Lateral Flow Assay Components Market - Major Revenue Gains are Predicted in the Near Future


Posted August 26, 2022 by mmvaidya01

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.

 
Market Size Estimation Methodologies Followed:

The total size of the Lateral Flow Assay Components Market was arrived at after data triangulation from different approaches as mentioned below. After completing each approach, the weighted average of the various approaches was taken based on the level of assumptions used in each approach.

Bottom-up Approach: Revenues of individual companies were gathered from public sources and databases. Shares of the lateral flow assay components businesses of leading players were gathered from secondary sources to the extent available. In certain cases, the share of the business unit was ascertained after a detailed analysis of various parameters, including product portfolio, market positioning, selling price, and geographic reach and strength. Individual shares or revenue estimates were validated through expert interviews.

Country level Analysis: The size of the lateral flow assay components market was obtained from the annual presentations of leading players and secondary data available in the public domain. The share of membrane, pads in the overall lateral flow assay components market was obtained from secondary data and validated by primary participants to arrive at the total lateral flow assay components market. Primary participants further validated the numbers.

Primary Interviews:

As a part of the primary research process, individual respondent insights on the market size and growth were taken during the interview (regional and global, as applicable). All the responses were collated, and a weighted average was taken to derive a probabilistic estimate of the market size and growth rate.

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Projected Revenue Growth, Globally:

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.

Growth Driving 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.

Data Triangulation:

After arriving at the market size, the total market was divided into several segments and subsegments. Data triangulation and market breakdown procedures were employed wherever applicable to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments.

Key Market Players:

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).

Recent Aquisitions by the Key Players:

# 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.

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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 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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Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags lateral flow assay , lateral flow assay component , lateral flow assay component market , lateral flow assay components , lateral flow assay components market
Last Updated August 26, 2022