The growing prevalence of affordability and end-to-end user deliverability, fast and robust design, easy-to-use, reliable and accurate paper test kits.
NEW YORK, NEW YORK, UNITED STATES, October 14, 2021 /EINPresswire.com/ – The Global Paper diagnostics market is expected to reach $ 10.69 billion by 2027. The market is expected to be fueled by the increasing use of paper test kits for diabetes and pregnancy testing. The incisive demand for low cost, disposable, non-invasive and faster diagnostic solutions for health and environmental applications is increasing the demand in the paper diagnostics market. The easy availability of these paper diagnostic kits in a remote area, affordable and deliverable to end-to-end users, fast and robust design, ease of use, and decent accuracy in the results of many diagnostic tests have been few. – one of the main reasons behind the immense popularity of this diagnostic solution. As the increasing rate of infectious diseases, the increasing prevalence of chronic or lifestyle-related diseases due to unhealthy lifestyle and smoking, and the increasing popularity and reliability of pregnancy test kits are some- one of the secondary factors that contribute to the prosperity of the market.
The increasing adoption rate of paper diagnostic test kits in hospitals and clinics around the world has helped the market to grow tremendously. Besides the growth of outpatient surgical centers in many developed and developing regions around the world, the popularity of the paper diagnostic system has greatly increased.
Paper-based diagnostic devices have proven their superiority and promising solutions for disease management, especially in resource-constrained areas where costly and highly sophisticated traditional diagnostic options were clearly not available in large parts of the world.
The impact of COVID-19:
The COVID-19 pandemic has created endless disruption in manufacturing or production industries due to a shortage of resources in different parts of the world. Major industry players are skeptical about the future of the market and are trying to rethink their strategies to meet the challenge. The pandemic has had a serious impact on healthcare manufacturing units and an overall hurdle on healthcare facilities. The test kit manufacturing industries in India and China have also been immersed in the innovation and production of COVID-19 rapid test kits. Many leading players in the market have stopped investing in R&D and relying on available resources. However, as the manufacturing industries reopen their business units and increase the revenue generation process, the market is expected to be back from the fourth quarter of the current fiscal year.
The major companies operating in the market and featured in the report include:
Acon Laboratories, Inc., Abbott Laboratories, Bio-Rad Laboratories, Siemens Healthcare GmbH, GVS SpA, Diagnostics For All, Inc., ARKRAY, Inc., Navigene Genetic Science Private Ltd., Micro Essential Laboratory Inc and FFEI Life Sciences, between others.
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The pharmaceutical and health industry has undergone profound changes in recent years, especially with the emergence of the COVID-19 pandemic. The increasing accessibility of advanced health systems and low-cost technologies, coupled with the growing demand for over-the-counter drugs, has further changed the dynamics of the industry. The integration of robust technologies such as AI and blockchain has helped pharmaceutical companies reduce capital expenditure and strengthen the global supply chain. The increasing application of biosimilars, the refocus on in silico testing of pharmaceuticals, and the growing number of product approvals by regulatory authorities are some of the key factors driving the market’s revenue growth.
The increase in R&D spending, the growing focus on implementing robust cybersecurity solutions to ensure better connectivity of medical devices and the development of advanced telehealth software by key companies operating in the field have further strengthened market revenue growth. The global paper diagnostics market report examines the current market scenario against the competitive landscape and offers key insights into company profiles, product portfolio, production and manufacturing capacity, revenue contribution, and position in the world market. It also provides details on recent mergers and acquisitions, joint ventures, collaboration, and product launches, among others.
Other key findings from the report suggest
â¢ In order to substantialize the paper-based test kits, every year research and development is carried out enormously, and government agencies invest a handful of the sum in their R&D, which is fueling the market growth by a large margin over the course of of the forecast period. The increasing prevalence of unwanted pregnancies is significantly driving the market.
â¢ It has been observed that many women find it more convenient to wait a day or two and take a pregnancy test with privacy in their own home. Additionally, these paper-based diagnostics typically produce results within minutes and typically provide accurate results. Considering these factors, there is a huge demand from women for their pregnancy test kits.
â¢ Many countries around the world are rapidly adopting e-commerce and improving their digital payment infrastructure, and online pharmacies are one of the major e-commerce verticals, starting to gain momentum and have potential for growth. huge. The availability of paper diagnostic kits online helps to increase its business value.
â¢ High demand has been seen from home care, outpatient surgery centers, clinics and even diagnostic centers due to its faster test results, moderate accuracy and lower price.
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For the purpose of this report, reports and data have been segmented into the global paper diagnostics market on the basis of application, product type, end-use verticals, and region:
Application Outlook (Revenue: Billions USD; Volume: Millions of Units; 2017-2027)
â¢ Clinical diagnosis
o Cancerous diseases
o Infectious diseases
o Liver disease
â¢ Food grade test
â¢ Environmental monitoring
Outlook Product Type (Revenue: USD Billion; Volume: Million Units; 2017-2027)
â¢ Lateral flow assays
â¢ Microfluidics on paper
End-Use Vertical Market Outlook (Revenue: USD Billion; Volume: Million Units; 2017-2027)
â¢ Hospitals and clinics
â¢ Diagnostic centers
â¢ University and research institutes
â¢ Home care
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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 company presence. leading in every region. It studies the market revenue growth in each region and their key countries based on several factors such as macro and microeconomic growth drivers, regulatory framework and policies, investment and financing opportunities, R&D and technological advances and growth prospects.
Key regions assessed in the report:
â¢ North America (United States, Canada, Mexico)
â¢ Europe (United Kingdom, Germany, Italy, France, rest of Europe)
â¢ Asia-Pacific (India, Japan, China, South Korea, Australia, rest of APAC)
â¢ Latin America (Brazil, Argentina, rest of Latin America)
â¢ Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, rest of MEA)
The report further segments the global paper diagnostics market on the basis of product types and applications and provides details on the key factors that are expected to drive the revenue growth of each segment and sub-segment.
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