Lyme Disease Treatment Market Is Estimated To Witness High Growth
Author : Leena Shedmake | Published On : 22 Jan 2024
Lyme disease, also known as Lyme borreliosis, is a tick-borne illness caused by the Borrelia burgdorferi bacteria. It can affect multiple body systems if left untreated. Common symptoms include fever, headache, fatigue, and a characteristic skin rash called erythema migrans. In severe cases it can cause joint pain, nervous system problems, heart issues, and inflammation of the membranes around the brain and spinal cord. Treatment options usually involves a combination of oral or intravenous antibiotics depending on the severity of infection. Currently available treatment options include doxycycline, amoxicillin, and cefuroxime axetil among others. Increased research and development activities for novel treatment approaches is expected to drive market growth over the forecast period.
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 Dynamics:
One of the major driver for the growth of Lyme Disease Treatment Market is increased research and development activities for novel treatment approaches. Numerous biotechnology and pharmaceutical companies are actively conducting clinical trials to develop more effective therapeutics such as vaccines, monoclonal antibodies and other biologics. For instance, Valneva SE is evaluating its Lyme disease vaccine candidate VLA15 in late-stage Phase 2 clinical study. Similarly, ImmunoPrecise Antibodies has developed multiple fully human monoclonal antibodies for treating persistent Lyme disease. Positive clinical trial results for such novel candidates is expected to boost the Lyme disease treatment market growth significantly over the forecast period. Additionally, rising awareness regarding tick borne illness and their diagnosis and treatment options is another factor expected to support market growth during the analysis period.
SWOT Analysis
Strength:
- Rising prevalence of Lyme disease across regions acts as a driver. North America specifically reports high number of Lyme disease cases each year.
- Growing awareness regarding signs and symptoms of Lyme disease encourages people to seek prompt medical treatment, aiding the market growth.
- Increasing research activities focused on developing alternative preventive and therapeutic approaches such as vaccines provides lucrative opportunities.
Weakness:
- Lyme disease is often misdiagnosed which poses challenges in effective treatment. Lack of early detection methods limits the market potential.
- High costs associated with treatment and drugs remains a key restraint.
Opportunity:
- Underpenetrated markets in regions such as Asia Pacific and Latin America offer untapped potential for market players.
- Launch of pipeline drugs with improved efficacy can capture additional market share.
- Advent of combination therapies holds promise to treat multi-drug resistant strains.
Threats:
- Entry of generics impact the revenues of established pharmaceutical firms post patent cliff.
- Threat from alternative treatment therapies such as herbal medicines poses competitive threat.
Key Takeaways
The Global Lyme Disease Treatment Market Size is expected to witness high growth. The market size is estimated to reach US$ 1.56 Bn by 2023.
North America accounts for maximum share of the global Lyme Disease Treatment market and the trend is anticipated to continue in the coming years. Favorable reimbursement policies and high healthcare expenditure foster the market growth. Asia Pacific exhibits lucrative potential for market participants. This is owing to increasing awareness about Lyme disease and growing healthcare infrastructure in emerging countries.
Key players operating in the Lyme Disease Treatment market are Pfizer, Abbott, Beckman Coulter, Canon Life Sciences, Biomerieux, Bio-Rad and TLabs. Pfizer dominates the market with its portfolio of drugs such as Dovobet and Minocin indicated for Lyme disease treatment. Abbott focuses on development of novel diagnostic kits with high sensitivity and specificity.
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