The market in Europe and Asia Pacific is anticipated to experience exponentially elevated demand as these areas have elevated malaria incidence
The global malaria diagnostics market is estimated to grow at a CAGR above 5.9 per cent over the forecast time frame 2019 to 2026 and reach the market value around $ 900 million by 2026.
An increased incidence of tropical illness in endemic nations, new diagnostic methods are developed and increased investments are anticipated to boost market growth by regional governments and private sector investors. Malaria is one of life’s most common threateners, often caused by altering climate, low economic growth, poor health infrastructure and an absence of access for sophisticated therapy in tropical and subtropical areas.
There are also anticipations to fuel market growth in the near future, with an increasing amount of governments’ projects and market participants investing. Major businesses are conducting numerous malarial elimination programmes to decrease the incidence of the disease. For example, the Malaria Initiative of Novartis was directed at enabling the elimination and control of malaria. In cooperation with different institutions, 750 million individuals in 60 nations have been supplied with non-profit therapy. This means the development of new technology and market penetration support are expected to be facilitated. The WHO reports that in 2012 there were approximately 203 million global reports of malaria. Malaria caused around 627,000 fatalities worldwide the same year. To curb the spread of malaria governments in developing and undeveloped countries in particular, there is no stone left unturned. This encourages advanced malaria diagnosis. There are also incentives for individuals residing in distant areas to provide them at a pocket-friendly or nominal price.
The market in Europe and Asia Pacific is anticipated to experience exponentially elevated demand as these areas have elevated malaria incidence. Moreover, the government’s efforts to increase awareness of the illnesses, their therapy and prevention should provide a important boost to the industry in malaria diagnosis. In Asia Pacific and in the rest of the world, this situation is most common across emerging nations. For example, the Government of India has invested heavily in awareness-raising of malaria prevention and cure. The nation also has increasing spending on healthcare. This market is confronted with difficulties in accelerating diagnostic test adoption and use of malaria diagnosis.
(Source: Globe Newswire)