Paper Diagnostics Market Growth, Global Survey, Analysis, Share, Company Profiles and Forecast by 2027
October 14, 2021
Reports And Data
The growing prevalence of the affordable & deliverable to end-to-end user aspects, rapid & robust design, easily usable, reliable & accurate paper testing kits.NEW YORK, NEW YORK, UNITED STATES, October 14, 2021 /EINPresswire.com/ -- 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.
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.
Top Companies operating in the market and profiled in the report 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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The pharmaceutical and healthcare industry has undergone tremendous change over the recent years, especially with the emergence of the COVID-19 pandemic. Increasing accessibility of advanced healthcare systems and low-cost technologies coupled with growing demand for over-the-counter medications has further changed the dynamics of the industry. Integration of robust technologies such as AI and blockchain have helped pharmaceutical companies reduce capital expenditure and strengthen the global supply chain. Increasing application of biosimilars, shifting focus to in-silico testing of pharmaceutical products, and rising number of product approvals from regulatory authorities are some key factors driving revenue growth of the market.
Increasing expenditure on R&D, growing focus on implementing robust cybersecurity solutions to ensure better medical device connectivity, and development of advanced telehealth software by key companies operating in the field has further added traction to the revenue growth of the market. The global Paper Diagnostics market report discusses the current market scenario with respect to the competitive landscape and offers key insights into the company profiles, product portfolio, production and manufacturing capacity, revenue contribution, and position in the global market. It also provides details on recent mergers & acquisitions, joint ventures, collaboration, and product launches, among others.
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.
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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
o Cancerous Diseases
o Infectious Diseases
o 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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The report provides a comprehensive analysis of the market scope, supply chains, distribution channels, trends and demands in each region, revenue generation, market size, and presence of prominent companies in each region. It studies the revenue growth of the market in each region and their key countries based on several factor such as macro- and micro-economic growth factors, regulatory framework and policies, investment and funding opportunities, R&D and technological advancements, and growth prospects.
Key Regions Assessed in the Report:
• North America (U.S., Canada, Mexico)
• Europe (U.K., Germany, Italy, France, Rest of Europe)
• Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
The report further segments the global Paper Diagnostics market on the basis of product types and applications and offers details about key factors that are expected to drive revenue growth of each segment and sub-segment.
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