Fifteen years ago, an estimated 262 million malaria cases killed nearly 840,000 people.
Projections for 2015 indicate that some 214 million cases are likely to cause 438,000 deaths, according to a joint report from the World Health Organization (WHO) and the United Nations children's agency (UNICEF).
"Global malaria control is one of the great public health success stories of the past 15 years," WHO Director-General Margaret Chan said.
"We can beat this ancient killer," she added in a statement, while noting that children under five still make up the overwhelming majority of malaria victims.
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Most of the gains were recorded in Asia and the Caucasus, but in Africa the picture was less encouraging.
Sub-Saharan nations accounted for nearly 80 per cent of global malaria deaths this year and efforts to curb infection rates in the region lagged substantially behind other parts of the world.
Chan and UNICEF executive director Anthony Lake warned that because of this "uneven" progress, more attention and resources had to be paid to the hardest hit nations.
Highlighting the steps that helped curb infection rates, the report said that about one billion insecticide-treated nets had been distributed in Africa since 2000.
At the start of the millennium, less than two per cent of children under five were sleeping under the specialised nets, a figure that has risen to 68 per cent over the last 15 years.
With mosquitoes largely circulating at night, the report indicated that this mass distribution of nets in high malaria areas had helped significantly bring down infections, especially among children.
A persistent problem, especially in Africa, has been a tendency among patients and medical workers to treat all fever-like symptoms as malaria, which has hurt the supply of treatment available to those who actually have the disease.