Lateral Flow Assay Components Market

Danaher Corporation (Pall Corporation and Cytiva Life Science) (US), Sartorius Stedim Biotech (Germany) and Merck KGaA (Germany) are the Prominent Players in the Lateral Flow Assay Components Market

The global lateral flow assay components market is projected to reach USD 420 million by 2027 from USD 339 million in 2022. The major factors driving growth in the lateral flow assay components market are the growing usage of home-based lateral flow assays and the growing demand for superior, consistent, and high-performing diagnostic kits. Moreover, the recent COVID-19 outbreak has positively affected the demand for lateral flow assay components to cater to the demand for manufacturing rapid test kits to detect the SARS-CoV 2 infection.

However, the low performance of lateral flow assay components leading to the inconsistent accuracy of certain lateral flow assay tests compared to other methods and the limited adoption of lateral flow assay kits due to the availability of other technologies are the key factors restraining the growth of the lateral flow assay components market.

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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). 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

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

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.

Related Reports:

Lateral Flow Assay Components Market by Type, Application Type (Clinical Testing (Infectious, Cardiac Marker Test) Veterinary, Food Safety), Technique Type, End User and Region (North America, APAC, MEA, Europe, Latin America) - Global Forecast to 2027

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Report Code
MD 8068
RI Published ON
3/30/2022
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