Impact of Covid-19 on Lateral Flow Assays Market:
To assess the impact of COVID-19 and provide market forecasts, scenario-based approaches are considered.
The lateral flow assay components market has been positively impacted by the COVID-19 pandemic, as the need for the rapid diagnosis of the coronavirus infection has been the focus since the inception of the pandemic outbreak in December 2019.
As the number of cases increased across regions, most major lateral flow assay market players invested in R&D, as well as entered into partnerships and agreements with other industry players and government agencies to develop lateral flow diagnostic solutions for the diagnosis of COVID-19. To meet the rising demand for rapid kits, lateral flow assay component manufacturers have also invested in and expanded their manufacturing capacities. This has resulted in a growing number of acquisitions and partnerships by key players in the lateral flow assay components market.
Global Key Players:
The prominent players in the global lateral flow assay components market include Danaher Corporation (Pall Corporation and Cytiva Life Science) (US), Sartorius Stedim Biotech (Germany), Merck KGaA (Germany), Ahlstrom-Munksjö (Finland), Advanced Microdevice Pvt. Ltd. (India), DCN Diagnostics (US), Fortis Life Science (US), Hangzhou Cobetter Filtration Equipment Co. Ltd. (China), and Axiva Sichem Biotech (India).
Download PDF Brochure@
Different Growth Strategies Adopted by Them:
These players have adopted various growth strategies such as acquisition and expansion to increase their presence and reach in the lateral flow assay components market.
Danaher Corporation accounted for an estimated share of 28.5–30.5% of the lateral flow assay components market in 2021. To enhance its share in the market, the company focuses on organic and inorganic growth strategies such as acquisitions, expansions, and collaborations that enable it to cater to the demands of its customers and enhance its market share.
In March 2020, Danaher acquired the Biopharma business of General Electric Life Sciences. As part of Danaher, the business is called Cytiva and is a standalone operating company within Danaher’s Life Sciences segment.
SARTORIUS STEDIM BIOTECH
Sartorius Stedim Biotech accounted for an estimated share of 24–26% of the lateral flow assay components market in 2021. To secure its position in the global lateral flow assay components market, the company focuses on expanding and strengthening its partnerships with existing customers; enhancing operations and quality; and enhancing its product scope, capabilities, and expertise.
It serves a wide range of pharmaceutical and biotech companies, hospitals & clinical diagnostic labs, universities, research institutions, and government agencies. The company has increased its R&D capabilities to maintain a competitive advantage. In 2020, the company spent €108.4 million (USD 125.66 million) on R&D, corresponding to an increase of 13.4% over the previous year’s (2019) investment of €95.6 million (USD 110.82 million).
Merck KGaA accounted for an estimated share of 21–23% of the lateral flow assay components market in 2021. The company focuses on in-house research and external partnerships in its R&D operations, maximizing its research efficiency while reducing financial outlays.
In 2020, the company’s R&D expenditures amounted to €2.3 billion (USD 2.78 billion). In the Life Sciences business sector, the company’s research activities focused on technologies for laboratory and life science applications as well as the support of new developments for downstream applications and emerging chemical synthesis. Thus, the R&D expenses increased by 13.3% in 2020 from 2019.
The medical device manufacturing company accounted for the largest share of lateral flow assays components market in 2021.
Based on end users, the lateral flow assay components market is segmented into medical device manufacturing companies and medical device contract manufacturing companies. Medical device manufacturing companies accounted for the largest market share of 69.3% of the lateral flow assay components market in 2021. The COVID-19 pandemic has also increased the demand for point-of-care testing in professional healthcare settings, which increases the demand for lateral flow assay components among medical device manufacturing companies.
Request Sample Pages@
Geographical Growth Scenario:
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 49.4% 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 of 7.1% 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, the availability of low-cost labor for manufacturing, and the presence of a favorable regulatory environment are the key factors driving market growth in the APAC. The current COVID-19 scenario and its high impact in the Asia Pacific region (especially India) have also resulted in a high growth rate in the lateral flow assay components market in this region.