Malaria Treatment Market to nearly reach US$ 3 Billion by 2033; expected to surge at a 5% CAGR: Future Market Insights, Inc. Report
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
The oral segment by route of administration is going to occupy a 49% global Malaria Treatment Market share in 2023. The North American region is predicted to grow with a steady CAGR of 4.6% during 2023-2033. The MEA malaria treatment market is expected to grow with a steady CAGR of 5.5% during 2023-2033
DUBAI, United Arab Emirates, Dec. 28, 2022 (GLOBE NEWSWIRE) -- In 2023, the Malaria Treatment Market is projected to be valued US$ 1.80 billion, up from US$ 1.72 Billion in fiscal year 2022. The market is anticipated to increase at a 5% CAGR from 2023 to 2033, reaching US$ 2.93 billion by the end of that year.
According to the Globe Intellectual Property Organization (WIPO), more than 210 million people were affected by malaria in the world in 2019. Malaria is a contagious, sometimes lethal disease. It is caused by Plasmodium, a little parasite that mosquitoes transmit to humans. Malaria may be caused by four different plasmodium species; however, plasmodium falciparum is the one that most often results in fatal cases.
Due to increased funding from regional governments, the global market for anti-malaria drugs is likewise growing rapidly. This money ought to make it feasible for research companies like Medicines for Malaria Venture to keep looking at potential lead chemicals that might combat malaria.
For instance, in November 2017, the US Agency for International Development (USAID) gave US$ 9 million to Medicines for Malaria Venture to be used for three projects: a pharmacovigilance study of Pyramax (pyronaridine-artesunate), a SERC Phase III research to establish a single-exposure revolutionary cure, and a study to evaluate the efficacy of DSM265, a prospective single-exposure radical cure. These improvements are anticipated to drive the global market for malaria therapy.
Region-wise, the MEA will grow with the fastest CAGR during the forecast period. The Middle East and Africa have held the lion's share of the market share and are expected to continue doing so in the future due to the fast rising incidence of malaria in the region.
According to the World Health Organization (WHO) report 2021, 241 million cases of malaria were anticipated worldwide in 2020, with 228 million of those cases happening in the WHO African Region. As a result, one of the largest segments of the market for anti-malarial medications is expected to come from the Middle East and Africa. Such developments will bolster the growth from 2023-2033.
Key Takeaways from the Market Study
The global malaria treatment market is currently worth more than US$ 1.72 Billion.
The oral segment by route of administration is going to occupy a 49% global market share in 2023.
The hospital pharmacies segment by distribution channel type will be the fastest growing segment during the forecast period with a 5.4% CAGR.
The North American region is predicted to grow with a steady CAGR of 4.6% during 2023-2033.
The MEA malaria treatment market is expected to grow with a steady CAGR of 5.5% during 2023-2033.
“Some of the factors driving the market for malaria therapy include the incidence of malarial infection, government initiatives and awareness-raising campaigns, the availability of anti-malarial drugs, and rising healthcare expenditures.” comments a Future Market Insights analyst.
Zydus Healthcare Ltd., Sun Pharmaceutical Industries Ltd., Sanofi SA, GSK Plc, Novartis AG, Cipla Ltd, Viatris Inc., Lupin Ltd, Advacare Pharma USA Llc, and VLP Therapeutics LLC are a few of the well-known companies in the worldwide market for treating malaria.
The Gates Foundation-funded Gavi immunization programme introduced the GlaxoSmithKline (GSK) Mosquirix vaccine in three African countries—Kenya, Ghana, and Malawi—in July 2022. The first antimalarial vaccine ever created is allegedly this one. In countries with moderate to high P. falciparum malaria transmission rates, this is an essential initial step in the malaria vaccine deployment.
In March 2022, Tafenoquine, a brand-new drug that cures a particular strain of malaria, received a license in Australia from Medicines for Malaria Venture (MMV), which also co-developed the drug with GlaxoSmithKline (GSK) for use in children and teenagers. The drug is coupled with chloroquine, a popular anti-malarial drug.
More Valuable Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the malaria treatment market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023-2033.
The study divulges essential insights on the market on the basis of malaria treatment market by treatment (prescription medications, vaccines, diagnostic tests, and others), drug type (branded and generic), route of administration (oral and parenteral & intravenous), distribution channel (direct tender, hospital pharmacies, retail pharmacies, online pharmacies, and others), end user (hospitals, specialty clinics, homecare, and others) and region.
Key Segments Covered in the Malaria Treatment Market Report
Malaria Treatment Market by Treatment:
Prescription Medications
Vaccines
Diagnostic Tests
Others
Malaria Treatment Market by Drug Type:
Branded
Generic
Malaria Treatment Market by Route of Administration:
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