Malaria Diagnostics Market Size is Estimated to Witness 5.4% CAGR till 2030

[sara James]

The global Malaria Diagnostics Market size is projected to reach USD 1.2 billion by 2030, expanding at a CAGR of 5.4%, according to a new report by Grand View Research, Inc. Rising prevalence of the tropical disease in endemic countries, development of novel diagnostic techniques, and rising investments by regional governments and private investors are expected to propel market growth. Malaria is one of the most widespread life-threatening diseases, commonly occurring in the tropical and subtropical regions due to changing climate, low economic growth, underdeveloped healthcare infrastructure, and lack of access to advanced treatment. 

Increasing number of government initiatives and investments by market participants are also anticipated to fuel market growth in the near future. Use of antimalarial treatments options that were abundantly available in the African region were used for the management and control of spread during the COVID-19 pandemic. The market noticed a significant boost during the COVID-19 outbreak owing to the ever-increasing malaria cases in addition to the COVID-19 virus.

A large number of malarial elimination programs are being undertaken by major companies to reduce the disease prevalence. For instance, Novartis’s Malaria Initiative was aimed at facilitating malaria elimination and control. Along with various organizations, the company has provided non-profit treatment to 750 million people across 60 countries. Thus, such initiatives are anticipated to facilitate the development of novel technologies and aid in market penetration. 

Related Press Release@ Malaria Diagnostics Market Report

Malaria Diagnostics Market Report Highlights 

• Conventional usage of microscopic examination for detection of malarial parasite has driven the microscopy technology segment
• RDTs are anticipated to account for the largest revenue share owing to ease of usage, convenience, and rapid diagnosis
• The molecular diagnostic tests segment is projected to be the fastest-growing technology segment during the forecast period owing to their accuracy and capability of detecting low parasite count
• Africa led the market in 2021 due to high disease incidence and increased adoption of various malarial diagnostic techniques in the region
• Southeast Asia also held a considerable revenue share in 2018 owing to high disease reoccurrence and initiatives undertaken to curb malarial incidence