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New York, Feb. 03, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Lateral Flow Assays Market – Global Outlook & Forecast 2023-2028” – https://www.reportlinker.com/p06415604/?utm_source=GNW
Further, the growth in the market is attributed to the increasing prevalence/incidence of various infectious and chronic diseases. In addition, malaria is still a cause of death in a few regions. For instance, according to the WHO, malaria is one of the leading causes of death in the Middle East & Africa.
MARKET TRENDS & OPPORTUNITIES
Smartphone and AI Integration in Lateral Flow Immunoassay
The use of smartphones as biosensors in many applications (e.g., optical-based methods such as absorption, reflection, fluorescence, etc.) is particularly important for improving diagnostics, healthcare, medical, food, and environmental monitoring. It has the potential as a portable, low-cost POC platform and provides treatment in remote low-income areas. The Cambridge-based startup, PocDoc, has received CE mark approval for a digital reader powered with artificial intelligence (AI) for lateral flow testing. The cloud-based system turns any smartphone or tablet into a universal digital reader, enabling healthcare organizations to perform large-scale lateral flow testing for any disease or marker. An AI-driven innovation that can read a COVID-19 lateral flow diagnostic test using a user’s smartphone has received special use approval from the Medicines and Healthcare Products Regulatory Agency (MHRA).
Evolving New Application of Lateral Flow Assays
Lateral flow testing is widely used for infectious disease diagnosis, heart disease diagnosis, and veterinary applications but has seen increased use in recent years in several new applications. For example, saliva diagnostics, behavioral health, agriculture (detection of genetically modified organisms and quality control of plants), biological warfare (detection of Bacillus anthracis), environmental testing (detection of contaminating enzymes in production facilities), food microbiology (E. coli Detection of O157, Salmonella, Listeria, and other food spoilage bacteria) has emerged as a new application area in the lateral flow assays market.
Saliva is a new biological fluid with many studies and clinical applications. OraSure Technologies, based in the US, is one of the largest lateral flow saliva testing vendors. Salivary LFAs have also infiltrated the market for applications such as substance abuse testing, and several systems have been cleared for sale by the FDA. However, the tests remain largely qualitative.
Growing Adoption of Home-Based Lateral Flow Assay Devices
Home tests (also called self-tests or home tests) are typically sold over the counter and allow users to test self-collected samples and obtain results without the assistance of a trained medical professional. The home-use lateral flow assay device plays an important role in the treatment of cardiovascular disease and infectious diseases. These devices could also be very useful for testing pregnancy and stigmatized diseases such as HIV, allowing patients to perform self-tests at home. Therefore, the increasing incidence of these diseases and the growing adoption of lateral flow assay testing in home healthcare are expected to propel the lateral flow assays market growth. During COVID-19, many companies have introduced at-home lateral flow assays for COVID-19 testing. This is because people feared rushing to a diagnostic lab or hospital for testing has created a demand for at-home lateral flow assays. Some of the introduced tests for home use were:
• In August 2020, BinaxNOW COVID-19 Ag Card and Panbio rapid COVID-19 test in September 2020
• In September 2020, Roche launched the SARS-CoV-2 Rapid Antigen test
• Quidel launched during the COVID-19, Sofia 2 Flu+ SARS Antigen FIA
• In June 2022, Siemens Healthineers launched the CLINITEST Rapid COVID-19 Antigen test and
• BD has launched the BD Veritor SARS CoV-2 Test
INSIGHTS BY PRODUCT
The kits & reagents are expected to be the largest product segment in the global lateral flow assays market in 2022, accounting for a share of 82.24%. These kits & reagents predominantly include biomarkers, assay kits, and reagents, including substrates, enzymes, specific proteins, lipids, and other test kits. The awareness of rapid and POC testing for various infectious diseases is one of the key factors driving the demand for rapid testing. The large market share of the segment is also attributed to the use of consumables reoccurring in nature, and the consumables segment generates continuous revenue for vendors. As a result, many renowned vendors are manufacturing consumables required for analyzers. This growth is attributable to the growing use of rapid tests in several points of care (POC) sites, such as emergency care, physician offices, ambulatory settings, nursing homes, and by individuals for diagnosing several diseases such as infectious diseases, diabetes, cancer, and other metabolic diseases.
