Lateral Flow Assays to Yield 3/5th Revenue Share in Paper Diagnostics Market: Fact.MR Study
Published : 07 Oct 2021 Industry: Healthcare
The global paper diagnostics market is scheduled to embark on a positive trajectory, clocking a CAGR worth 8.1% from 2021-2031, according to Fact.MR’s recently published report. Furthermore, it is expected to be valued at US$ 15.8 Bn by the end of the aforementioned forecast period.
From 2016 to 2020, paper diagnostics demand expanded at a robust 7% CAGR. During the COVID-19 pandemic, prospects appeared to elevate further, as clinicians and healthcare providers sought more precise genome sequencing techniques to understand viral caseload distribution.
Attributed by burgeoning demand for rapid testing and accurate diagnosis in response to upsurge in cancer cases worldwide and increasing prevalence of autoimmune diseases, and inflammatory diseases, the market is slated to register over 2x growth. By 2021-end, the market is expected to be valued at US$ 7.2 Bn.
Key Takeaways from the Market Study
- By product, lateral flow assays are expected to yield 60% of global paper diagnostics revenue
- Hospitals & clinics to remain dominant end users, experiencing a growth rate of 7%
- U.S. to be an opportunistic market, growing at a CAGR of 8% from 2021 to 2031
- China likely to register a growth rate of 6.6% from 2021 to 2031
- Higher inclination towards microfluidics expected, likely to account for 35% revenue share
“As healthcare providers seek to leverage inexpensive yet precise diagnostic approaches, manufacturers are deploying a broad range of paper based solutions, prompting a flurry of product launches,” comments a Fact.MR analyst.
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions. Notable paper diagnostics providers include Abcam Plc., Acon Laboratories Inc., Bio-Rad Laboratories Inc., Siemens Healthineers, Chembio Diagnostic Systems Inc., Arkray Inc. and Cytodiagnostics Inc. among others.
- The Wyss institute has developed paper-based synthetic gene networks as a next generation diagnostic technology for use in global healthcare crises and patient-care. This new type pf platform may also provide patients and consumers with simple-to-use texts for a variety of other health problems.
- In Sept 2017, U.S. ARKRAY, Inc. (ARKRAY) launched the ADAMS™ A1c HA-8180V System for haemoglobin A1c testing. The system obtained FDA 510(k) clearance as an aid in the diagnosis and monitoring of individuals with diabetes.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the paper diagnostics market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study divulges essential insights on the market based on product (lateral flow arrays, dipsticks and microfluidics) and end user (hospitals & clinics and home care settings) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
Fact.MR’s Domain Knowledge in Healthcare
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed healthcare industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Sr. Consultant – Healthcare