnostics.
# In March 2020, Danaher acquired the Biopharma business of General Electric’s Life Science division known as cytiva.
# In October 2019, Sartorius acquired some part of the Life Sciences business from Danaher to broaden its product portfolio.
Impact of Covid-19 on Lateral Flow Assays Market
To assess the impact of COVID-19 and provide market forecasts, scenario-based approaches are considered.
To assess the impact of COVID-19 and provide market forecasts, scenario-based approaches are considered. 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.
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 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 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, are the key factors driving market growth in the APAC.
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Sidelong stream measure packs are utilized to quickly test irresistible sicknesses, cardiovascular markers, pregnancy and richness, cholesterol testing/lipid profiling, drug misuse, and food and drinks.
The development of the horizontal stream measures market is primarily credited to the expanding medical services consumption, the rising commonness of different ongoing and irresistible infections, development in the maturing populace, the expanding use of locally situated parallel stream examine units, development in government drives advancing wellbeing mindfulness, the developing interest for PoC testing, and the expanding reception of Lateral Flow Assay items because of advancements and advantages of Lateral Flow Assay quick tests over research facility tests.
Besides, the new episode of COVID-19 has emphatically influenced the development of the Lateral Flow Assay market.
In the course of recent months, the horizontal stream tests market has seen significant development because of the commonness of COVID-19 across the globe.
Horizontal Flow Assay test units have shown their capability to recognize indicative and asymptomatic COVID-19 diseases.
Numerous medical care organizations internationally are zeroing in on creating horizontal stream examine gadgets to recognize patient antibodies (IgG and IgM) or COVID-19 viral antigen in the blood tests from a finger prick, salivation tests, or nasal swab liquids.
