PUBLISHER: Grand View Research | PRODUCT CODE: 1363109
PUBLISHER: Grand View Research | PRODUCT CODE: 1363109
The global paper diagnostics market size is expected to reach USD 22.5 billion by 2030, registering a CAGR of 6.0% from 2023 to 2030, according to a new report by Grand View Research, Inc.. Increasing prevalence of diseases such as cancer, autoimmune diseases, and inflammatory diseases is one of the key factors expected to fuel the demand for novel and rapid diagnostics techniques, thereby driving the market during the forecast period. For instance, as per the American Cancer Society, in 2018, around 1.7 million new cancer cases are likely to be diagnosed and 609,640 individuals are poised to die due to cancer. The number of cancer cases is projected to rise by around 70.0% over the next two decades. This trend is anticipated to help the market gain momentum during the forecast period.
Rising R&D investments, technological advancements, and new product launches are the key growth strategies incorporated by companies to cater to rising needs. ARKRAY Inc.; Acon Laboratories, Inc.;Abbott; Bio-Rad Laboratories; Siemens healthcare; Abcam Plc; and Abingdon Health are some of the players focusing on new product development by rising R&D investments. For instance, in March 2017, ARKRAY Inc. launched saliva testing system, capable of measuring cariogenic bacteria, acidity & buffer capacity, occult blood, leukocyte & proteins, and ammonia from saliva. Moreover, in May 2017, ACON Laboratories, Inc. received U.S. FDA approval for its "Mission Urine Reagent Strips" for detection of Microalbumin and Creatinine.