Meningitis Diagnosis and Treatment Market is Presumed to Witness a Promising CAGR of 3.38% During Forecast 2018-2023
The global meningitis diagnosis and treatment market can reach a size of USD 430.20 million by 2023, as per the latest report of Market Research Future (MRFR). It is likely to register a CAGR of 3.38% from 2018 to 2023 (forecast period) due to rising prevalence of viral, bacterial, and fungal infections. According to the National Center for Biotechnology Information (NCBI), nearly 8.7 million cases of meningitis were reported in 2015. The large patient pool susceptible to meningitis can offer numerous growth opportunities to the market.
Rising prevalence of meningitis has created the need for point of care diagnostic centers. According to the National Health Council, increasing number of Americans likely to be affected by chronic diseases and it can touch 157 million by 2020. These centers can detect the disease at an early stage and provide patients with preventive care. Moreover, development of drugs for the treatment of meningitis can create opportunities for the market.
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Prominent names in the meningitis diagnosis and treatment market include
- Baxter (U.S.)
- Abbott (U.S.)
- Bio-Rad Laboratories Inc. (U.S.)
- Thermo Fisher Scientific Inc. (U.S.)
- Quest Diagnostics Incorporated (U.S.)
- Luminex Corporation (U.S.)
- Pfizer Inc. (U.S.)
- Merck KGaA (U.S.)
- Cepheid (U.S.).
- GlaxoSmithKline PLC (U.K.)
- Braun Melsungen AG (Germany)
- Sanofi (France)
- Siemens Healthcare Private Limited (Germany)
- F. Hoffman-La Roche Ltd. (Switzerland)
The market is characterized by partnerships, mergers, expansions, and expansions.
- The global meningitis diagnosis and treatment market is segmented by type, treatment & diagnosis, and end-user.
- By type, viral meningitis held 43.4% share in 2017, followed by bacterial meningitis, fungal meningitis, and others. Viral meningitis is expected to register moderate growth during the assessment period. Bacterial meningitis is likely to register highest CAGR of 3.54% over the forecast period.
- By treatment & diagnosis, treatment accounted for noticeable market share in 2017, with diagnosis holding second place in the same year. The treatment segment is sub-segmented into antifungal drugs, steroids, antibiotics, and others.
- By end-user, hospitals & clinics accounted for largest market share in 2017, followed by diagnostic centers and others. Hospitals & clinics can exhibit highest CAGR over the forecast period. This can be attributed to the rising number of meningitis treatment procedures conducted in hospitals across China and India. Diagnostic centers, on the other hand, can generate by 2023.
Geographically, the meningitis diagnosis and treatment market is segmented into Europe, Asia Pacific (APAC), Americas, and the Middle East & Africa (MEA). The Americas dominated the market with 37.4% share in 2017, followed by Europe, Asia-Pacific and the Middle East & Africa.
Although the Americas accounted for the largest market share, the region is predicted to display 2.92% CAGR over the forecast period. Presence of various players and rapid approval of drugs can positively impact the revenue margins of the meningitis and diagnosis treatment market. Availability of advanced techniques such as lumbar puncture in diagnostic centers is likely to bolster regional market demand.
The Asia-Pacific region is touted to exhibit Highest CAGR during the assessment period. This is due to initiatives by healthcare providers to detect neurological disorders at an early stage.
The Europe meningitis diagnosis and treatment market are driven by the slew of medical diagnostic devices in the U.K., France, and Germany. Rise in healthcare spending by these nations to lower the mortality rate caused by meningitis can work in favor of the market. Utilization of advanced imaging techniques such as computed tomography for the diagnosis of chronic diseases at an early stage is predicted to contribute to market growth.
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