Neglected Tropical Diseases Diagnosis Market Size Estimated to Reach $7.9 Billion by 2026
Neglected Tropical Diseases Diagnosis Market size is estimated to reach $7.9 billion by 2026, growing at a CAGR of 4.1% during the forecast period 2021-2026. Neglected tropical diseases (NTDs) are virus, bacterial and parasitic infections that are common in low-income populations and affect poor populations around the world. Owing to the chronic existence of the pathogens, these untreated tropical diseases are also associated with high levels of morbidity.
NTDs are found in settings with fragile health care systems with weak laboratory infrastructure and specific point-of-care testing services are needed. Rise in the adoption of point-of-care testing services at home healthcare, growing demand for rapid diagnostic tests for the treatment of lymphatic filariasis, and increasing continuous efforts by the healthcare companies to develop less complicated disease diagnostic platforms are the factors that are set to drive the growth of the Neglected Tropical Diseases Diagnosis Market for the period 2021-2026.
Neglected Tropical Diseases Diagnosis Market Segment Analysis-By Disease
The Neglected Tropical Diseases Diagnosis Market based on the Disease can be further segmented into Dengue, Chikungunya, Rabies, Lymphatic Filariasis, Buruli Ulcer, Foodborne Trematodiases, Echinococcosis, Leprosy, and Others. The Dengue segment held the largest share in 2020 owing to the factors such as growing continuous efforts by the healthcare companies to develop and commercialize less complicated disease diagnostic platforms and rise in the availability of diagnostic kits for dengue virus detection.
The rise in the adoption of point-of-care testing for dengue virus detection in developed nations is driving the growth of the Neglected Tropical Diseases Diagnosis Market. The Lymphatic Filariasis segment is estimated to be the fastest growing segment with a CAGR of 5.8% over the period 2021-2026. This growth is owing to the factors such as the growing demand for rapid diagnostic tests to detect the antigen of the major species of filarial worm in human blood and the rise in the prevalence of lymphatic system disorders across the world.
Neglected Tropical Diseases Diagnosis Market Segment Analysis-By End User
The Neglected Tropical Diseases Diagnosis Market based on the End User can be further segmented into Hospitals and Clinics, Home Healthcare, Clinical Laboratories, and Others. The Clinical Laboratories segment held the largest share in 2020 owing to the factors such as rise in the presence of number of laboratories across the world and the growing availability of advanced equipment in clinical laboratories.
The rise in the research and development activities on lymphatic filariasis owing to the rise in the prevalence of lymphatic system disorders is driving the growth of the Neglected Tropical Diseases Diagnosis Market. The Home Healthcare segment is estimated to be the fastest growing segment with a CAGR of 5.3% over the period 2021-2026. This growth is owing to the factors such as the growing adoption of point-of-care testing services at home healthcare and the rise in awareness about the benefits of diagnosis at home healthcare among patients in developing nations.
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Neglected Tropical Diseases Diagnosis Market Segment Analysis-By Geography
North America held the largest share with 29% of the overall market in 2020. The growth in this segment is owing to the factors such as rise in the adoption of point-of-care testing services at home healthcare and the growing implementation of robust diagnostic methods. The increasing demand for rapid diagnostic tests for the treatment of lymphatic filariasis is driving the growth of the Neglected Tropical Diseases Diagnosis Market. Asia-Pacific segment is estimated to be the fastest growing segment over the period 2021-2026. The growth in this segment is owing to the factors such as rise in the availability of diagnostic kits for dengue virus detection and increasing continuous efforts by the healthcare companies to develop less complicated disease diagnostic platforms.
Neglected Tropical Diseases Diagnosis Market Drivers
Increase in the Adoption of Point-of-Care Testing Services
Point-of-care (POC) testing services are increasingly being used as diagnostic tools for the prompt diagnosis for neglected tropical diseases at POC settings owing to its cost-effectiveness and user-friendliness. Point-of-care (POC) testing services have the ability to provide rapid actionable information for patient care during an encounter with the health care system, which is further propelling the growth of the Neglected Tropical Diseases Diagnosis Market.
Rise in the Prevalence of Lymphatic Filariasis
The rise in the number of lymphatic system disorders across the world and the growing prevalence of elephantiasis have increased the prevalence of lymphatic filariasis. The World Health Organization (WHO) is increasing its awareness campaigns for the treatment of lymphatic filariasis. The rapid diagnostic tests are also increasingly being adopted for the treatment of lymphatic filariasis across the world, which is one of the major factors driving the growth of the Neglected Tropical Diseases Diagnosis Market.
Neglected Tropical Diseases Diagnosis Market Challenges
High Cost of Neglected Tropical Diseases Diagnosis
The government of several nations and organizations are increasing their initiatives to enhance awareness among people about various tropical diseases and to increase the consumer’s inclination towards rapid diagnostic tests for the treatment of these diseases. However, the high cost for diagnosis of neglected tropical diseases and their research and development activities is one of the major factors that is estimated to reduce the growth of the Neglected Tropical Diseases Diagnosis Market.
Neglected Tropical Diseases Diagnosis Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Neglected Tropical Diseases Diagnosis Market. Key companies of this market are F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific Inc, InBios International Inc, Omega Diagnostics Group, Oscar Medicare Pvt Ltd, EUROIMMUN, Novartis AG, Grifols, ZeptoMetrix, and DiaSys Diagnostic Systems GmbH among others.
Acquisitions/Product Launches
In March 2021, EUROIMMUN has launched the EUROPatternTM Microscope Live (EPML) compact immunofluorescence microscope for state-of-the-art diagnostics for the treatment of Echinococcosis and to enhance the quality and efficiency of indirect immunofluorescence testing.
In January 2021, Novartis AG has entered into a partnership with World Health Organization (WHO) to donate multidrug therapy (MDT) medicines to treat leprosy and to focus on deploying additional tools for the treatment of leprosy.
In April 2020, Grifols has launched a new 3-mL vial for high-potency HyperRAB, a potency formulation of rabies immunoglobulin that provides storage efficiencies for hospital pharmacies and decreases the number of smaller vials for the treatment for rabies postexposure prophylaxis.
Key Takeaways
Geographically, North America Neglected Tropical Diseases Diagnosis Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to the growing demand for rapid diagnostic tests for the treatment of lymphatic filariasis.
The rise in the adoption of point-of-care testing for dengue virus detection in developed nations is driving the Dengue segment. However, the high cost for diagnosis of neglected tropical diseases and their research and development activities is one of the major factors that is said to reduce the growth of the Neglected Tropical Diseases Diagnosis Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Neglected Tropical Diseases Diagnosis Market report.
Related Reports:
A. Infectious Disease Testing/Diagnostic Market
https://www.industryarc.com/Report/15125/infectious-disease-testing-market.html
B. Point of Care (PoC) Diagnostic Devices Market
https://www.industryarc.com/Report/1311/POC-Diagnostic-Devices-market-research.html
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