Malaria Diagnostics Market to Reach $1,085,106 Thousand, Globally, by 2026 at 5.1% CAGR: Allied Market Research
Rise in incidence of malaria, increase in healthcare expenditure among people, and surge in adoption of malaria diagnostics tools across the world drive the growth of the global malaria diagnostics market.
PORTLAND, Oregon, May 11, 2020 /PRNewswire/ -- Allied Market Research published a report titled, "Malaria Diagnostics Market by Product Type (Rapid Diagnostic Tests, Microscopy, and Molecular Diagnostic Tests) and End User (Hospital, Clinics, Diagnostic Centers) Global Opportunity Analysis and Industry Forecast, 2019–2026."According to the report, 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.
Drivers, restraints, and opportunities-
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 rapid diagnostic tests segment to lead the trail by 2026-
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 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.
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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