Segmentation by Product
• Kits & Reagents
INSIGHTS BY APPLICATION
The global lateral flow assays market is segmented into clinical diagnostics, food safety, veterinary diagnostics, and others. Clinical application accounted for the global market’s highest share, 46.50%, in 2022. Rapid infectious disease diagnostic tests are critical for diagnosing diseases for early detection and biosurveillance and improving global health. For instance, the Health and Human Services (HHS), the National Institutes of Health (NIH), the US Centers for Disease Control and Prevention (CDC), and the US Department of Defense (DoD) consider rapid and early detection a keyway to reduce the impact on the population. The POC provides multiple advantages over other diagnostics to diagnose infectious diseases, especially for rapid testing scenarios. For instance, Chembio, a leading lateral flow assay market company, is offering FDA-approved LFA HIV tests, SURE CHECK HIV 1/2 Assay, which combines a patented plastic “barrel” device that houses the lateral flow strip.
The global lateral flow assays market by food safety is expected to reach USD 3.83 billion by 2028. The lateral flow test is a very convenient immunoassay for detecting foodborne pathogens. The test covers the most important pathogens, acts as a minilab, and includes built-in control reactions for optimized pathogen testing. There are many leading and local players offering LFA testing for food testing, including Sigma-Aldrich, a subsidiary of Merck kGaA, Perkinelmer, R- Biopharma, Abingdon Health, and creative diagnostics.
Segmentation by Application
• Clinical Diagnostics
• Food Safety
• Veterinary Diagnostics
INSIGHTS BY TECHNIQUE
The sandwich assays held the most significant technique segment share in the global lateral flow assays market in 2022 at 61.36%. The first type of LFA assay is a non-competitive or sandwich assay. It is used for macromolecular analytes with two antigen-binding sites: which bind to the target and has a binder that does not interfere with each other. If the target is present in the sample, the signal at the test line will increase. The LFA vendor uses the sandwich technique to market their product; the best-known examples of this format are the over-the-counter pregnancy tests. The sandwich assays account for a larger share of the technique segment, also growing with a high growth rate of 3.39% in the market. At the same time, the competitive segment accounted for 38.64% of the global lateral flow assays market.
Segmentation by Technique
• Sandwich Assays
• Competitive Assays
INSIGHTS BY END USERS
The global lateral flow assays market is segmented into hospitals & clinics, individuals, diagnostic laboratories, food & beverage companies (FBC), pharma & biotech companies (PBC), and others by end-users. The hospitals & clinics held the largest end-users market share at 25.32% in 2022. Hospitals perform more rapid tests than other end-users and form the first point of contact for infections and diseases. The diagnosis is used for the initial patient screening, thereby contributing to the larger use of rapid testing in hospitals. Moreover, hospitals establish contracts with multiple vendors for procuring rapid test kits, POC analyzers, and related consumables. In addition, hospital laboratories are unique entities in hospitals. Around 92% of the hospitals operate with their laboratories. Hospitals are one of the largest end-users of infectious disease diagnosis, which perform a wide range of diagnostics per the requirement.
Segmentation by End-Users
• Hospitals & Clinics
• Diagnostic Laboratories
• Food & Beverage Companies
• Pharma & Biotech Companies
a) North America accounted for the highest share of 28.57% in the global lateral flow assays market in 2022. The region is dominating among all the regions due to several factors, such as the increase in the prevalence of infectious diseases such as COVID-19, influenza, HIV, chronic conditions & lifestyle diseases, easy availability, and the high affordability of technologically advanced LFAs, presence of key vendor for the LFAs. Moreover, the presence of advanced healthcare infrastructure and the availability of government funding for research will likely augment the expansion of the LFA market for LFAs in this region. For instance, In July 2020, the NIH invested USD 248.7 million in developing new technologies to deal with the challenges associated with the testing of COVID-19.
b) Europe’s lateral flow assays market was valued at USD 2.58 billion in 2022. The region has developed healthcare infrastructure with the availability of advanced lateral flow assay devices coupled with the high prevalence of infectious and chronic diseases, which has significantly contributed to the overall growth of the lateral flow assay market. Moreover, the region is affected by the increasing prevalence of infectious diseases, which include HIV, Haemophilus influenzae, Meningococcal disease, Streptococcus pneumoniae, etc., contributing to the growth of the market.
