Prompt and accurate diagnosis plays important role in effective management of malaria; global malaria diagnostics market
According to the latest market report published by Credence Research, Inc. “malaria diagnostics Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025” the global malaria diagnostics market was valued at US$ 210.2 Mn in 2016, and is expected to reach US$ 308.2 Mn by 2025, expanding at a CAGR of 4.2% from 2017 to 2025.
According to World Health Organization (WHO), there were an estimated 214 million cases of malaria worldwide in 2015; prompt and accurate diagnosis is critical in effective management of malaria. Global malaria diagnostics market expected to show significant growth during forecast period due to growing prevalence of drug resistant strains of parasites, rising incidence of malaria, massive increases in international travel and government initiatives in awareness and diagnostic programs are primarily driving the growth of malaria diagnostics market globally.
In the base year 2016, rapid diagnostic tests (such as OptiMAL, ICT, Para-HIT-f, ParaScreen, SD Bioline, Paracheck) is major revenue generating segment due to ease of use, higher sensitivity, reliability and stability are prime factors that fueling the market growth of RDTs market globally. Currently, North America held largest market share due to higher price of diagnostic devices, higher patient awareness, upsurge funding by the government and private organization initiatives in the malaria diagnosis are fueling the growth in North America.
It is anticipated that, Asia Pacific will show highest growth during forecast period due to developing economic condition and rising government initiative in diagnosis program would assist the market growth during forecast period 2017-2025.
Market Competition Assessment:
The malaria diagnostics market is observed to be highly competitive and comprises large number of players. However, the market is currently dominated by few players such as Abbott Laboratories, Access Bio Inc., Beckman Coulter/Danaher, Bio-Rad Laboratories, Inc., Life Technology, Novartis Diagnostics, Ortho-Clinical Diagnostics, Premier Medical Corporation Ltd., Siemens Healthcare, Wako Chemicals, Inc.
Key Market Movements:
– Factors such as rising prevalence of drug resistant strains of parasites, increase in incidence of malaria, rise in international travel and migration, upsurge funding by the government for diagnosis and rising healthcare awareness are primarily driving the growth of malaria diagnostics market globally.
– Vendors in the market are focusing on innovation and technological advances in developing ideal and cost effective diagnostic device, this would further influence the growth of malaria diagnostics market globally.
– However, some factors such as lack of healthcare awareness in some region such as African countries where highest number of affected patients are negatively impacting the growth of malaria diagnostics market.
Category: HealthCompany about: MedNTech has been reporting on medical technology from around the world. We cover the latest medical devices and approvals, technology breakthroughs and discoveries, conduct exclusive interviews with med tech leaders, and file reports from healthcare conferences.
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