by Lyme disease is an infectious disease caused by the Borrelia burgdorferi bacterium which is often spread through tick bites. Common symptoms include rashes, fever, tiredness and joint pains. Lyme disease if left untreated can spread to joints, heart and nervous system. Treatments include use of oral or intravenous antibiotics to kill the bacteria. Growing awareness about Lyme disease prevention and treatment is driving many to seek medical help in early stages.
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.
Market key trends:
Growing awareness: Over the past few years there has been a significant rise in awareness about Lyme disease through various social media and advocacy campaigns. This has encouraged more people to get themselves tested even if they experience mild symptoms. As a result, many cases are now being diagnosed at an early stage which is helping drive the demand for Lyme disease treatment drugs and vaccines. The trend of rising health consciousness among population is projected to continue propelling the Lyme disease treatment market during the forecast period.
SWOT Analysis
Strength: Early detection and timely treatment can prevent more serious complications. Few treatment options are available and are primarily antibiotics.
Weakness: Diagnosis can be difficult as symptoms are not always present and vary between individuals. No universal vaccine available. Requires long term antibiotic treatment which can cause side effects.
Opportunity: Growing awareness about tick borne diseases and their prevention. Several drug candidates in clinical trials can address unmet needs and expand treatment options.
Threats: Possible emergence of antibiotic resistance. Climate change can expand geographic range of ticks and risk of exposure.
Key Takeaways
The Global Lyme Disease Treatment Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 1.56 Billion by 2023, growing at a CAGR of 5.6% during the forecast period.
Regional analysis: North America dominates the Lyme Disease Treatment market currently due to high disease prevalence in the US. States like Minnesota and Wisconsin have the highest reported Lyme disease cases. The Asia Pacific region is expected to grow at the fastest pace due to increasing adoption of active lifestyle and urbanization leading to more public-tick interactions.
Key players: Key players operating in the Lyme Disease Treatment market are Pfizer, GlaxoSmithKline, Merck, Abbott Laboratories, Bayer, Sanofi, Novartis, and Allergan. Pfizer’s doxycycline is currently the standard treatment recommended by CDC for Lyme disease. Other pharmaceutical companies are conducting clinical trials for new therapy options.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