Segmentation by Geography
• North America
o South Korea
• Latin America
• Middle East & Africa
o South Africa
o Saudi Arabia
The global lateral flow assay market is highly dynamic, with several global and local players offering various instruments/analyzers and reagents for diagnosing various clinical testing, food safety, Veterinary Diagnostics, drug testing, etc. The industry is consolidated with global players accounting for dominant shares. Abbott, Danaher, F. Hoffmann-La Roche, Quidel, and Siemens Healthineers are the leading players and account for significant global lateral flow assays market share.
Key Company Profiles
• F. Hoffmann-La Roche
• Siemens Healthineers
• Thermo Fisher Scientific
Other Prominent Vendors
• Abingdon Health
• Access BIO
• Arbor Vita
• Assure Tech
• Atomo Diagnostics
• bioLytical Laboratories
• BIO-RAD Laboratories
• HUMAN Gesellschaft für Biochemica und Diagnostica mbH
• J. Mitra & Co. Pvt. Ltd.
• Meril Life Sciences
• MP Biomedicals
• Medsource Ozone Biomedicals
• Nanjing Synthgene Medical Technology
• OraSure Technologies
• Premier Medical
• SD Biosensor
• Rega Biotechnology
• Türklab A.S.
• Trinity Biotech
• Merck KGaA
KEY QUESTIONS ANSWERED:
1. How big is the lateral flow assays market?
2. What is the growth rate of the lateral flow assays market?
3. Which are the key companies in the global lateral flow assays market?
4. Which region holds the most significant global lateral flow assays market share?
5. What are the rising trends in the lateral flow assay market?
Read the full report: https://www.reportlinker.com/p06415604/?utm_source=GNW
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Zetrix and Beitou Launch Digital ID & Driver’s Licence Services on Blockchain
Service is the first global W3C-compliant Verifiable Credential implementation and will be initially used by China domestic users travelling abroad
KUALA LUMPUR, Malaysia, Dec. 10, 2023 /PRNewswire/ — Zetrix, a layer 1 public blockchain platform, today announced the launch of its groundbreaking Digital Credentials platform, ushering in a new era of secure, convenient, and interoperable credentials verification. This innovative solution addresses the challenges of traditional paper-based credentials, offering a range of benefits that will transform the way individuals, organisations, and governments interact in the digital realm.
The launch marks the commercialisation of the collaboration announced on 18th September 2023 between Malaysia’s MY E.G. Services Berhad and China’s state-owned Guangxi Beitou IT Innovation Technology Investment Group Co Ltd (“Beitou”), the IT arm of Guangxi Beibu Gulf Investment Group listed as one of China’s Top 500 enterprises.
The launch was held on 9th December 2023 at Ritz-Carlton Hotel Kuala Lumpur and officiated by Malaysia’s Deputy Prime Minister, Datuk Seri Dr Ahmad Zahid Hamidi.
The service initially will be offered to domestic China nationals who can choose to digitise their National ID or driving licence as a Verifiable Credential (“VC”) on Xinghuo International, the international gateway for China’s national Public Blockchain. Through Zetrix, which is integrated with Xinghuo, the National ID or driving licence VC can then be presented abroad to be authenticated by any verifier wishing to verify the relevant identity or driving licence data according to their needs.
Beitou IT’s integration to China’s nationwide police and transport department databases ensures seamless authentication and digitisation of the documents into VCs.
Furthermore, in view of the immutability of blockchain, verifiers will have the assurance of knowing that the VCs and all data contained in the document are true and genuine.
It is foreseen that besides IDs and driving licences, other important credential documents held by individuals or businesses would also be digitised as VCs in the near future.
Enhancing Security and Combating Breach of Data
The use of digital credentials, with the initial pilot of driving licences based on blockchain technology will significantly enhance security and combat counterfeiting of electronic licences. By leveraging on the Self Sovereign Identity (“SSI”) framework, Zetrix’s Digital Credentials platform enables the real time verification of documents digitised as Verifiable Credentials, providing a robust defence against fraud and forgery.
“In addition to ensuring authenticity, documents digitised as Verifiable Credentials offer the ability for selective disclosure or confirmation of data. For instance, document holders can have their age or their home location verified without actually having to provide their date of birth or full address. This is extremely useful as it protects raw user data from being shared unless absolutely necessary, thus reducing the possibilities of cyber attacks,” explained TS Wong, founder of Zetrix.
