The global Paper diagnostics market size is anticipated to around USD 11.0 billion by 2026, this market is anticipated to grow with 8.3% CAGR during the forecast time period. The market is driven by increasing government initiatives to encourage progressive diagnosis for infectious diseases. Also, increase in demand for better diagnostic solution also driving the growth of the market.
Growing demand for cost-effective healthcare in remote areas of emerging nations is foremost to increasing popularity of point-of-care diagnostic approaches in these nations. Furthermore, in developed nations, heightened acceptance of point-of-care diabetes test kits and pregnancy test kits is anticipated to work in favour of the industry.
Growing occurrence of diseases for instance, autoimmune diseases, cancer, and inflammatory diseases is one of the main parameters anticipated to drive the need for novel and speedy diagnostics procedures, thus boosting the market during the forecast timeframe. Such as, as per the American Cancer Society, in 2018, about 1.7 million new cancer cases are expected to be identified and 609,640 individuals are expected to die owing to cancer. The numeral of cancer cases is anticipated to increase by about 70.0% over the next two decades. This trend is expected to aid the market gain momentum during the forecast timeframe.
Introduction of technically advanced paper based diagnostic products, which bid sensitive and rapid results, is expected to increase industry development over the forecast timeframe. Growth of paper-based ELISA for detection of autoimmune antibodies in body fluid is anticipated to boost the need for technically progressive & upgraded lateral flow assays over the forecast timeframe. Lateral flow assays held an important share in the market in 2018, due to extensive application in disease diagnostics and related benefits for instance, robust & rapid results, ease of use, sensitivity, and cost efficiency.
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In 2018, North America was the most important regional market, due to growing need for self-testing devices paired with well-established healthcare infrastructure. Market players are involved in R&D activities to cost efficient, develop accurate, and sensitive paper based microfluidics. Emphasis on mergers and acquisitions, constant system upgradation through R&D investments and fund rising are some of the key strategies accepted by market participants.
Market companies are concentrating on implementing new strategies for instance regional expansion, partnerships, mergers and acquisitions, new product launches, and distribution agreements to surge their revenue share. The major players associated with the Paper diagnostics market are Abbott, Bio-Rad Laboratories, Acon Laboratories, Inc., Siemens healthcare, ARKRAY Inc., Abcam Plc, and Abingdon Health.
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