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.
The global malaria diagnostics market accounted for $728,870 thousand in 2018 and is expected to reach $1,085,106 thousand by 2026, registering a CAGR of 5.1% from 2019 to 2026.
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Based on product type, the rapid diagnostic tests segment accounted for more than two-fifths of the global malaria diagnostics market share in 2018, and is expected to retain its dominance by 2026. Surge in healthcare expenditure in developing countries has propelled the market growth. The molecular diagnostic tests segment, on the other hand, would register the fastest CAGR of 6.0% throughout the forecast period. Rising awareness among people regarding early diagnosis of malaria and the wide array of benefits offered by drug molecular diagnostic tests spur the growth of the segment.
The demand for malaria diagnostics is on the rise, owing to surge in malaria across the globe. Furthermore, rise in awareness initiatives by governments is another major factor that contributes to the growth of this market.
Based on product type, the rapid diagnostic tests segment held more than two-fifths of the total market share in 2018, and is expected to maintain its highest contribution in terms of revenue during the forecast period. However, the molecular diagnostics tests segment is expected to portray the fastest CAGR of 6.0% from 2019 to 2026. The report also analyzes the microscopy segment.
Based on end user, the clinics segment accounted for more than two-fifths of the total market share in 2018, and is expected to contribute its lead position throughout the forecast period. However, the diagnostic centers segment would witness the largest growth rate with a CAGR of 6.0% from 2019 to 2026. The research also discusses the hospitals segment.
The clinics segment to dominate during the estimated period-
Based on end-user, the clinics segment generated the largest share in 2018, holding more than two-fifths of the global malaria diagnostics market. Availability of specialized treatments under one single roof has augmented the segment growth. Simultaneously, the diagnostic centers segment would cite the fastest CAGR of 6.0% from 2019 to 2026. The fact that diagnostic centers are quite specialized in performing malaria diagnostic tests has driven the growth of the segment.
The malaria diagnostics market is studied on the basis of product type, end user, and region to provide a detailed assessment of the market. On the basis of product type, it is segmented into rapid diagnostic tests, microscopy, and molecular diagnostic tests. By end user, it is bifurcated into hospital, clinics, and diagnostic centers. Region wise, it is analyzed across North America (the U.S., and Canada, and Mexico), Europe (Germany, the UK, and rest of Europe), Asia-Pacific (China, India, and rest of Asia-Pacific), and LAMEA (Africa and rest of LAMEA).
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.
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Key market players of the global malaria diagnostics market analyzed in the research include Abbott Laboratories, Atlas Medical, Access Bio, Inc., Bio-Rad Laboratories, Inc., Biomérieux SA, Novartis AG, Meridian Bioscience Inc., Premier Medical Corporation Pvt. Ltd., Olympus Corporation, and Siemens AG. They have adopted various strategies including partnerships, collaborations, agreements, mergers & acquisitions, and others to gain a strong position in the industry.
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