Lai Shuiping, Chairman of the Board of Guangxi Beitou IT Innovation Investment Group Co.,Ltd, Lai Shuiping, said: “The China-ASEAN digital driving license cross-border verification platform is jointly developed by Beitou IT and MYEG. The platform will continue to expand into providing more convenient services for communication between citizens of China and ASEAN countries, and promote economic development across the entire region.”
“In future, Beitou IT will further strengthen cooperation with Malaysian enterprises in the field of transportation digitalisation, and promote continuous improvement of intelligent transportation in ASEAN countries,” Lai added.
Multi-Chain e-Wallet for International Travelers
Zetrix’s Digital Credentials platform also leverages a multi-chain e-wallet that is able to store Zetrix’s native tokens as well as VCs from Xinghuo International and Ethereum. This feature facilitates seamless cross chain transactions and simplifies identity and document verification across multiple scenarios, enhancing the experience for travelling individuals.
The digital credentials service exemplifies the World Wide Web Consortium (W3C) standards of Verifiable Credentials and Decentralised Identifiers as Self-Sovereign Identity. This will be a key catalyst to enable a greater interoperability across blockchains and decentralised applications.
Zetrix is a layer-1 public blockchain that facilitates smart contracts and delivers privacy, security and scalability. Zetrix’s cryptographic infrastructure can be introduced to multiple industries to connect governments, businesses and their citizens to a global blockchain-based economy. Developed by MY E.G. Services Bhd, the cross-border and cross-chain integration with China enables Zetrix to serve as a blockchain gateway that facilitates global trade by deploying critical building blocks for Web3 services such as Blockchain-based Identifiers (BID) and Verifiable Credentials (VC).
About Guangxi Beitou IT Innovation Technology Investment Group Co Ltd
Guangxi Beitou IT Innovation Investment Group Co. (Beitou IT) stands as a wholly owned subsidiary of Beibu Gulf Investment Group (Beitou Group), boasting total assets exceeding 300 billion RMB. Established in October 2020 with a registered capital of 1 billion RMB, Beitou IT has emerged as the foremost digital company in Southwest China. Beitou IT strategically concentrates on four primary business domains: ITAI project implementation and operation, IT product R&D, integration and sales, and the development of New Infrastructure. Over the past three years, Beitou IT has successfully undertaken numerous government and enterprise-level projects encompassing digital government, digital transportation, digital port, smart court, and enterprise digitalization.
With a workforce exceeding 400 employees, Beitou IT houses a team of hardware and software engineers, where over 50% hold master’s degrees from esteemed universities. The team includes 2 State Council-subsidized experts, numerous district industrial authorized experts, and a Fin-Tech expert from the ‘Hong Kong, Macao, and Taiwan Talent Project.’ This robust talent pool positions Beitou IT as one of the rare state-owned digital companies capable of independent R&D.
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Sustainability Empowerment, Brand Upgrade VIVOTEK among Taiwan’s Best Global Brands
TAIPEI, Dec. 10, 2023 /PRNewswire/ — VIVOTEK (3454TW), the global leading IP surveillance solution provider, has been selected to the Best Taiwan Global Brands, and consistently earned market recognition. The three development engines of operational excellence, comprehensive brand management, and active promotion of sustainable actions, have elevated the brand above competition to display outstanding brand value.
Best Taiwan Global Brands is organized by the Industrial Development Bureau, MOEA, and valuation is carried out by Interbrand, a global authority on brand valuation; this year, ESG was also included as key standards of valuation. In 2022, VIVOTEK set a record high in revenue with annual consolidated revenue reaching USD $332 million, achieving a growth rate of 82% compared to the same period in 2021. In addition to displaying operational strengths, VIVOTEK also advocated several sustainable actions, while also encouraging its employees to practice environmental protection both at work and in daily life, further earning the approval of the organizer.
“Being selected to Taiwan’s Best Global Brands is a recognition of the company’s strengths,” pointed out Allen Hsieh, VIVOTEK Spokesperson and Director of Global Marketing Division. “Brand power is not just manifested through the technical aspect of products, but also through the CSR aspect. By embedding ESG into our brand’s DNA, we not only adopt sustainable thinking, but also create a differentiated brand image. In the future, VIVOTEK will continue to empower our brand through ESG, while also constantly promoting smart and green innovations of security and protection technology, steering the brand towards greater value of sustainable development.”
