The global Lyme Disease Diagnostics Market is estimated to be valued at US$ 1.5 Bn or billion in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Lyme disease is caused by the bacteria Borrelia burgdorferi that is transmitted to humans through the bite of infected blacklegged ticks. The market is dominated by serology tests that detect antibodies produced by the body’s immune system in response to B. burgdorferi infection. These serology tests make diagnosis more convenient as they do not require a microscope.
Market key trends:
One of the key trends in the lyme disease diagnostics market is the development and utilization of two-tier testing approach. The two-tier testing approach involves initial testing with ELISA or immunofluorscent assay (IFA) followed by supplemental immunoblot testing (western blot) if initial testing is positive or equivocal. This approach helps reduce false positive and increase accuracy of diagnosing lyme disease. Furthermore, growing prevalence of lyme disease due to expanding deer populations and elevated temperatures caused by global warming is expected to drive the demand for lyme disease diagnostic testing over the forecast period.
SWOT Analysis
Strength: The Lyme disease diagnostics market has growing awareness about tick-borne diseases and symptoms of Lyme disease. Also, increasing investment by market players for novel diagnostic solutions strengthen the market.
Weakness: Interpretation of Lyme disease diagnostic test results can sometimes be difficult. Early stage diagnosis challenges remain due to limitations of available tests.
Opportunity: Rising prevalence of Lyme disease worldwide creates the demand for advanced diagnostic technologies. Development of rapid point-of-care testing with higher sensitivity and reliability opens new avenues.
Threats: strict regulatory processes for new product approvals can slow down the market growth. Technological advancements from emerging players also threaten existing diagnostic approach.
Key Takeaways
The global Lyme disease diagnostics market is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing prevalence of Lyme disease across developed and developing regions. According to CDC, approximately 476,000 Americans are diagnosed with Lyme disease annually.
Regional analysis
North America dominates the global market and is expected to continue its dominance during the forecast period. This is attributed to growing government expenditure on advanced healthcare infrastructure and increasing treatment seeking rate for Lyme disease in the US. Europe accounts for a significant market share due to rising endemic nature of Lyme disease. Asia Pacific exhibits potential market opportunities with growing awareness and improving diagnostic capabilities.
Key players
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. Market players are focused on product approval and commercialization to strengthen their market position.
