New York, June 29, 2020 (GLOBE NEWSWIRE) — The Global Paper Diagnostics Market is projected to reach USD 10.69 billion by 2027. The market is estimated to be fueled up by the increasing use of paper-based testing kits for diabetes and pregnancy tests. Incisive demand for low-cost, disposable, non-invasive, and quicker diagnostic solutions for healthcare and environmental applications are augmenting the demand for paper diagnostics market. Easy availability of these paper diagnostic kits in a remote area, affordable & deliverable to end-to-end user aspects, rapid & robust design, easy usability, and decent accuracy in the results for many diagnostic tests have been some of the primary reasons behind the tremendous popularity of this diagnostic solution. While, increasing rate of infectious diseases, growing prevalence of chronic or lifestyle diseases due to unhealthy lifestyle & smoking, and rising popularity & reliability of the pregnancy test kits are some of the subordinate factors that help prosper the market.
The rising adoption rate of the paper-based test kits for diagnosis in the hospitals & clinics around the world helped the market grow extensively. Besides the growth of the ambulatory surgical centers in many developed and developing areas around the world has increased the popularity of the paper diagnostics system broadly.
The paper diagnostics devices have proven its superiority and promising solutions to disease management, especially in resource-constrained areas where the traditional expensive & highly sophisticated diagnostic options were evidentially unavailable in vast areas around the world.
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The COVID-19 impact:
The COVID-19 pandemic has created endless disruptions to the manufacturing or production industries due to a shortage of resources in different parts of the world. The leading players in the industry are skeptical about the market’s future and try to redesign their strategies to support the challenge. The pandemic had a serious impact on the healthcare manufacturing units an overall hindrance on the healthcare facilities. The testing kit manufacturing industries in India and China have also been submerged into innovating and producing COVID-19 rapid testing kits. Many prominent players in the market have stopped investing in the R&D and relying on the available resources. However, as the manufacturing industries reopen their operational units, and increases the revenue generation process, the market is expected to be back on track from the Q4 of this current fiscal year.
Further key findings from the report suggest
- In order to substantialize the paper-based testing kits, every year, the research and development are carried out tremendously, and government bodies invest a handful of the amount in their R&D, which fuels up the market growth by a large margin during the forecast period. The rising prevalence of unintended pregnancy is driving the market substantially.
- It’s been observed many women find it more convenient to wait a day or two and take a pregnancy test having the privacy in their own home. Besides, these paper diagnostics will typically produce results in just minutes and mostly provide with the accurate results. Considering these factors there is a huge demand from the women for their pregnancy test kits.
- Many countries all over the world are adopting e-commerce rapidly and improving digital payments infrastructure, and online pharmacies are one of the major verticals of e-commerce, are starting to gain momentum and have tremendous growth potential. Availability of the paper diagnostics kits in online is helping grow its business value.
- A high demand have been observed from the home healthcare, ambulatory surgical centers, clinics, and even from the diagnostic centers owing to its faster testing results, moderate accuracy, and lesser prcicing.
- Key participants include Acon Laboratories, Inc., Abbott Laboratories, Bio-Rad Laboratories, Siemens Healthcare GmbH, GVS S.p.A., Diagnostics For All, Inc., ARKRAY, Inc., Navigene Genetic Science Private Ltd., Micro Essential Laboratory Inc, and FFEI Life Sciences, among others.
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For the purpose of this report, Reports and Data have segmented into the global Paper Diagnostics Market on the basis of application, product type, end-use verticals, and region:
Application Outlook (Revenue: USD Billion; Volume: Million Units; 2017-2027)
- Clinical Diagnostics
- Cancerous Diseases
- Infectious Diseases
- Liver Diseases
- Food Quality Testing
- Environmental Monitoring
Product Type Outlook (Revenue: USD Billion; Volume: Million Units; 2017-2027)
- Lateral Flow Assays
- Paper Based Microfluidics
End-Use Verticals Outlook (Revenue: USD Billion; Volume: Million Units; 2017-2027)
- Hospitals & Clinics
- Diagnostics Centers
- Academic & Research Institutes
- Home Healthcare
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Regional Outlook (Revenue: USD Billion; Volume: Million Units; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Saudi Arabia
- Rest of MEA
- Latin America
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