Global paper diagnostics market is expected to reach USD 8.35 billion by 2022, according to a new report by Grand View Research, Inc. Increasing prevalence of infectious disorders and lifestyle associated diseases such as diabetes coupled with rising geriatric population base is expected to present this market with lucrative growth opportunities.
In addition, rising adoption of cost effective and easily accessible rapid POC diagnostics especially in the developing economies of Asia Pacific region is expected to boost market growth over the forecast period. Furthermore, growing incidence rates of cancer is expected to serve paper diagnostics market as a driver. As reported by WHO, in 2012, cancer was among the prime causes of mortality worldwide with 8.2 cancer associated deaths and 14 million new cases, thereby expected to propel the need for development of rapid, portable and cost-effective paper diagnostics.
Introduction of technologically advanced paper based sensor, 3D wax printing devices have potential advantages over conventional technologies, associated benefits such as disposable nature, user friendliness and low cost of fabrication are the factors attributing towards the growth of this industry.
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Further key findings from the study suggest:
- Lateral flow assays dominated the product market in terms of revenue share as of 2014, at over 65% of market owing to high adoption rates and introduction of fluid actuated valves which are embedded in paper enabling manipulation of fluids & reagents in imunodetection tests.
- Demand for diagnostics devices such as paper based microfluidics, and other upgraded technology based on fluidics for confirmatory tests is expected to heighten over the forecast period owing to increasing R&D activities assuring inflow of novel products in the industry. High cost of quantitative tests and growing awareness pertaining to associated benefits with adoption of these technologies are growth propellers for this market.
- Clinical diagnostics segment is expected to gain market share of over 45% over the forecast period due to rising demand for cost effective screening tests for infectious diseases and cancer. Increasing usage of microfluidics, and paper based biosensors in the diagnosis of liver disorders and diseases such as HIV, malaria, and dengue the segment is anticipated to be instrumental in providing lucrative growth platform during the forecast period.
- Biotech-Pharma research segment is expected to grow with lucrative CAGR of 8.1% owing to increasing R&D activities for the development of paper based analytical devices for diseases diagnosis.
- For example, in October 2015, Alere Ltd. UK in collaboration with other market players initiate the project for the development of laser printable point of care sensors which enables laser based printing for biological material. This study helps in the detection of specific disease such as tuberculosis and reducing the detection time.
- Major players operating in the paper diagnostics market include Diagnostics For All, BiognostiX, Navigene Genetic Science Pvt. Ltd., Micro Essential Laboratory, Kenosha C.V., GVS Filter Technology, Alere Inc., Bio-Rad Laboratories, and Siemens Healthcare. Market leaders are involved in extensive research for the development of cost efficient, accurate, sensitive paper based microfluidics.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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