Global Meningitis Diagnosis and Treatment Market to Grow at a CAGR of ~3% during 2022-2031; Market to Expand on the Back of Growing Prevalence of Meningitis, and Rapid Technological Progress – Kenneth Research

Key Companies Covered in the “Global Meningitis Diagnosis and Treatment Market” Research Report by Kenneth Research are Pfizer Inc., GlaxoSmithKline plc, PerkinElmer Inc., SANOFI, Thermo Fisher Scientific Inc., Seegene Inc., Siemens Healthcare GmbH, Baxter, ELITechGroup, BIO-RAD LABORATORIES, INC., and other key market players.

/EIN News/ -- New York, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on ‘Global Meningitis Diagnosis and Treatment Market’ for the forecast period, i.e. 2022 – 2031, which includes the following factors:

• Market growth over the forecast period
• Detailed regional synopsis
• Market segmentation
• Growth drivers and challenges
• Key market players and their detailed profiling

Global Meningitis Diagnosis and Treatment Market Size:

The global meningitis diagnosis and treatment market catered the revenue figure of around USD 120 million in the year 2021 and is estimated to grow at a CAGR of ~3% over the forecast period. The growth of the market can majorly be attributed to the growing incidences of meningitis around the world, and rapid technological upgradations for precise diagnosis of meningitis. Further, the higher prevalence of bacterial meningitis among people is expected to be an important factor to fuel the market growth. According to the World Health Organization (WHO), Meningitis is a devastating disease with a high case fatality rate and leading to serious long-term complications. Bacterial meningitis is of particular concern. Approximately 1 in 10 people who get this type of meningitis die and 1 in 5 have severe complications across the globe.

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Global Meningitis Diagnosis and Treatment Market: Key Takeaways

• The North America region gains the largest portion of the revenue
• PCR assay segment to dominate the revenue graph
• Hospitals remains prominent in the end users segment

Growing Adoption of Medical Devices and New Diagnostic Practices to Boost Market Growth

Rapidly growing medical devices industry across the globe, increasing value of medical devices supply chain, and increasing regulatory inspections in the medical device industry are responsible for the global meningitis diagnosis and treatment market development over the forecast period. Blood cultures, imaging, and spinal tap tests are conducted for meningitis diagnosis. Additionally, to detect swellings or inflammations, imaging procedures such as computerized tomography (CT) scan or magnetic resonance imaging (MRI) are performed. It was noted that regulatory inspections in the medical device industry are increasing at nearly 350% rate. In addition, supply chain costs account for approximately 42% of the expenses found in the medical devices market today. Improving the performance in this one area could boost profits for manufacturers by over 22%.

In addition to this, growing research and development spending of companies for the advancements of existing diagnostic devices is anticipated to be another prime factor to boost the growth of the global meningitis diagnosis and treatment market. For instance, companies in the medical device industry spend approximately 8% of their annual revenue on research and development projects, reflecting the competitive nature of this industry. Increasing R&D spending, which is expected to develop more workable solutions for medical procedures to treat meningitis, is also anticipated to fuel the market growth during the projection period. Research data indicate that since 2000, the amount spent globally on research & development has increased by more than three times in real terms, from about USD 680 billion to over USD 2.4 trillion in 2019.

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Global Meningitis Diagnosis and Treatment Market: Regional Overview

The global meningitis diagnosis and treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.

Increasing Healthcare Expenditure to Drive Market Growth in North America

The meningitis diagnosis and treatment market in North America region held the largest market share in the year 2021 as a result of sound development in healthcare sector, and large scale adoption of advanced diagnostic devices. As per the World Bank, healthcare expenditure, considering the total percentage of the GDP in the region, increased from 16.23% in 2018 to 16.32% in 2019. In addition to this, the rising number of medical devices companies in the region, and their increasing number of product launches are predicted to fuel market growth over the projected years. The US Medical device industry in 2023 is anticipated to be worth USD 210 billion. The export value of the medical device industry in the US was worth almost USD 45 billion in 2018.

Upsurge in Incidences of Meningitis to Favor Market Growth in the Middle East & Africa Region

On the other hand, the market in the Middle East & Africa region is estimated to witness generous growth by growing at a modest CAGR over the forecast period. The market growth can be majorly attributed to the prevalence of meningitis cases and growing need for advanced diagnostics. As per the Centers for Disease Control and Prevention (CDC), the sub-Saharan Africa is known as the ‘meningitis belt’ of the world owing to high risks of the disease. In every 5-12 years, 1000 cases per 100000 populations is reported during the occurrence of major epidemic of meningococcal meningitis in the region. 

The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:

• North America (U.S., Canada)
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
• Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

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Global Meningitis Diagnosis and Treatment Market, Segmentation by Tests

• PCR Assay
• Lateral Flow Assay
• Latex Agglutination Tests
• ELISA Tests
• Culture Tests

The PCR assay segment is anticipated to hold the largest market size in value and is estimated to grow at a moderate CAGR over the forecast period. The growth of the segment can be associated with the application of PCR to accurately diagnose the disease within a limited period. Moreover, constant development of PCR assays with more accurate diagnosis is anticipated to be a factor adding to the growth of the segment. According to the World Health Organization, most PCR assays are indicated as an aid for diagnosis, and healthcare providers must consider any result in combination with timing of sampling, specimen type, clinical observations, patient history, confirmed status of contacts, and epidemiological information.

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Global Meningitis Diagnosis and Treatment Market, Segmentation by End Users

• Hospitals
• Diagnostics Centers
• Others

The hospitals segment is estimated to hold the largest market share during the forecast period. The growth of the segment can be attributed to the existence of a huge patient pool in a hospital facility that requires optimum care delivery. Moreover, rising healthcare expenditure per capita on healthcare is also estimated to propel the growth of the global meningitis diagnosis and treatment market. According to the data by The World Bank, as of 2019, current health expenditure per capita among the global population was USD 1,121.97.

Global Meningitis Diagnosis and Treatment Market, Segmentation by Type

• Bacterial
• Fungal
• Viral

Few of the well-known market leaders in the global meningitis diagnosis and treatment market that are profiled by Kenneth Research are Pfizer Inc., GlaxoSmithKline plc, PerkinElmer Inc., SANOFI, Thermo Fisher Scientific Inc., Seegene Inc., Siemens Healthcare GmbH, Baxter, ELITechGroup, BIO-RAD LABORATORIES, INC., and other key market players.

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Recent Developments in the Global Meningitis Diagnosis and Treatment Market

• In February 2022, Thermo Fisher Scientific Inc. and Medidata, a Dassault Systemes firm, established a multiyear partnership to enhance the selection of clinical research sites and expedite patient registration in clinical trials.
• In April 2020, SANOFI published a press release saying, MenQuadfi, a novel meningococcal (MenACWY) vaccination, has received FDA approval. Upon vaccination, meningococcal illness would not spread among people aged two years and older.

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