Rise in incidence of malaria, increase in healthcare expenditure among people, and surge in adoption of malaria diagnostics tools across the world fuel the growth of the global malaria diagnostics market. On the other hand, poor demand in underdeveloped countries restrains the growth to some extent. Nevertheless, development in emerging economies is expected to create a plethora of opportunities in the near future.
According to the report published by Allied Market Research, the global malaria diagnostics industry was estimated at $728,870 thousand in 2018, and is expected to hit $1,085,106 thousand by 2026, registering a CAGR of 5.1% from 2019 to 2026. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Onkar Sumant, a Manager, Healthcare at Allied Market Research, stated, “Growth of the tissue engineering market is attributed to rise in prevalence of chronic disease and trauma emergencies the globe. Furthermore, rise in awareness regarding tissue engineered products, growth in number of R&D activities, and technological development in 3D bio-printing are other factors that contribute toward growth of the market.”
By end user, the clinics segment acquired the major share of the malaria diagnostics market, owing to surge in number of clinics worldwide. In addition, diagnostic centers are expected to exhibit the fastest growth rate during the forecast period due to surge in awareness related to early diagnosis of malaria infection for better treatment.
Key Findings of the Study:
- Rapid diagnostic tests segment occupied approximately half the share of the global malaria diagnostics market in 2018.
- The molecular diagnostic tests segment is anticipated to grow with the highest CAGR throughout the forecast period.
- The hospitals segment accounted for one-thirds share of the market in 2018.
- Asia-Pacific is anticipated to grow at the highest rate during the analysis period, followed by LAMEA.
LAMEA to maintain the top status till 2026, North America to grow at the third highest CAGR-
Based on geography, LAMEA contributed to 94% of the global malaria diagnostics market revenue in 2018, and is anticipated to maintain the lion’s share till 2026. At the same time, the Asia-Pacific region would showcase the fastest CAGR of 6.1% during the study period. Surge in awareness regarding the use of antimalarial drugs in this region has propelled the growth. However, North America would register a CAGR of 4.1% by 2026.
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Frontrunners in the industry-
- Access Bio. Inc.
- Siemens AG.
- Bio-Rad Laboratories, Inc.
- Premier Medical Corporation Pvt Ltd.
- Atlas Medical
- Biomérieux SA
- Meridian Bioscience Inc.
- Novartis AG
- Abbott Laboratories
- Olympus Corporation
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