Lyme disease, also known as Lyme borreliosis, is a tick-borne illness caused by the Borrelia burgdorferi bacterium. The disease causes fever, headache, fatigue, and a characteristic skin rash called erythema migrans. In its early stages, the disease can be treated with antibiotics. However, if left untreated, it can disseminate and involve the joints, heart, and nervous system. The treatment involves oral or intravenous antibiotics, depending on the stage and severity of the disease. Ixodes ticks serve as the primary vector for transmitting Lyme disease to humans in North America, while Ixodes ricinus transmits the infection in Europe.
The global Lyme disease treatment market is estimated to be valued at US$ 1.56 Bn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing prevalence of Lyme disease is expected to drive the global Lyme disease treatment market growth over the forecast period. Lyme disease is becoming common in the United States, Europe, and parts of Asia. For instance, according to the Center for Disease Control and Prevention (CDC), around 476,000 Americans are diagnosed with Lyme disease each year. Early diagnosis and treatment are important to prevent the complications of Lyme disease. However, the disease is often misdiagnosed or underdiagnosed due to lack of awareness and proper diagnostic tools, thereby propelling the demand for improved diagnostic tests and effective treatment options. New drug approvals and clinical trials are also expected to boost market growth. For instance, in 2021, the U.S. Food and Drug Administration (FDA) approved Anthropic’s AI system to screen for Lyme disease, enabling quick and accurate diagnosis.
Segment Analysis
The Lyme disease treatment market is dominated by the drugs segment which accounts for over 60% share. This is because drugs form an essential part of Lyme disease treatment with antibiotics being the standard treatment for Lyme disease. Doxycycline is the commonly prescribed antibiotic due to its effectiveness and tolerability. The diagnostic tests segment is another major segment and is expected to witness high growth. This is because diagnostic tests help in the timely diagnosis and treatment of Lyme disease at early stages to stop further complications.
PEST Analysis
Political: Regulations related to Lyme disease treatment and prevention are increasingly being strengthened globally which is positively impacting the market. However, lack of awareness remains an issue in some underdeveloped regions.
Economic: Rising healthcare spending across various countries is driving the market growth. However, high cost of treatment is a challenge, especially diagnostic testing cost.
Social: Increasing incidence of Lyme disease due to changes in climate and lifestyle is boosting the market. Moreover, growing health consciousness is also supporting early diagnosis and treatment.
Technological: Advances in diagnostic technologies like ELISA and Western Blot are improving detection capabilities. Rapid diagnostic tests are also being developed to enable fast diagnosis.
Key Takeaways
The Global Lyme Disease Treatment Market Growth is expected to witness high.
Regionally, North America dominates the market and is expected to continue its dominance over the forecast period. This is attributed to factors like widespread presence of tick vectors and higher diagnosis and treatment rates in the US. Europe is another major regional market backed by growing government focus on Lyme disease diagnosis and management.
Key players operating in the Lyme disease treatment market are Pfizer, GlaxoSmithKline, Merck, ALLERGAN, Zydus Cadila. Pfizer leads the market with its anti-infective drugs like Doxycycline being used widely for treatment. GlaxoSmithKline too has a strong presence with anti-microbial drugs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
