Lyme disease diagnostics provide effective analysis of Borrelia bacteria, the causative agent of Lyme disease, in patients displaying prominent symptoms of joint pain, cardiac abnormalities, and neurological disorders. The Lyme disease diagnostics market offers a range of testing methods, including ELISA, immunofluorescent assay, polymerase chain reaction, and culture tests that help healthcare professionals accurately diagnose Lyme disease at early stages. The global Lyme disease diagnostics market is estimated to be valued at US$ 1.5 Bn 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 key trends:
Increased awareness campaigns about Lyme disease prevention and diagnosis by governmental as well as non-governmental organizations have significantly boosted testing rates over the past decade. Major public health bodies including the Centers for Disease Control and Prevention (CDC) and World Health Organization (WHO) are extensively educating people about standard precautions to avoid tick bites that transmit Borrelia bacteria. They are also informing the populace about nonspecific early symptoms of Lyme disease like fatigue, fever, and headache that may require timely medical attention. Widespread awareness drives have led to over 50% rise in Lyme disease diagnostic tests conducted globally between 2015 to 2020, thereby driving the market growth.
SWOT Analysis
Strength: The lyme disease diagnostics market has growing awareness about lyme disease diagnoses. Early diagnosis provides opportunities for effective treatment options.
Weakness: Difficulty in diagnosing lyme disease in early stages. Lack of standard diagnostic tests.
Opportunity: Scope for improvement and development of novel diagnostic tests and blood screening assays. Growing research on vaccine development against lyme disease.
Threats: Challenges in test specificity and sensitivity. Risk of underreporting or misdiagnosis of lyme disease.
Key Takeaways
The global lyme disease diagnostics market is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing lyme disease incidence. The market size is projected to reach US$ 1.5 Bn by 2024.
Regional analysis: North America region currently dominates the global market due to growing lyme disease cases in the United States. The region is expected to continue its domination supported by ongoing research for advanced diagnostic tests and increasing clinical trials.
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 players are focused on new product launches, expanding their regional presence and collaborations for market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it