by Lyme disease, also known as Lyme borreliosis, is a tick-borne illness caused by spirochete bacteria from the Borrelia burgdorferi sensu lato group. It is transmitted to humans through the bite of infected Ixodes ticks. The disease is characteristically recognized by the bull’s-eye shaped rash that appears at the site of the tick bite and spreads outward. If left untreated, the infection can disseminate and affect the joints, heart and nervous system. The global Lyme disease treatment market consists of various drugs for first line therapy such as doxycycline, amoxicillin, and cefuroxime axetil.
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 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The global Lyme disease treatment market is primarily driven by rising incidence and prevalence of Lyme disease across the globe due to expanding geographical distribution of ticks harboring Borrelia bacteria. According to the Centers for Disease Control and Prevention in the US, approximately 476,000 Americans are diagnosed with Lyme disease each year, making it the fastest growing vector-borne illness in the country. Moreover, increasing awareness about early diagnosis and treatment of Lyme disease is another major factor expected to boost the market growth over the forecast period. However, lack of accurate diagnostic testing methods remains a major challenge.
Segment Analysis
The global Lyme disease treatment market is dominated by the antibacterial drugs segment. This segment accounts for over 70% of the market share owing to increasing prevalence of Lyme disease globally and wide usage of antibiotics such as doxycycline and amoxicillin as the first line of treatment for Lyme disease. Furthermore, the vaccines segment is expected to be the fastest growing segment over the forecast period due to ongoing R&D for novel and effective vaccines and increasing awareness regarding vaccination.
PEST Analysis
Political: Stringent regulations regarding approval and marketing authorization of Lyme disease treatment drugs and vaccines by regulatory bodies like FDA are positively impacting the market growth. However, high cost associated with drug development and approval process remains a challenge.
Economic: Rising per capita healthcare expenditure in developing nations and growing focus on preventing infectious diseases through vaccination is fueling the market growth. Although high treatment cost of Lyme disease may restrain market growth in low income countries.
Social: Increasing government initiatives regarding Lyme disease prevention through vaccination programs is a key growth factor. However, lack of awareness regarding various symptoms of disease in developing regions is a challenge.
Technological: Ongoing R&D for developing novel and efficient treatment options like monoclonal antibodies and targeted therapies offers huge growth opportunities. Integration of advanced technologies like AI in predicting disease risk and outbreaks can help stakeholders take preventive measures.
Key Takeaways
Global Lyme Disease Treatment Market Growth is expected to witness high growth over the forecast period attributable to rising prevalence of the disease globally. North America is expected to remain the dominant regional market owing to increasing incidence of Lyme disease cases.Asia Pacific region is estimated to be the fastest growing market due to growing awareness regarding the disease and improving healthcare infrastructure.
Key players operating in the Lyme disease treatment market are Sanofi, Pfizer Inc., Novartis AG, Teva Pharmaceutical Industries Ltd., Mylan N.V., Sun Pharmaceutical Industries Ltd., Hikma Pharmaceuticals, Zydus Cadila, Lannett Company, Inc., Strides Pharma Science Limited, Cipla Ltd., Lupin Limited, Aurobindo Pharma Limited, Torrent Pharmaceuticals Ltd., Reddy’s Laboratories Ltd. Sanofi dominates the market with wide antibiotic portfolio however intense competition exists among the key players to develop novel drugs with improved efficacy against persistent Lyme disease.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
