LOS ANGELES, Jan. 17, 2019 (GLOBE NEWSWIRE) -- The global Paper diagnostics market size is anticipated to around USD 11.0 billion by 2026, this market is anticipated to grow with 8.3% CAGR during the forecast time period. Growing demand for cost-effective healthcare in remote areas of emerging nations is foremost to increasing popularity of point-of-care diagnostic approaches in these nations. Furthermore, in developed nations, heightened acceptance of point-of-care diabetes test kits and pregnancy test kits is anticipated to work in favour of the industry.
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Also, varying lifestyle habits, including unhealthy and diet smoking paired with augmented incidence of obesity, is expected to lead to a rise in the occurrence of lifestyle-associated diseases, for instance diabetes and cardiac diseases, global. Such as, as per a study conducted by the International Diabetes Federation (IDF), in 2017, about 3.27 million cases of diabetes were identified in France. Rising cases are expected to lead to growth of diabetic paper diagnostic test kits in near future, thus boosting the industry.
The global paper diagnostics market is segmented into product, device type, application, end-use and region. On the basis of product the global paper diagnostics market is segmented into lateral flow assays, dipsticks, and paper based micro fluidics. On the basis of device type the global paper diagnostics market is segmented into diagnostic devices and monitoring devices. On the basis of application the global paper diagnostics market is segmented into clinical diagnostics, food quality testing, and environmental monitoring. The clinical diagnostics sub segment is further bifurcated into cancer infectious diseases, liver disorders, and other. On the basis of end-user, the global paper diagnostics market is segmented into home healthcare, assisted living healthcare facilities, and hospital and clinics. On the basis of region the global paper diagnostics market is segmented into Latin America, Europe, Asia Pacific, North America, and Middle East & Africa.
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North America was the major contributor in the market in 2018. Occurrence of major participants in the industry with a strong network of technology distribution in the U.S. is one of the main development stimulants for the industry. Furthermore, increasing government initiatives to encourage progressive diagnosis for infectious diseases are aiding the development of the regional industry.
Such as, in August 2017, CDC provided funding of about USD 200 million through the ‘Epidemiology & Laboratory Capacity (ELC) for Infectious Disease’ agreement. The finance is expected to aid nations control and prevent threat posed by infectious diseases. Also, well-established healthcare facilities, increasing consciousness among the population, and accessibility of effective paper diagnostic tools are expected to drive the development of the industry in North America.
Asia Pacific is projected to be the fastest developing region during the forecast timeframe. The development of the region can be credited to increasing occurrence of infectious diseases for instance, tuberculosis and dengue. As per the study published by WHO, in 2017, the largest numeral of cases, that is about 62.0% of cases for TB were detected in the South-East Asia and Western Pacific region. The study additional states that the eight nations accounting for two-third of new cases are South Africa, China, the Philippines, Indonesia, Pakistan, Bangladesh, India, and Nigeria.
Furthermore, the healthcare sector in the region is anticipated to witness lucrative development during the forecast timeframe due to increasing research and development activities and fund rising activities that are creating opportunities for western market participants to capitalize in this region. Such as, in India, organizations for instance, Tata Institute for Fundamental Research, Biotechnology Industry Research Assistance Council (BIRAC), Department of Biotechnology, and National Centre for Biological Sciences deliver grants to facilitate biotechnology research activities, which can also lead to technical progressions in paper-based diagnostic solutions.
Market companies are concentrating on implementing new strategies for instance regional expansion, partnerships, mergers and acquisitions, new product launches, and distribution agreements to surge their revenue share. And also, growing R&D investments paired with technical advancements to commercialize highly efficient products are expected to offer huge growth opportunities for industry participants. Some of the main businesses present in the paper diagnostics market are Abbott, Bio-Rad Laboratories, Acon Laboratories, Inc., Siemens healthcare, ARKRAY Inc., Abcam Plc, and Abingdon Health. Significant strategic initiatives undertaken by global businesses include partnerships, new product launch, acquisitions.
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