The lateral flow diagnostic test market is a key focus for Bond Digital Health, and this year we have been able to make some major inroads into this competitive environment, attending two major events at which we’ve made many important connections.
Firstly, it might help to explain what lateral flow is. A lateral flow assay is a simple paper-based diagnostic test that is used to detect an analyte in a sample without the need for expensive laboratory-based equipment.
Lateral flow technology was first developed in the late 1980s, and the most widely-used and best-known example is the home pregnancy test.
The global lateral flow diagnostic test market is huge, and growing. It was worth an estimated £4.2 billion in 2017, and with a compound annual growth rate (CAGR) of 8% it will be worth £6.3 billion in 2022.
As a company offering app and cloud software solutions for life sciences companies we know our technology is a perfect fit for lateral flow test developers who are increasingly looking to digitise their test results and store the data securely for further analysis.
This year we have built a valuable partnership with Canada-based life sciences company Sona Nanotech, which produces unique gold nanorods that will power the next generation of lateral flow assays.
In May we both attended the Lateral Flow Worksop in Zaragoza, Spain, and last month we attended the Advanced Lateral Flow Course in San Diego, USA, at which we formalised our relationship by signing a co-marketing agreement. This means Bond and Sona will work together to market and promote each other’s products and services to existing and prospective customers.
Over the course of the two events in Zaragoza and San Diego, we’ve learned that the lateral flow sector is a very close-knit community, and that to survive and thrive as a new business entering the market you need to work hard to build connections and collaborations.
You also need to demonstrate shared values, be approachable, accessible and competent, and be able to deliver on your promises.
At both of the events we attended we were one of the only companies offering bespoke digital solutions. After exhibiting and presenting at both there was a huge amount of interest in us and our products and services.
As a result, we have formed new, ongoing relationships with many businesses in the sector, and in San Diego we also signed a co-marketing agreement with Sona Nanotech that means we will promote each other’s products and services to potential collaborators.
Lateral flow may be more than 30 years old but it is by no means an old technology. With new test reader systems, such as those manufactured by our partners Optricon, as well as new biomarker technology and the development of more quantitative and multiplexed assays (i.e. tests that measure more than one analyte on a single test), the lateral flow market is not only growing but maturing, offering cutting edge solutions to global problems.
We are now moving into a new generation of lateral flow tests, one in which data is an integral part, and that is why we believe Bond Digital Health is perfectly placed to become a key player in the market; our technology enhances lateral flow tests transforming them into digitally connected assays that are part of a larger ecosystem improving decision making at the point-of-care.
If you would like to learn more about our technology, please get in touch.