Lateral Flow Assay Components Market - An Overview
The global lateral flow assay components market is expected to witness strong growth during the forecast period between 2021 and 2031.
Some of the benefits of lateral flow assay kits include easy adaptability to capture or detect any antibodies, cost-effective nature, and easy to use. As a result, the demand for later flow assay kits could increase in future and help in the growth of the overall lateral flow assay components market.
The outbreak of the COVID-19 pandemic positively impacted the growth in the global lateral flow assay components market. With patients showing hesitation to visit various healthcare infrastructure units in the fear of contracting the virus, it led to an increased demand for home-based lateral flow assay kits.
The increased demand helped in the growth of the overall lateral flow assay components market.
Lateral Flow Assay Components Market - Trends and Opportunities
Rising demand for lateral flow assay kits among patients is the key growth driver for the overall lateral flow assay components market.
Also, increasing deployment of lateral flow assay devices at homes could fuel the growth in the overall lateral flow assay components market, in the coming years.
In addition to this, rising demand for point-of-care testing over lengthy laboratory procedures could also create significant revenue-generating opportunities for lateral flow assay components market players, in the years ahead.
Membrane segment is expected to make the largest contribution to the overall market due to increasing demand for lateral flow assay kits for point of care testing.
Clinical testing segment is anticipated to contribute the most to the overall market owing to rising prevalence of different chronic diseases in leading economies, globally.
Lateral Flow Assay Components Market - Competitive Landscape
The global lateral flow assay components market has several well-established players and the competition has intensified in the last few years. Many of the leading players, who have become successful owing to years of delivering consistent results, are expected to account for a large share in the overall market, in future.
Research and development activities to produce improve quality of products could be a key growth strategy for leading market players, in the coming years.
Growth strategies such as novel product launches could provide novel opportunities to generate revenue for prominent market players and help them gain a competitive edge over other players, in the years ahead.
Well-established lateral flow assay components market players could collaborate with smaller players in a bid to expand their market presence and increase their revenue shares.
Some of the leading players in the global lateral flow assay components market include Danaher Corporation, Merck KGaA, DCN Diagnostics, Hangzhou Cobetter Filtration Systems Ltd., and Axiva-Axiflow Group.
Lateral Flow Assay Components Market - Regional Assessment
The global lateral flow assay components market is divided into five regions, namely, North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
Asia Pacific is anticipated to be the dominant region in the global lateral flow assay components market because of the growing raw material industry in countries such as India and China.
North America is expected to offer revenue-generating opportunities for the global lateral flow assay components market owing to rising investments by key market players in the development of lateral flow techniques in countries such as US and Canada.
Europe is anticipated to witness strong growth in the overall lateral flow assay components market because of the presence of numerous well-established market players in countries such as France and Germany.
Other regions of the world such as Latin America and Middle East and Africa is expected to witness sluggish growth in the overall market, in the coming years.
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