by 
The 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 Overview:
Lyme disease is a tick-borne illness caused by the bacteria Borrelia burgdorferi. It is transmitted through the bite of infected blacklegged ticks (Ixodes scapularis in the northeastern and upper midwestern United States and Ixodes pacificus on the Pacific Coast). Common symptoms include fatigue, fever, headache, and a characteristic skin rash called erythema migrans. If left untreated, infection can spread to joints, the heart, and the nervous system. Diagnostics tools help in the early detection and treatment of Lyme disease. Major products in this market include ELISA kits, western blot test kits, immunofluorescence assay test kits and molecular diagnostic test kits.
Market Dynamics:
The Lyme disease diagnostics market is primarily driven by the increasing incidence of Lyme disease worldwide. According to CDC, approximately 476,000 Americans are diagnosed and treated for Lyme disease each year. Rising cases of Lyme disease has led to demand for more accurate and reliable diagnostic tests. Furthermore, technological advancements in diagnostic testing such as development of novel molecular diagnostic platforms like PCR, DNA microarrays offer improved detection sensitivity and specificity. This factor is positively impacting market growth. Rapid point-of-care tests provide quick diagnosis and treatment for Lyme disease. The development and adoption of such novel and improved diagnostic platforms is expected to fuel market growth over the forecast period.
Segment Analysis
The Lyme disease diagnostics market is dominated by the serological tests segment owing to its convenience and cost-effectiveness. Serological tests detect Lyme disease antibodies in the blood and helps in the confirmative diagnosis. This segment holds over 70% of the total market share owing to its high volume demand.
Pest Analysis
Political: Increase in awareness initiatives by government healthcare bodies to educate people about Lyme disease is expected to aid the market growth.
Economic: Rising healthcare spending and improving reimbursement policies for diagnostic tests are projected to drive the Lyme disease diagnostics market.
Social: Changing lifestyle with increased outdoor activities has augmented the risk of Lyme disease, boosting the demand for effective diagnosis.
Technological: Advancements in immunoassay technologies and development of rapid point-of-care tests for early diagnosis are expected to provide opportunities over the forecast period.
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 awareness initiatives about Lyme disease diagnosis and management.
The North American region currently dominates the global market owing to new product launches and rapid diagnosis availability in this region. The region is expected to maintain its lead position over the forecast period attributed to widespread prevalence of Lyme disease.
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. Major players are focusing on new product development and geographic expansion to strengthen their market presence.
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, chemicals and materials, defense and aerospace, consumer goods, etc.
