by Lyme disease is an infection caused by the bacteria Borrelia burgdorferi and is transmitted through tick bites. The disease, if left untreated, can spread to joints, the heart, and the nervous system. The increasing awareness regarding Lyme disease preventive measures and early diagnosis and treatment methods are augmenting the market growth. Antibiotics such as doxycycline, amoxicillin, and cefuroxime axetil are the first line of treatment for patients diagnosed with Lyme disease. 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 key trends
Rising prevalence of Lyme disease is a key trend propelling the growth of the Lyme disease treatment market. According to the Centers for Disease Control and Prevention, around 476,000 people are diagnosed with Lyme disease each year in the United States. The early symptoms of the disease include fatigue, fever, headache, and/or skin rash. If left untreated, the infection can spread to joints, heart, and nervous system. Thus, early diagnosis and treatment is important to prevent further complications. The increasing focus on awareness regarding symptoms and preventive measures for Lyme disease is expected to augment the demand for treatment drugs over the forecast period.
SWOT Analysis
Strength: The rising prevalence of Lyme disease worldwide drives market growth. Increased research and development activities for advanced treatment options act as strength.
Weakness: Lack of awareness regarding Lyme disease diagnosis and treatment in underdeveloped regions is a weakness. Diagnostic challenges and limitations in test accuracy are other weaknesses.
Opportunity: Government support for research activities to develop novel therapeutics presents lucrative opportunities. Rising healthcare expenditure in emerging nations creates opportunities.
Threats: Limited FDA approved treatment options pose a major threat. Strict regulations for drug approval also threaten market growth. Uncertainty over reimbursement policies hampers market growth.
Key Takeaways
Global Lyme Disease Treatment Market Demand is expected to witness high growth. The market size for 2023 is estimated to be US$ 1.56 Bn, growing at a CAGR of 5.0% during the forecast period of 2023 to 2030.
Regional analysis – North America dominates the Lyme Disease Treatment market accounting for over 50% of the global market share in 2023. This is attributed to rising prevalence of Lyme disease cases in the United States. The European region is expected to exhibit fastest growth through 2030, partly due to growing awareness regarding early diagnosis and treatment.
Key players analysis – 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. These players are engaged in initiatives like new product launches, collaborations and acquisitions to strengthen their market presence.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
