Market Research Report
Global Neglected Tropical Diseases Diagnosis Market Size study, by Disease, By Diagnostic, By Service Type, By End-use and Regional Forecasts 2022-2028
|Global Neglected Tropical Diseases Diagnosis Market Size study, by Disease, By Diagnostic, By Service Type, By End-use and Regional Forecasts 2022-2028|
Published: May 27, 2022
Bizwit Research & Consulting LLP
Delivery time: 2-3 business days
Global Neglected Tropical Diseases Diagnosis Market is valued at approximately USD 6.9 Million in 2021 and is anticipated to grow with a healthy growth rate of more than 4.5% over the forecast period 2022-2028. Neglected tropical diseases (NTDs) are infections caused by viruses, bacteria, or parasites that are common in low-income populations and affect poor people all over the world. These untreated tropical diseases are also associated with high levels of morbidity due to the pathogens' chronic existence. The increasing adoption of point-of-care testing services in home healthcare, rising demand for rapid diagnostic tests for the treatment of lymphatic filariasis, and increasing continuous efforts by healthcare companies to develop less complicated disease diagnostic platforms are the factors expected to drive the growth of the Neglected Tropical Diseases Diagnosis Market during the forecast period. According to WHO estimates, more than 1.7 billion people, or about one-fifth of the world's population, needed treatment for at least one NTD each year, mostly in low-income and developing countries. NTDs affected approximately 40% of the African continent. These diseases are more common among the poor who live in tropical climates and difficult-to-reach areas. However, low level of awareness of contagious disease prevention and treatment in underdeveloped areas, as well as a lack of favourable reimbursement policies, are limiting the market growth. Moreover, various WHO initiatives, such as the road map 2030 for the elimination of NTDs, are expected to drive market growth over the forecast period. Government agencies like the Centers for Disease Control and Prevention (CDC) and the World Health Organization (WHO) work with counties to improve public health services for NTDs. Furthermore, the WHO released its NTDs roadmap for the years 2021 to 2030 in January 2021. Its goal is to improve global prevention and control of neglected tropical diseases. During the forecast period, government initiatives are expected to drive market growth.
The key regions considered for the global Neglected Tropical Diseases Diagnosis market study include: Asia Pacific, North America, Europe, Latin America, and Rest of the World. Geographically, the North American Neglected Tropical Diseases Diagnosis Market had the highest revenue share and it is expected to continue dominating between 2022 and 2028, owing to the rising demand for rapid diagnostic tests for lymphatic filariasis treatment. Whereas, because of increased IVD product penetration and the high disease burden of NTDs in developing countries in the region, Latin America is expected to have the fastest CAGR over the forecast period. Furthermore, increased government spending, the presence of skilled healthcare professionals, and multinational diagnostic companies' increased focus on the development of advanced and novel IVD products are among the factors likely to drive market growth in Latin America.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
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