The global neglected tropical diseases diagnosis market size is expected to reach USD 7.6 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a 4.1% CAGR during the forecast period. The combined effect of high impact factors such as soaring disease burden, growing demand for early disease identification, and complementary advancements in technology is expected to drive growth in demand.
Rising concern regarding Neglected Tropical Diseases (NTD) and its global impact on population as well as governments has fueled demand for development of early disease detection methods. This growth in concern is evident by launch of a substantial number of programs aiming to combat NTDs.
For instance, the Global Network for Neglected Tropical Diseases aims to raise awareness and funding, both of which are essential to control and eliminate the most common NTDs. In addition, various companies are undertaking efforts to develop less complicated and inexpensive diagnostic assays for tropical diseases. This, in turn, is anticipated to support the growth of this market throughout the forecast period.
By disease type, dengue captured the largest share over other NTDs in 2016. Growing dengue cases and development of novel products for its diagnosis is expected to help this segment maintain its dominance in the coming years
Conventional diagnostic methods accounted for the majority share owing to high market penetration of these techniques, including pathogen culturing, biochemical methods, gram staining, and serology tests
Molecular/modern diagnostic methods are growing at a lucrative pace and are expected to supplant conventional techniques in the coming years. This is majorly due to the advantages of molecular tests with respect to accuracy, specificity, and timelines
Centralized services held the largest share in 2016 owing to easy access to these services; however, point-of-care testing (POCT) services are anticipated exhibit lucrative growth in the coming years owing to benefits such as portability and ease of use
By end use, home healthcare is expected to be the fastest growing segment as a result of growing popularity and demand for POCT services
Asia Pacific is estimated to be the largest regional market and is expected to maintain its position throughout the forecast period thanks to constant growth in GDP, presence of a large target population, and high prevalence of neglected tropical diseases in the region
Abbott; F. Hoffmann-La Roche Ltd.; Thermo Fisher Scientific, Inc.; and Omega Diagnostics Group PLC are some of the key players operating in this market.
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