Lateral Flow Assay Components Market - Emerging Trends & Global Future Forecasts

By Author: MarketsandMarkets
Total Articles: 82
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Overview:

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.

Expected Revenue Gains:

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.

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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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. This led to the launches of several home-based assays.

Growing Usage of home-based lateral flow assay devices

Home-based lateral flow assay devices play a important role in diagnosis of cardiovascular and infectious diseases. These devices are also 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

The 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.

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CHALLENGES: Requirement of specialized storage and shipping facilities for membrane

Nitrocellulose membranes are biological membranes made up of nitrocellulose and have a different grade of pore size. The performance of lateral flow assay kits depends on the quality of the nitrocellulose membrane used. Nitrocellulose membranes must be stored properly to ensure maximum shelf life. These components need to be stored away from room temperature or chemical vapors, which may partially dissolve the nitrocellulose and thereby disrupt the pore structure. These are a challenges to the growth of the lateral flow assay components market in the forecast period.