by Lyme disease is a multisystem inflammatory disease that spreads through the bite of infected ticks. It can affect the skin, joints, heart and nervous system of the infected individual if untreated. Lyme disease treatment involves use of antibiotics such as doxycycline or amoxicillin. It helps eliminate the bacteria responsible for causing Lyme disease from the body. The growing prevalence of Lyme disease worldwide due to factors like expansion of deer populations, development of recreational areas in forest and increase in outdoor activities has fueled the demand for effective Lyme disease treatment options.
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:
One of the major trends witnessed in the global Lyme disease treatment market is increasing preference for alternative and herbal medicines. Conventional treatment options such as antibiotics have varying side effects including diarrhea, nausea and vomiting. This has compelled researchers to explore alternative treatment avenues using herbal medicines derived from plants. For instance, Artemisia annua plant is being studied for its potential to treat Lyme disease symptoms. It contains artemisinin, a compound shown to have antibacterial and anti-inflammatory properties. Similarly, herbs like samento, biocidin, cat’s claw and cryptolepis are gaining traction as efficacious herbal remedies for Lyme disease. Manufacturers are also focusing on development of advanced diagnostic tests to aid earlier detection and treatment of Lyme disease. This will help curb the infection from spreading to different body parts, thereby improving treatment outcomes.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as new market players will need significant R&D efforts and funding to develop new drugs for Lyme disease treatment. The presence of large established players also poses barriers.
Bargaining power of buyers: The bargaining power of buyers is high given the presence of many treatment alternatives available. Buyers can negotiate on price and demand additional services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers of raw materials include few pharmaceutical companies specialized in antibiotics production. Switching costs are also moderate.
Threat of new substitutes: The threat of new substitutes is moderate as new alternative treatment methods can be developed but will require considerable investments and time to gain market acceptance.
Competitive rivalry: Competition is high among existing players like Pfizer, Merck, Allergan given their large product portfolios and capabilities.
Key Takeaways
Global Lyme Disease Treatment Market Demand is expected to witness high growth. 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.
The North American region currently dominates the market and is expected to continue its lead, supported by increasing prevalence of Lyme disease cases annually in the US. The presence of advanced healthcare facilities and growing awareness levels regarding the disease and its treatment in the region drive its market growth. Europe is also a significant market for Lyme disease treatment. Supportive government initiatives and increasing healthcare spending levels in countries like Germany, France, UK are favoring the regional market growth. The Asia Pacific region is anticipated to witness fastest growth over the forecast period on account of rising healthcare infrastructure development and expanding patient pool in Japan, China, and India.
Key players operating in the Lyme disease treatment market are Pfizer, Merck, Allergan, GlaxoSmithKline, and Zydus Cadila. Pfizer dominates the market with its doxycycline drug while Merck has garnered significant sales with respiratory fluoroquinolone drugs to treat Lyme disease patients.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
