Malaria Treatment Market is expected to reach $1,085,106 thousand by 2026
Pune, Maharashtra, India, February 15 2021 (Wiredrelease) Allied Analytics –:According to a new report published by Allied Market Research, titled, “Malaria Diagnostics Market by Product Type, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2019–2026,” the global malaria diagnostics market size was valued at $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.
Malaria Treatment 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
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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• Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.
• However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.
• Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.
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.
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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The global malaria diagnostics market is highly competitive and the prominent players in the market have adopted various strategies to garner maximum market share which contributes to the market growth. These include collaboration, product launch, partnership, and acquisition. Major players operating in the market include Abbott Laboratories, Access Bio. Inc., Atlas Medical, Biomérieux SA, Bio-Rad Laboratories, Inc., Meridian Bioscience Inc, Novartis AG, Olympus Corporation, Premier Medical Corporation Pvt Ltd. and Siemens AG.
Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
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