Paper Diagnostics Market– Statistics And Analysis & Forecast To 2025
Posted by Mrudula Anil Karmarkar on April 5th, 2021
The global paper diagnostics market size is estimated to reach USD 10.50 billion by 2025, according to a new report by Grand View Research, Inc, rising at a CAGR of 8.0% during the forecast period. Increasing prevalence of diseases such as cancer, autoimmune diseases, and inflammatory diseases is one of the key factors expected to fuel the demand for novel and rapid diagnostics techniques, thereby driving the market during the forecast period. For instance, as per the American Cancer Society, in 2018, around 1.7 million new cancer cases are likely to be diagnosed and 609,640 individuals are poised to die due to cancer. The number of cancer cases is projected to rise by around 70.0% over the next two decades. This trend is anticipated to help the market gain momentum during the forecast period.
Biopharmaceutical innovators are at the forefront of the human response to the coronavirus pandemic. A significant number of major biotech firms are in the midst of a race to investigate the Sars-Cov-2 genome and prepare a viable vaccine for the same. As compared to the speed of response to SARS/MERs etc, the biotech entities are investigating SARs-Cov-2 at an unprecedented rate and a considerable amount of funds are being put into the R&D. With multiple candidates in trial, the public and private sectors are anticipated to work in unison for the foreseeable period, until a vaccine is developed for Covid-19. The report will account for Covid19 as a key market contributor.
Rising R&D investments, technological advancements, and new product launches are the key growth strategies incorporated by companies to cater to rising needs. ARKRAY Inc.; Acon Laboratories, Inc.;Abbott; Bio-Rad Laboratories; Siemens healthcare; Abcam Plc; and Abingdon Health are some of the players focusing on new product development by rising R&D investments. For instance, in March 2017, ARKRAY Inc. launched saliva testing system, capable of measuring cariogenic bacteria, acidity & buffer capacity, occult blood, leukocyte & proteins, and ammonia from saliva. Moreover, in May 2017, ACON Laboratories, Inc. received U.S. FDA approval for its “Mission Urine Reagent Strips” for detection of Microalbumin and Creatinine.
Furthermore, changing lifestyle habits, including smoking and unhealthy diet coupled with increased incidence of obesity, is anticipated to lead to an increase in the prevalence of lifestyle-associated diseases, such as diabetes and cardiac diseases, worldwide. For instance, as per a study conducted by the International Diabetes Federation (IDF), in 2017, around 3.27 million cases of diabetes were diagnosed in France. Growing cases are likely to lead to development of diabetic paper diagnostic test kits in near future, thereby driving the market.
Further key findings from the report suggest:
Moreover, increasing investments by government organizations in R&D pertaining to development of novel in vitro diagnostics tests and devices have been providing an upthrust to the market. For instance, European Diagnostic Manufacturers Association (EDMA), which focuses on development and overall growth of the in vitro diagnostic industry in Europe, invests approximately € 1 billion in R&D of in vitro diagnostics every year.
Rising focus of established players in Japan towards developing technologically advanced paper diagnostics, increasing healthcare initiatives, and clinical development frameworks of emerging economies are poised to create ample growth opportunities for the market in APAC. Rising incidence of hospital acquired urinary tract infections in India is prompting hospitals and doctors to focus on delivery of proper care and incorporation of diagnostic techniques.
In addition, an urgent need for development of new systems and replacement & upgradation of medical infrastructure are also projected to positively influence the market during the forecast period. Furthermore, presence of untapped opportunities in emerging economies such as India, China, and Brazil in the field of paper-based point-of-care diagnostics is anticipated to boost the growth of the market during the forecast period.
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Key established players include ARKRAY Inc.; Acon Laboratories, Inc.; Abbott; Bio-Rad Laboratories; and Siemens healthcare Gmbh. High R&D investments to deliver novel product portfolio are one of the key strategies adopted by these players to capture shares. For instance, Abbott invested around USD 2.24 billion in FY 2017 for research and developmental activities. The company has HIV Combo Fingerstick, SD BIOLINE HAT 2.0, and Malaria Ag.P.F. Test products under its product portfolio serving the market.
Furthermore, in January 2018, ARKRAY, Inc. completed expansion and transfer of its Pinghu factory in China, in order to strengthen its manufacturing capabilities pertinent to diabetes testing instruments and in vitro diagnostic reagents. Through R&D unit expansion, the company is expanding its presence in China to grab untapped opportunities.
Other emerging players, such as Abcam Plc; Chembio Diagnostic Systems, Inc.; and Creative Diagnostics, are continually focusing on new product development and expanding their presence into developing economies to grab untapped opportunities.
Grand View Research has segmented the global paper diagnostics market on the basis of product, devices type, application, end-use, and region:
Paper Diagnostics Product Outlook (Revenue, USD Million, 2014 - 2025)
Paper Diagnostics Device Type Outlook (Revenue, USD Million, 2014 - 2025)
Paper Diagnostics Application Outlook (Revenue, USD Million, 2014 - 2025)
o Infectious diseases
o Liver Disorders
Paper Diagnostics End-use Outlook (Revenue, USD Million, 2014 - 2025)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information:www.grandviewresearch.com
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About the AuthorMrudula Anil Karmarkar
Joined: July 2nd, 2020
Articles Posted: 851
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