Malaria Diagnostics Market is expected to reach $1,085,106 thousand by 2026, At CAGR of 5.1%
Pune, Maharashtra, India, February 5 2021 (Wiredrelease) Allied Analytics –: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. 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.
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.
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Surge in prevalence of malaria across the world, rise in healthcare expenditure, and surge in adoption of advanced diagnostics drive the global malaria diagnostics market. However, less demand from underdeveloped countries hinders the market growth. On the other hand, untapped potential in emerging economies create new opportunities in the next few years.
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.
Based on region, LAMEA held the highest market share in terms of revenue, accounting for more than 90% of the total market share in 2018, and is expected to maintain its highest contribution throughout the forecast period. However, Asia-Pacific is estimated to portray the highest CAGR of 6.1% during the forecast period. This is due to huge potential patient base along with increase in awareness regarding usage of antimalarial drugs. North America would witness a CAGR of 4.1% from 2019 to 2026.
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).
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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.
Frontrunners in the industry-
Access Bio. Inc.
Bio-Rad Laboratories, Inc.
Premier Medical Corporation Pvt Ltd.
Meridian Bioscience Inc.
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