Lyme disease, also known as Lyme borreliosis, is a tick-borne illness caused by the Borrelia bacterium. The disease causes inflammation, pain and damage to the joints and nervous system if left untreated. Common symptoms 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 global Lyme disease treatment market is driven by the growing prevalence of the disease worldwide due to factors like increasing intrusion of human activities into wildlife habitats and expansion of deer populations.
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. The report provides an in-depth analysis of the key drivers, restraints and market opportunities along with detailed analysis of the global Lyme disease treatment market.
The growing prevalence of Lyme disease is expected to drive the market growth over the forecast period. Rising intrusion of human activities like hiking, camping and other outdoor recreational activities into wildlife habitats containing disease-carrying ticks has increased the risk of contracting Lyme disease. Additionally, rising deer populations have also contributed to the increasing tick population and resultant rise in Lyme disease prevalence rates across regions. According to CDC, approximately 476,000 Americans are diagnosed with Lyme disease annually.This rising prevalence of Lyme disease presents a substantial market opportunity for treatment drugs and vaccines.
Moreover, increasing investment by pharmaceutical companies in the development of novel and more effective treatment drugs is also expected to boost the market growth. For instance, companies like Pfizer and Valneva SE are conducting clinical trials for Lyme disease vaccines which upon approval can massively boost the revenue potential for Lyme disease treatment market. Ongoing research and drug development pipeline is thus expected to drive the market growth over the forecast period.
The global Lyme disease treatment market can be segmented based on route of administration, distribution channel and treatment.
By route of administration, the oral segment dominated the market in 2022 due to ease of administration. The intravenous segment is expected to witness fastest growth during the forecast period due to high effectiveness of intravenous drugs for severe Lyme disease cases.
By distribution channel, hospitals & clinics accounted for the largest market share in 2022 since majority of Lyme disease patients prefer hospital settings for diagnosis and treatment monitoring. Retail pharmacies are expected to grow at a significant rate during the forecast period.
By treatment, the antibiotics segment held the highest share of the global market in 2022 as antibiotics are the first line of treatment for Lyme disease. The vaccines segment is poised to grow at a healthy pace during 2023-2030 owing to increasing development of Lyme disease vaccines.
Political: Regulation regarding use of antibiotics and development of new drug approvals can impact the market. Also, public awareness campaigns help in early diagnosis.
Economic: Developing nations with favorable government support represent lucrative opportunities for players. Meanwhile, high cost of treatment in developed nations can hamper market growth.
Social: Increasing outdoor recreational activities and changing consumer lifestyle has led to rise in Lyme disease cases globally. Moreover, growing health consciousness favors market expansion.
Technological: Players are investing in development of advanced diagnostics, vaccines, and other novel treatment methods which will support market growth over the forecast period. DNA sequencing analysis help in early detection.
Global Lyme Disease Treatment Market Demand is expected to witness high growth at a CAGR of 5.6% during the forecast period of 2023 to 2030. The market size is projected to reach US$ 2.05 Bn by 2030.
North America dominated the global market in 2022 and is expected to maintain its lead. Growing prevalence of Lyme disease along with availability of advanced healthcare infrastructure drives the North America market. Europe is projected to witness steady growth during 2023-2030 owing to rising investment for development of innovative treatment solutions.
Key players operating in the Lyme disease treatment market are Pfizer, Zydus Pharmaceuticals, Mankind Pharma, Lupin Pharmaceuticals, Bayer, Sun Pharma and Abbott. These players are investing in the development of diagnostics, vaccine, and novel drugs for better treatment of Lyme disease.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it