Global Lateral Flow Assay Component Market Primed to Surpass US$ 558.0 Million by 2034, Driven by 4.1% CAGR | Future Market Insights, Inc.
Regulatory boosts, biomarker advances, and nanotech drive lateral flow assays for healthcare, environment, and food safety, fostering innovation in personalized diagnostics and lab-on-a-chip integration.
NEWARK, Del, March 13, 2024 (GLOBE NEWSWIRE) -- The global lateral flow assay component market is anticipated to reach a valuation of *US$ 373.1 million* in 2024, driven by integration with renewable energy systems. The trend is expected to create new opportunities for the market, leading to a projected CAGR of *4.1%* between 2024 and 2034, and reaching a total valuation of approximately *US$ 558.0 million* by 2034.The rising demand for rapid and cost-effective diagnostic solutions in veterinary healthcare, including for the detection of infectious diseases and monitoring animal health, presents opportunities for the expansion of lateral flow assay components into the veterinary diagnostics market.
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Regulatory initiatives and approvals for lateral flow assay components, ensuring their reliability, accuracy, and safety, are boosting market confidence and driving adoption across various healthcare settings.
Advances in biomarker discovery and the identification of novel disease markers are driving the development of specialized lateral flow assay components for the detection of specific biomolecules, enabling personalized medicine and targeted therapeutic interventions.
The increasing focus on environmental monitoring, food safety, and quality control is driving the adoption of lateral flow assay components for the detection of contaminants, pathogens, and toxins in environmental samples and food products.
Integration of nanotechnology in lateral flow assays enables enhanced sensitivity, specificity, and multiplexing capabilities, driving the development of next-generation assay components for a wide range of diagnostic applications.
Increasing demand for customizable and personalized lateral flow assay components tailored to specific diseases, target analytes, and end-user requirements is driving innovation and differentiation among manufacturers and suppliers in the market.
Integration of lateral flow assay components with lab-on-a-chip technology enables miniaturization, automation, and multiplexing of diagnostic assays, offering advantages in sample throughput, efficiency, and scalability for point-of-care and laboratory testing applications.
“The integration of lateral flow assays with smartphone technology for result interpretation, data analysis, and remote monitoring is enhancing the accessibility and usability of these assays, particularly in resource-constrained settings and for telemedicine applications,” remarks Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
*Key Takeaways from the Lateral Flow Assay Component Market Study*
· The global lateral flow assay component market was valued at *US$ 354.7 million* in 2023.
· From 2019 to 2023, the market demand expanded at a CAGR of *5.6%.*
· The market in Japan is expected to expand at a CAGR of *5.5%* through 2034.
· By product type, the pads segment accounts for a CAGR of *3.9%* through 2034.
· The market in Korea is expected to expand at a CAGR of *2.6%* through 2034.
· In terms of technique, the sandwich assays segment accounts for a CAGR of *3.8% *through 2034.
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*Competitive Landscape from the Lateral Flow Assay Component Market:*
*The Top Key Companies Profiled from the Market:*
1. Merck KGaA
2. Danaher Corporation
3. Sartorius Stedim Biotech
4. Abbott
5. Advanced Microdevice Pvt. Ltd
6. Ahlstrom-Munksjö
7. Nupore Filtration
8. DCN Diagnostics
9. Ballya Bio
10. PerkinElmer Inc.
*Company Portfolio*
· Fujirebio Diagnostics specializes in the development and commercialization of in vitro diagnostics, including lateral flow assay components and kits for clinical and research applications. The focus on product innovation and customer-centric solutions strengthens its competitive edge in the market.
· Abcam is a leading provider of high-quality antibodies, proteins, and reagents for life science research and diagnostics. The extensive product portfolio includes antibodies and conjugates used in lateral flow assays, catering to the diverse needs of researchers and diagnostic laboratories worldwide.
*More Valuable Insights Available*
Future Market Insights offers an unbiased analysis of the global lateral flow assay component market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the lateral flow assay component market, the market is segmented on the basis of product type (pads, membranes, lateral flow test stripes and readers, others), technique (sandwich assays, multiplex detection assays, competitive assays), application (clinical testing, food safety and environment testing, drug development and quality testing, others), and end-user (medical device manufacturing companies, medical device contract manufacturing companies, others), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and the Middle East & Africa).
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*Segmentation Analysis of the Lateral Flow Assay Component Market*
*By Product Type:*
· Pads
· Membranes
· Lateral Flow Test Stripes and Readers
· Others
*By Technique:*
· Sandwich Assays
· Multiplex Detection Assays
· Competitive Assays*By Application:*
· Clinical Testing
· Food Safety and Environment Testing
· Drug Development and Quality Testing
· Others
*By End User:*
· Medical Device Manufacturing Companies
· Medical Device Contract Manufacturing Companies
· Others*By Region:*
· North America
· Latin America
· Western Europe
· Eastern Europe
· South Asia and Pacific
· East Asia
· The Middle East and Africa*About the Healthcare Division at Future Market Insights*
The healthcare team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective of providing authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
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*Author*
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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