Lyme Disease Diagnostics

Global Lyme Disease Diagnostics Market Is Estimated To Witness High Growth

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The Lyme Disease Diagnostics Market is estimated to be valued at US$ 837.2 million in 2022 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Lyme disease is caused by the bacteria Borrelia burgdorferi which is transmitted to humans through the bites of infected blacklegged ticks. Common symptoms of Lyme disease include fever, headache, fatigue and a characteristic skin rash called erythema migrans. If left untreated, the infection can spread to joints, the heart, and the nervous system. The lyme disease diagnostics market comprises products used to detect lyme disease in humans through various tests.

Market Dynamics:

Lyme disease diagnosis is driven by the increasing incidence of Lyme disease across the globe due to factors such as growing tick populatins and rising temperatures due to global warming augmenting tick habitation. According to CDC, there were estimated 476,000 Lyme disease cases in the United States each year, making it the fastest growing vector borne illness in the country. Moreover, development of novel diagnostic technologies with improved sensitivity and faster turn-around time is also boosting adoption. Serological tests based on detection of antibodies are being replaced by two-tier testing involving enzyme immunoassays (EIA) and immunoblots which have greater accuracy. Real-time PCR is available as a confirmatory diagnostic for detecting B. burgdorferi DNA directly from infected tissues. Collectively, these advances are propelling market revenues.

SWOT Analysis:

Strength: Lyme disease diagnostics provide accurate diagnosis of Lyme disease infection which helps in early treatment. Availability of advanced technologically diagnostic kits aids in precise detection of infection. Increasing awareness regarding early diagnosis benefits further treatment.

Weakness: Lack of awareness in underdeveloped regions results in delayed diagnosis. Existing diagnostic tests have limited sensitivity at early stages of infection. Complexity of testing procedures limits point-of-care application.

Opportunity: Rising prevalence of Lyme disease across the globe drives the demand for improved diagnostic solutions. Development of novel biomarker-based tests can help early-stage detection. Growing healthcare spending in developing nations create growth pathways.

Threats: Stringent regulatory guidelines for approval of diagnostic tests increases cost and time. Reimbursement issues in few countries pose financial challenges. Threat from substitute diagnostic tests for vector-borne diseases.

Key Takeaways:

The Global Lyme Disease Diagnostics Market Demand is expected to witness high growth, exhibiting a CAGR of 7.2% over the forecast period, due to increasing awareness regarding early diagnosis and treatment of Lyme disease.

Regional analysis: North America dominates the global Lyme disease diagnostics market due to growing prevalence of disease and favourable reimbursement schemes. The market in Asia Pacific exhibits rapid growth due to increasing healthcare investments and rising awareness.

Key players analysis: Key players operating in the Lyme disease diagnostics market are Abbott Laboratories, Affymetrix Inc., Alere Inc., Baxter International Inc., Bio-Rad Laboratories, Boulder Diagnostics, Canon Life Sciences, Covance Inc., Fresenius Medical Care AG & Co., GlaxoSmithKline Pharmaceuticals Ltd., Roche Diagnostics International Ltd., Siemens AG, and T2 Biosystems, Immunetics Inc. These major players are focusing on new product launches and growth strategies like acquisitions, partnerships and geographical expansion to increase their market share.

 

*Note:
1.  Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it