According to the findings of a research study by Grand View Research, Inc.; the global malaria diagnostics market is likely to register a healthy growth rate of 4.5% during the forecast period i.e., from 2016 to 2022. The global market was valued at USD 579.5 million in 2015 and is expected to attain USD 789.0 million by 2022. Malaria diagnostics includes the usage of various methodologies including microscopy and blood tests. One of the key growth drivers for the market includes the rising prevalence of the disease across various regions. According to the World Health Organization (WHO), more that 212 million cases of malaria were documented in 2015.
Other factors such as technological developments and the advent of accurate, high-quality, and low-cost diagnostics tools are also expected to trigger growth in this market in near future. In addition, extensive efforts and initiatives taken by various government bodies across the world for the disease prevention are also likely to augment the demand for malaria diagnostics during the next few years. Furthermore, increased funding and investments by various governments, as well as private medical firms, are also projected to further fuel the expansion of the market for malaria diagnostics in the forthcoming years.
Full Research Report On Malaria Diagnostics Market Analysis:
The global malaria diagnostics market is categorized as per technology and region. On the basis of technology, the market is categorized into rapid diagnostic tests (RTDs), microscopy, and others. Among these, RTDs are the most widely used diagnostic tests. The segment accounted for around 45% of the overall market share in terms of revenue in 2015. The segment is projected to expand further at the highest growth rate during the forecast years. The major factor behind this expansion includes the fact that these tests require lesser turnaround time and are also very easy to use, as compared to other technologies. In terms of volume, the microscopic malaria diagnostics segment is estimated to witness a healthy growth rate of around 3.7% from 2016 to 2022.
On the basis of geographies, the market is divided into Africa, Southeast Asia, Europe, Americas, Western Pacific, and Eastern Mediterranean. The Africa region is projected to have a significant rise in its share in the malaria diagnostics market over the next few years. High prevalence of Plasmodium falciparum or P. falciparum, unsuitable climate conditions, increasing poverty, and insufficient medical facilities have resulted in an increased number of cases of malaria in Africa. All these factors are likely to offer tremendous growth opportunities for the malaria diagnostics market in this region.
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The Southeast Asia region was the second-largest regional market for malaria diagnostics and is likely to grow further at a CAGR of 4.0% during the estimated period. Emerging economies in this region such as Sri Lanka have experienced a decreased rate of malaria cases on account of high focus on disease prevention programs by the regional governments. India led the microscopic testing segment and is expected to account for the highest number of cases, which in turn, is projected to drive the demand over the next few years. In terms of value, the Europe regional market is said to witness a sluggish growth rate in near future as a result of the rising number of malaria-free countries in this region.
Some of the pioneers in the global market for malaria diagnostics include bioMérieux, Inc.; Premier Medical Corporation Ltd.; Beckman Coulter Inc.; Access Bio, Inc.; and Alere Inc. Partnerships and collaborations along with product innovations are the key strategies undertaken by most of these market players. Access Bio Inc. is said to be one of the global leaders. Key product manufactured by this company is RTDs, which occupied 93 % pf the firm’s overall sale in 2014. Access Bio caters to various government bodies across the regions including Middle East, Southeast Asia, Africa, and Europe, Americas. Several other companies with a considerable share in malaria RTDs are ICT Diagnostics and Tulip Group.
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