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Press Release

Adoption of POC Diagnostics to Boost the Paper Diagnostics Market | Technavio

Technavio Research
Posted on: 07 Nov 17

Technavio market research analysts forecast the global paper diagnostics market to grow at a CAGR of close to 7% during the forecast period, according to their latest report.

This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171107006384/en/

Technavio has published a new report on the global paper diagnostics market from 2017-2021. (Graphic: Business Wire)

The market study covers the present scenario and growth prospects of the global paper diagnostics market for 2017-2021. The report also lists lateral flow assays kits and dipsticks as the two major product segments, of which the lateral flow assays kits accounted for 70% of the market share in 2016.

According to Anushree Dhar, a lead analyst at Technavio for in-vitro diagnostics research, “The market is expected to witness an increase in the adoption of paper diagnostics for the detection of infectious diseases such as cancer, food-borne infections, and lifestyle disorders such as diabetes. Vendors are focusing on developing paper diagnostic products with nano-biosensors for increased process efficiency. New technologies, such as the use of nano-biosensor in the development of lateral flow assay products, will help in producing qualitative and accurate test results during rapid testing.”

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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global paper diagnostics market:

  • Low cost of paper diagnostic products
  • Rising adoption rate of rapid POC diagnostics
  • Increasing number of partnerships

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Low cost of paper diagnostic products

Cost-effectiveness of the products drives the global paper diagnostics market. The lateral flow assay kits and dipsticks are one of the cheapest products available in the global IVD market., which is the parent market. The cost of lateral flow assay kit and dipstick varies with a huge margin, but it is the quite cost-effective product for disease monitoring. The low cost of the product drives the market growth, as it increases product affordability and influences the bulk purchase of the product in online and offline platforms.

Rising adoption rate of rapid POC diagnostics

The IVD market observes an increased growth of rapid POC diagnostics. It provides immediate results in non-laboratory settings to support more patient-centered approaches in healthcare. The sensory technology enables the rapid analysis of blood, urine, and serum samples. There is a higher adoption of rapid POC testing systems in the molecular diagnosis field. These devices are available for glucose self-testing, infectious agents testing, and food quality monitoring.

“The POC testing devices help to counter the challenges faced in the diagnosis and treatment of cancer and stroke. The high cost of clinical diagnostic devices encouraged the shift towards rapid POC testing devices and rapid test kits. These low-cost diagnostic devices made the rapid POC test kits readily available and affordable for most growing economies,” says Anushree.

Increasing number of partnerships

The global paper diagnostics market is characterized by the presence of various market vendors. The market vendors engage in partnerships for efficient product marketing and brand power enhancement. In 2014, Beckman Coulter also announced the acquisition of clinical microbiology division of Siemens Healthcare.

In Africa, GlaxoSmithKline collaborated with a few start-up ventures for the development of microfluidics-based diagnostic kits. The company aims to introduce simple, cheap, and paper-based devices, capable of producing quantitative diagnostic test strips in the country. These tests can be administered by minimally trained healthcare staff in developing countries. The antenatal pen makes use of a novel design with a dropper to deliver reagents and is helpful for the healthcare worker. The G6PD test is also an innovative visual screen, which allows a quantitative assessment in difficult to detect diseases. Both designs are part of a wider platform, which will revolutionize the healthcare diagnosis and companion treatment in developing countries.

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About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

View source version on businesswire.com: http://www.businesswire.com/news/home/20171107006384/en/

Business Wire
www.businesswire.com

Last updated on: 07/11/2017

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