Global Malaria Diagnostics Market - Segmented by Technology, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global malaria diagnostic market is expected to register a growth rate of nearly 4.5% during the forecast period, 2018-2023. The upsurge in technological advancement related to diagnostic tools with the increasing demand for treatment in malaria-endemic countries is driving this market. Based on the regional dynamics, Africa is expected to hold a lucrative pie of the market. The key factors favoring the usage of various malarial diagnostic products include the growing funding from government, rise in collaboration amongst the academic research and industry partners, and significant improvement in primary and tertiary healthcare settings.
Rising Demand for Malaria Diagnostic Tools in Malaria in Endemic Region
The rising demand for diagnostic tools in malaria is one of the primary factors driving the malaria diagnostic market. In recent years, there has been a renewed interest and commitment by World Health Organization (WHO) to eliminate the cases of malaria in around 35 countries by 2030. By 2016, WHO estimated 216 million clinical episodes, and 445,000 deaths due to malaria, globally. Thus, the need for different types of diagnostic tests plays a vital role in the detection of clinically significant malarial cases which is expected to increase the demand for the diagnostic tools for malaria detection.
Other driving factors for this market are rise in technological advancement and increasing government expenditure for novel therapeutics.
Lack of Proper Regulatory Standards
The lack of proper regulatory standards at the country levels particularly in emerging markets hinders the growth of this market. The weak regulatory framework across the emerging nations is a key concern for the manufacturers and healthcare providers. The lack of clear import export regulations can lead to the usage of substandard products can lead to further complications to the patients. Moreover, due to the lengthy registration procedures, differences in healthcare practices, the market entry parameters need to be evaluated thoroughly for investment considerations. This increases the unforced competition of manufacturers with the unregulated diagnostic test. For instance, as per a report by the WHO the Bulletin of World Health Organization more than 20% private pharmacies carried rapid diagnostic tests which were not evaluated from WHO.
Another factor hindering the market growth is lack of awareness of malaria diagnostics in developing countries.
Middle East and Africa to Retain Dominance in Malaria Diagnostics Market
The MEA region is expected to retain the highest share in the market share over the forecast period, due to the rising investment by the developed countries such as US and UK, larger patient population, coupled with the rising focus of the WHO to reduce the mortality rate of malaria in the African countries. The US accounted for 31% of the total funding for malaria elimination in Africa with approximate funding of 800million USD in 2016. In addition, rising need for early detection, and increased awareness regarding malaria diagnosis is expected to propel the demand for malaria diagnostic market in this region.
The Asia Pacific to grow at the fastest rate in the forecast period owing to the diversified patient pool, growing medical tourism industry, rising initiatives to combat malaria by the government and non-government bodies, and increasing healthcare expenditure.
Major Players - ABBOTT, ACCESS BIO, INC., BIOMÉRIEUX SA, BIO-RAD LABORATORIES, INC, NOVARTIS AG, DANAHER (BECKMAN COULTER), PREMIER MEDICAL CORPORATION PVT. LTD., SIEMENS HEALTHINEERS, AND THERMO FISHER SCIENTIFIC, amongst others.
Reasons to Purchase Malaria Diagnostics Market Report
Current and future of malaria diagnostics market outlook in the developed and emerging markets
Analysis of various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in excel)
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.