The fight against malaria continues to gain momentum, with the Global Malaria Treatment Industry projected for steady expansion. According to a recent analysis by Future Market Insights (FMI), a leading market research firm, the market is expected to experience a consistent Compound Annual Growth Rate (CAGR) of 5% from 2023 to 2033. This translates to a significant market value of US$2.93 billion by 2033.
Building on a Solid Foundation:
The projected growth comes on the heels of a rising market valuation. The market is estimated to reach US$1.80 billion in 2023, reflecting a slight increase from US$1.72 billion in 2022. This upward trend signifies a growing focus on developing and deploying effective malaria treatments.
With over 210 million cases of malaria worldwide in 2019, the World Intellectual Property Organisation (WIPO) has emphasized the disease’s continued importance and potential for fatality. Plasmodium, a tiny parasite spread to people via mosquito bites, is the cause of the illness. Among the four plasmodium species responsible for malaria, plasmodium falciparum is identified as the primary contributor to fatal cases.
Due to increased funding from regional governments, the global market for anti-malaria drugs is likewise growing rapidly. This money ought to make it feasible for research companies like Medicines for Malaria Venture to keep looking at potential lead chemicals that might combat malaria. For instance, in November 2017, the US Agency for International Development (USAID) gave US$ 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.
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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 Global Malaria Treatment Industry 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.
Global Malaria Treatment Industry Competitive Landscape
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 program 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.
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Key Segments Covered in the Global Malaria Treatment Industry Report
Global Malaria Treatment Industry by Treatment:
- Prescription Medications
- Vaccines
- Diagnostic Tests
- Others
Global Malaria Treatment Industry by Drug Type:
Global Malaria Treatment Industry by Route of Administration:
- Oral and Parenteral
- Intravenous
Global Malaria Treatment Industry by Distribution Channel:
- Direct Tender
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Others
Global Malaria Treatment Industry by End User:
- Hospitals
- Specialty Clinics
- Homecare
- Others
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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