Evolution of the brand is the firm starting point of VIVOTEK’s brand management. Through redefining identity and slogan, “We Get The Picture,” VIVOTEK breaks the limitations of the industry to redefine its brand value, establishing its unique status within the security and protection industry. By grasping the opportunity of technical innovation, VIVOTEK combines its hardware advantage and software capability to expand its deployment of security and protection solutions, becoming a leading solution provider, while also actively exploring the market of AI security and protection, such as: successfully launching innovative VORTEX smart cloud surveillance service that focuses on customer needs and accumulating many successful cases around the world. Recently, VIVOTEK was ranked number 12 among a&s Security 50, reaching the highest spot ever, and this is the very manifestation of the brand’s continued improvement of brand competitiveness.
VIVOTEK is a leading surveillance brand that strives for sustainability and began deploying ESG strategy many years ago. Key measures include voluntary publication of sustainability report for six consecutive years, participation in the RE100 global corporate renewable energy initiative, and promotion of renewable energy applications. More recently, VIVOTEK has incorporated the principle of sustainability into its product box design, reutilizing packaging of its products to create eco-friendly smartphone holders. This marks the first time the brand’s innovative sustainability principle has been extended through its products. VIVOTEK also plans to launch a product carbon footprint project in 2024 to facilitate formulation of comprehensive carbon reduction strategy, further strengthening brand development and upgrading sustainable operations.
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View original content:https://www.prnewswire.co.uk/news-releases/sustainability-empowerment-brand-upgrade-vivotek-among-taiwans-best-global-brands-302010856.html
Belgian Commitment to Partnership Supports a New Frontier of Europe-US Space Research
BRUSSELS, Dec. 10, 2023 /PRNewswire/ — Belgian Prime Minister Alexander De Croo has travelled to Houston, United States, to meet Raphaël Liégeois, the Belgian career astronaut selected as part of the European Space Agency (ESA) astronaut class of 2022. De Croo’s visit coincides with the ESA cohort’s familiarisation trip to NASA’s Johnson Space Centre, which is the precursor to a further two years of training, delivered in Houston, to prepare the astronauts for their respective missions on the International Space Station. The visit signals a new phase of the long-standing collaboration between Europe and the United States on space research and exemplifies Belgium’s commitment to partnerships in facing global challenges.
Belgium’s expertise in aerospace, and in science more generally, is internationally recognised – in terms of both training and industry. Belgium is a founding member of the ESA and its fifth-largest funder. The country’s support of the ESA shows its commitment to shaping the development of Europe’s space capability and ensuring that investment in space continues to deliver benefits to the citizens of Europe and the world.
“For Belgians, the sky isn’t the limit, the universe is,” said De Croo. “Today, we are very proud to see Raphaël take this important step in his career as an astronaut. He will be an important role model for many generations of STEM students to come. Space research and innovation hold particular importance for Belgium; they are powerful economic drivers which foster the growth of high-tech industries and create jobs – as evidenced by the number of Belgian companies on the cutting edge of aeronautics.”
The 17 members of the ESA astronaut class of 2022 were selected from a pool of over 23,000 applicants. The process, designed to bring together the finest scientific minds that Europe has to offer, took place over a period lasting 18 months.
The selection of Raphaël Liégeois is testament to Belgium’s focus on embracing openness, driven by innovation, partnerships, and diversity, to create solutions that drive progress for all.
Located in the heart of Europe, Belgium is one of the most open economies in the world, counting 11.5 million people with a reputation for innovation, hard work, partnership, and multilingualism. Strategically located between Germany, the Netherlands, France, and Luxembourg, and only a stone’s throw from the UK, it lies at the centre of the richest and most densely populated area in Europe. A member of the European Union, Belgium enjoys full access to the world’s most advanced single market and customs zone which ensures extensive frictionless trade.
Belgium boasts a highly developed transport infrastructure, including the second largest seaport in Europe (Antwerp). Belgium is home to world-leading research and innovation facilities, multinational corporations, and artisanal businesses supported by the investor-centric approach of public services.
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View original content:https://www.prnewswire.co.uk/news-releases/belgian-commitment-to-partnership-supports-a-new-frontier-of-europe-us-space-research-302010742.html
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