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Know How and Why Tier 1 Players are Dominating the Paper Diagnostics Market | Detailed Analysis and Forecast till 2030 by Fact.MR
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.Click here to Get Complete Synopsis of the Report – https://www.factmr.com/report/5454/paper-diagnostics-market
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.
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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.
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• 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.
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.
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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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