Malaria Diagnostics Market current trends, driving factors, restraints, and opportunities till 2026 | CAGR of 5.1%
Pune, Maharashtra, India, December 16 2020 (Wiredrelease) Allied Analytics –: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. 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.
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The major factor that contributes to the growth of malaria diagnostics market include rise in prevalence of malaria in developing countries. Furthermore, rise in awareness initiatives by governments and surge in research for new malaria diagnostics are the factors that boost the growth of the market. However, lack of awareness about healthcare in developing countries is the major factor that restricts growth of the malaria diagnostics market. Conversely, growth opportunities exhibited by emerging economies is expected to offer lucrative opportunities during the forecast period.
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.
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.
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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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.
Questions answered in the Malaria Diagnostics Market research report:
• Which are the leading market players active in the Malaria Diagnostics Market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the Malaria Diagnostics Market?
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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