Press release
Paper Diagnostics Market Volume Analysis, Segments, Value Share and Key Trends 2020-2030
The global paper diagnostics market is expanding fast, as demand for rapid testing and accurate diagnosis continues to rise in response to increase in cases of cancer, autoimmune diseases, and inflammatory diseases, worldwide, finds Fact.MR, in a new study. Due to their benefits such as ease of fabrication, affordability, sensitivity, reproducibility, and low limits of detection, paper diagnostics are highly sought-after in the healthcare and diagnostics segment.According to the World Health Organization (WHO), there were 18.1 million new cancer cases and 9.6 million deaths in 2018, globally. This has resulted in a surge in demand for paper diagnostics for early detection of cancer over the past decade.
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However, the outbreak of COVID-19 has hampered the market’s growth trajectory, as restrictions imposed to contain the virus disrupted manufacturing activities. Besides, shortage of raw materials and inadequate labour supply were other challenges faced during extended periods of lockdown. Contrary to this, Fact.MR projects that, the paper diagnostics market will continue gaining from rising demand from key end users such as hospitals & clinics, home care settings, and others, over the coming years.
Key Takeaways from Paper Diagnostics Market Report
Lateral flow assays are expected to witness the considerably high demand over the forecast period between 2020 and 2030
Hospitals & clinics segment is expected to remain the primary end user of paper diagnostics through the forecast period
North America will lead the global paper diagnostics market with its epicenter in the U.S.
East Asia will emerge as another lucrative region exhibiting impressive growth throughout the forecast period
The outbreak of COVID-19 is expected to moderately impact the growth of the paper diagnostics market till the end of the next year
“According to the National Center for Biotechnology Information (NCBI), autoimmune diseases are among the leading causes of death among young and middle-aged woman in the United States, and the prevalence rate ranges from less than 5 per 100,000 (e.g. chronic active hepatitis, uveitis) to more than 500 per 100,000 (grave disease, rheumatoid arthritis, thyroiditis). Against this backdrop, demand will continue rising steadily as focus remains on prompt diagnosis of autoimmune diseases,” said a Fact.MR analyst.
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Increase in Demand from Hospitals & Clinics Boosting Growth
The rise in demand from hospitals and clinics for paper diagnostics has been a key factor driving the market. As paper diagnostics solutions are highly efficient in detecting cancer early, the increasing incidence of the disease will continue creating growth opportunities for the paper diagnostics market.
According to the National Centre for Biotechnology Information (NCBI), in 2011, one in every 27 people living in Western Australia had been diagnosed with cancer at some time in their lifetime. Between 1992 and 2011, complete cancer prevalence in Western Australia increased by a magnitude of 2.5-fold.
Cancer patients might need special care and support that often requires infrastructure and facilities that only a hospital can accommodate. Timely diagnosis of their conditions and communication from clinicians are highly sought-after by cancer patients and their families. An increasing number of hospitals and healthcare clinics are therefore choosing paper diagnostics to offer improved patient care.
These devices include biological, chemical, and microfluidic components implemented on paper substrates to ascertain a set of principles, called ASSURED (Affordable, Sensitive, Specific, User friendly, Rapid and Robust, Equipment free and Deliverable to end users) laid down by the World Health Organization (WHO). Their applications across hospitals and clinics are rising as paper diagnostics are identified as equipment-free and affordable diagnostics solutions.
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Paper Diagnostics Market: Competitive Landscape
Competition prevailing in the paper diagnostics market is expected to get more intense in the coming years. In order to keep their positions intact, market players are focusing on launching of more efficient paper diagnostics solutions.
For instance,
Acon Laboratories has announced the launch of its Flowflex™ Antigen COVID-19 test in November, 2020. Also, the Acon has received FDA clearance for its Distinct® Early Detection Pregnancy Test on December 16, 2020.
Bio-Rad Laboratories Inc. launched its new extensive range of paper diagnostics solutions such as D-10 Hemoglobin Testing System, D-10 accessories, Early Diabetes Detection solutions, and others in the current year.
Some of the companies profiled in the paper diagnostics market report are Siemens Healthineers, Chembio Diagnostic Systems Inc., Acon Laboratories, Bio-Rad Laboratories Inc., Arkray Inc., and Cytodiagnostics Inc.
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More Valuable Insights on Paper Diagnostics Market
In its latest report, Fact.MR has provided detailed analysis on the global paper diagnostics market, comprising data on historical statistics (2015-2019) and forecasts of demand for the period of 2020 to 2030. The report discusses critical insights on the paper diagnostics market in terms of product type (lateral flow assays, dipsticks, paper based microfluidics), end user (hospitals & clinics, home care settings), across 5 key regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
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