The global malaria diagnostics market size is projected to reach USD 998.85 million by 2026 expanding at a CAGR of 5.4%
NEW YORK, Oct. 21, 2019 /PRNewswire/ -- Malaria Diagnostics Market Size, Share & Trends Analysis Report By Technology (RDTs, Microscopy, Molecular Diagnostic Tests), By Region (Eastern Mediterranean, Southeast Asia, Africa), And Segment Forecasts, 2019 - 2026
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The global malaria diagnostics market size is projected to reach USD 998.85 million by 2026 expanding at a CAGR of 5.4%. Rising prevalence of the tropical disease in endemic countries, development of novel diagnostic techniques, and rising investments by regional governments and private investors are expected to propel market growth. Malaria is one of the most widespread life-threatening diseases, commonly occurring in the tropical and subtropical regions due to changing climate, low economic growth, underdeveloped healthcare infrastructure, and lack of access to advanced treatment.
Increasing number of government initiatives and investments by market participants are also anticipated to fuel market growth in the near future.A large number of malarial elimination programs are being undertaken by major companies to reduce the disease prevalence.
For instance, Novartis's Malaria Initiative was aimed at facilitating malaria elimination and control.Along with various organizations, the company has provided non-profit treatment to 750 million people across 60 countries. Thus, such initiatives are anticipated to facilitate the development of novel technologies and aid in market penetration.
Further key findings from the study suggest:
• Conventional usage of microscopic examination for detection of malarial parasite has driven the microscopy technology segment
• RDTs are anticipated to account for the largest revenue share owing to ease of usage, convenience, and rapid diagnosis
• Molecular diagnostic tests is projected to be the fastest-growing technology segment during the forecast period owing to their accuracy and capability of detecting low parasite count
• Africa led the malaria diagnostics market in 2018 due to high disease incidence and increased adoption of various malarial diagnostic techniques in the region
• Southeast Asia also held a considerable revenue share in 2018 owing to high disease reoccurrence and initiatives undertaken to curb malarial incidence
• Few key companies include Access Bio, Inc.; Alere, Inc.; Premier Medical Corporation Ltd.; Sysmex Partec GmbH; bioMérieux, Beckman Coulter, Inc.; Siemens Healthcare; and Leica Microsystems
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