Lateral Flow Assay Components Market size to record USD 97.76 million growth from 2023-2027, Growing demand for point-of-care (POC) testing is one of the key market trends, Technavio

NEW YORK, April 26, 2024 /PRNewswire/ — The global lateral flow assay components market size is estimated to grow by USD 97.76 million from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of 5.22% during the forecast period.

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Key Trends Fueling Growth

• Growing demand for point-of-care (POC) testing: 
  • Point-of-care (POC) tests are becoming really important in fighting diseases. They’re simple and quick, unlike traditional lab tests which take a long time. POC tests don’t need fancy equipment or lots of training, so they’re cheaper. They’re also portable, giving results fast for better patient care.
  • Because more people want POC tests, companies are making better ones with new technology. This is making the market for POC test parts grow. More and more, people are using POC tests instead of going to the lab. This is because they’re easier to use and give results faster. The market for POC test parts is expected to keep growing because of this.

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Major Challenges:

• Increase in regulations and inconsistency in test results 
  • Changes in test results are a big problem for lateral flow assays, hurting their demand. Two other reasons for slow growth in the market for these test components are people sticking to old ways of diagnosing and the introduction of tests that can check for multiple things at once.
  • Also, different test results and strict rules are making it hard for the market to grow. When tests give different results, people don’t want to switch from the old tests to the new ones. Plus, there’s a big tax on selling medical equipment. In many places around the world, rules about these tests are tough and take a long time to follow, which will make it even harder for the market to grow in the future.

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Analyst Review

The Lateral Flow Assay (LFA) Components Market has experienced significant growth in the healthcare sector, particularly in the diagnosis of various conditions among the geriatric population. Home-based devices utilizing LFA technology have emerged as conventional substitutes for traditional diagnostic techniques, offering rapid diagnosis for cardiovascular diseases, infectious diseases, and pregnancy.

LFA components include antibodies and probe DNA, which play crucial roles in the detection process. In a simplified manner, LFA technology employs rapid antigen testing and ELISA tests for various applications, extending its reach to the veterinary sector for cardiac marker testing and infectious disease screening, such as influenza and hepatitis.

Market Overview

The Lateral Flow Assay (LFA) components market is experiencing significant growth due to the increasing demand for rapid and accurate diagnostic tests. The market consists of various key components including conjugates, pads, membranes, reagents, and buffers. Conjugates, such as biomarkers and antibodies, are essential for the detection of specific antigens or biomolecules.

Pads provide a solid support for the absorption of sample and reagents, while membranes facilitate the flow of reagents and the capture of labeled particles. Reagents, such as buffers and washing solutions, play a crucial role in the performance and accuracy of the assay.

Additionally, the use of advanced technologies like cardiochrony and pre-treatment reagents enhances the sensitivity and specificity of LFA tests. The market for LFA components is expected to continue its expansion in the coming years due to the rising demand for point-of-care diagnostics and the increasing prevalence of various diseases.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape

• End-user 
  • Medical Device Manufacturing Companies
  • Medical Device Contract Manufacturing Companies
• Geography 
  • North America
  • Europe
  • Asia
  • Rest Of World (ROW)

 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio