The global paper diagnostics market size is projected to around USD 11.0 billion by 2026, the market is projected to grow with 8.3% CAGR during the forecast time frame. 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 time frame. 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 time frame.
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.
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Also, varying lifestyle habits, including unhealthy anddiet smoking paired with augmented incidence of obesity, is expected to lead to arise in the occurrence of lifestyle-associated diseases, for instance diabetes and cardiac diseases, global. Such as, as per a study conducted by the International Diabetes Federation (IDF), in 2017, about 3.27 million cases of diabetes were identified in France. Rising cases are expected to lead to growth of diabetic paper diagnostic test kits in near future, thus boosting the industry.
Introduction of technically advanced paper based diagnostic products, which bid sensitive and rapid results, is expected to increase industry development over the forecast time frame. 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 time frame. 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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Paper based diagnostic devices are extensively used as point-of-care diagnostics. Growing preference towards these devices can be credited to advent of wax patterning technology, facilitating greater adaptability and flexibility.
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 up gradation through R&D investments and fund rising are some of the key strategies accepted by market participants.
The global paper diagnostics market is segmented into product, device type, application, end-use and region. On the basis of product the global paper diagnostics market is segmented into lateral flow assays, dipsticks, and paper based microfluidics. On the basis of device type the global paper diagnostics market is segmented into diagnostic devices and monitoring devices. On the basis of application the global paper diagnostics market is segmented into clinical diagnostics, food quality testing, and environmental monitoring.The clinical diagnostics sub segment is further bifurcated into cancer infectious diseases, liver disorders, and other. On the basis of end-user, the global paper diagnostics market is segmented into home healthcare, assisted living healthcare facilities, and hospital and clinics. On the basis of region the global paper diagnostics market is segmented into Latin America, Europe, Asia Pacific, North America, and Middle East & Africa.
These businesses emphasis on initiatives for instance, mergers and acquisitions, regional expansions, and novel product growths to bolster their market share and global reach. The key players catering to the global Paper diagnostics market are Abbott, Bio-Rad Laboratories,Acon Laboratories, Inc.,Siemens healthcare,ARKRAY Inc.,Abcam Plc, and Abingdon Health. These players are continuously focusing on research and development to compete in the highly competitive market. Also reducing price of grooming products is the key factor, which is gauging the players attention and these players are focusing on launching new products with competitive price. Also, development of technology efficient, economic product is the major strategy of these players.
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