Paper Diagnostics Global Market 2024 - By Size, Top Companies, Industry Analysis, Growth Statistics And Outlook By 2033

The paper diagnostics market size has grown strongly in recent years. It will grow from $9.16 billion in 2023 to $10.01 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to need for affordable healthcare, global health crisis preparedness, point-of-care testing for chronic diseases, diagnostic applications in resource-limited settings, rapid results for timely decision-making, increased focus on preventive healthcare.

The paper diagnostics market size is expected to see strong growth in the next few years. It will grow to $14.49 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to advancements in paper-based biosensors, integration with wearable health devices, growth in personalized medicine, expansion of telehealth services, demand for early cancer detection, expansion of veterinary diagnostics, government initiatives for preventive healthcare. Major trends in the forecast period include advancements in paper-based technologies, technological convergence in diagnostics, chronic disease management apps, multiplexing capabilities, use of microfluidics in paper devices, integration of smartphone technology.

Market Overview -
Paper diagnostics are devices that use cellulosic and paper materials to identify and measure chemicals and bio-molecules that have an impact on health. They are utilized in the majority of healthcare settings, including hospitals, doctor's offices, professional sports testing, and maternity clinics.

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Rising Heart Disease Prevalence Fueling Paper Diagnostics Market Growth
Increased prevalence of heart diseases is expected to propel the paper diagnostics market going forward. Any condition that has an impact on the cardiovascular system is referred to as heart disease. A sensitive and quick microfluidic paper-based device (PAD) helps in the simultaneous detection of numerous cardiac biomarkers for the early and late diagnosis of acute myocardial infarction, as a result, the increased prevalence of heart diseases increases the demand for paper diagnostics. For instance, in August 2023, according to Statistics Canada, a Canada-based government organization, in 2021, fatalities resulting from heart disease in Canada amounted to 17.7% (55,271), marking an increase from the 1.6% recorded for heart disease-related deaths in 2020. Therefore, the increased prevalence of heart diseases is driving the growth of the paper diagnostics market.

Competitive Landscape -
Major companies operating in the paper diagnostics market report are Navigene, Siemens Healthcare GmbH, Arkray Inc., Acon Laboratories Inc., Chembio Diagnostic Systems Inc., Kenosha Tapes, GVS S.p.A, Abingdon Health, Micro Essential Laboratory Inc., Paperdrop Diagnostics, Monadnock Paper Mills Inc., Bio-Rad Laboratories Inc., Diagnostics for All Inc., Sysmex Corporation, Abcam Plc., Cytodiagnostics Inc., Abbott Inc., Alere Inc., NanoEntek Inc., BiognostiX, Mologic Ltd., Becton Dickinson and Company, BioFluidica, BioDot Inc., Biopico Systems Inc., BioMedomics Inc., BioPorto Diagnostics A/S, Danaher Corporation, EMD Millipore, EKF Diagnostics Holdings plc

Launch Of Rapid Poc Test
Major companies operating in the paper diagnostics market are focusing on advancement for POC test. In August 2023, Mylab Discovery Solutions, an India-based Mylab Discovery Solutions, launched two rapid point-of-care tests for detecting dengue infections: the rapid gold test and the high-accuracy dry luminescence assay test. These tests provide results within 15-20 minutes without the need for a laboratory setup. They can aid in determining the stage and progression of the infection, supporting dengue screening programs in resource-limited regions. The tests differentiate between IgM and IgG antibodies, offering healthcare professionals accurate tools for timely diagnosis and effective disease management.

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Key Segments -
The paper diagnostics market covered in this report is segmented -
1) By Product: Dipsticks, Lateral Flow Assays: Paper Based Microfluidics
2) By Device Type: Monitoring Devices, Diagnostic Devices
3) By Application:Environmental Monitoring, Clinical Diagnostics, Food Quality Testing
4) By End-User: Home Healthcare, Assisted Living Healthcare Facilities, Hospital And Clinics

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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