Lyme Disease Diagnostics Market

Product Overview:

Global Lyme Disease Diagnostics Market size was USD 1.77 billion in 2021 and projected to grow from USD 2 billion in 2023 to USD 3.7 billion by 2032, exhibiting a CAGR of 6.8% during the forecast period.

Lyme disease is occurred due to a bacterial infection by borrelia species. This is spread through the bite of infected ticks in humans. The symptoms of Lyme disease in infected patients are fever, skin rashes, depression & fatigue. Early detection of the disease may be treated with antibiotics. By prolonging the disease without treating it, results in heart, joint and CNS disorders and might become fatal. The diagnostics intended to trat the lyme disease are called Lyme disease diagnostics.

Market Highlights

Global Lyme Disease Diagnostics Market is expected to project a CAGR of 6.8% during the forecast period, 2022-2032

Global Lyme Disease Diagnostics Market is expected to reach USD 3.7 billion, growing at a CAGR of 6.8% during forecast period. Increasing focus of governments towards well establishment of healthcare facilities, growing prevalence of Lyme disease and the emergence of new Lyme disease diagnostic tests are expected to drive the growth of the Global Lyme Disease Diagnostics market. Rising enthusiasm of key players towards Research & Development of Lyme disease diagnosis is expected to drive the growth of the market.

Global Lyme Disease Diagnostics Market Segmentation:

Serological? Test Segment is expected to grow with high CAGR during the forecast period

Global Lyme Disease Diagnostics Market is classified based on the Diagnostic Technology into Serological Test (ELISA, Western Blot), Lymphocytic Transformation Test, Urine Antigen Testing, Immunofluorescent Staining, Nucleic acid Test and Others. Serological test segment is expected to dominate the market in the forecast period owing to the preference of this test to measures the antibodies in the later phase of illness after nucleic acid test and PCR test which are advantageous in assessing Lyme disease.

Hospital Segment is expected to grow with high CAGR during the forecast period

Global Lyme Disease Diagnostics Market is classified based on the End User into Hospitals, Public/Private Laboratories, and Physicians Office. Hospital segment is expected to dominate the Lyme disease diagnostic market in the forecast period owing to the growing hospitals count with skilled professionals, availability of commercial diagnostic kits to identify Lyme disease easily and well-structured healthcare infrastructure which is expected to boost the market growth. 

Market Dynamics:                                           

Growth Drivers

Increasing Patient Population is Expected to Boost the Growth of the Market

There patient pool diagnosed with Lyme disease is increasing due to the rising demand for diagnostic tests which is driving the Lyme disease diagnostic market growth. The presence of well-established infrastructure will aid in the growth of the market. The incidence of Lyme disease is increasing and thereby the patients suffering is rising resulting in the growth of the Lyme disease diagnostics market. The improvement of healthcare facilities due to the support from government organizations and market players are focusing is resulting in research and development activities for providing better opportunities and is expected to boost the growth of Lyme disease diagnostics market. 

Introduction of New Initiatives by the Government is Expected to Boost the Growth of the Market

Few governments are focusing on development of new initiatives and preventive measures to treat the Lyme disease which is expected to boost the growth of the diagnostics market. Based on certain articles published, officials are willing to boost the funding for Lyme disease and tick-borne diseases which assist in creating a voluntary tax check-off box to fund R&D, education, & prevention of this disease. This may drive the growth of the Lyme disease diagnostics market.

Restraint

Lack of Disease Awareness May Hamper the Market Growth

Lack of awareness regarding the disease is a prime factor resulting in restraining the market growth of Lyme disease diagnostics market.

Recent Developments:

• On April 13, 2022, Quidel Corporation along with Bay Area Lyme (BAL) Foundation, created awareness in the people regarding their health condition.
• In July 2022, PerkinElmer together with EverlyWell for boosting the invention in and obtainability of health testing which involves Lyme disease and food sensitivity tests.

Global Lyme Disease Diagnostics Market

Key Players Covered:

• Bio-Rad Laboratories, Inc.
• Abbott
• Thermo Fisher Scientific, Inc.
• Oxford Immunotec Global PLC
• T2 Biosystems, Inc.
• Quidel Corporation
• Hoffmann-La Roche Ltd
• Graphene Frontiers
• Diasorin S.p.A
• Trinity Biotech
• Quest Diagnostics
• Other Prominent Player 

(Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Global Lyme Disease Diagnostics Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America dominated the Lyme disease diagnostics market in 2021 and is expected to dominate the same over the forecast period owing to the increasing government initiatives for diagnosing and treating of several diseases. The focus to develop new strategies in order to prevent Lyme disease has increased aiming to reduce occurrence of disease in population. The increment in pervasiveness of common tick disease, resulted in creating demand for disease treatment, thereby resulting in driving the growth of Lyme Disease Diagnostics Market.

Impact of Covid-19 on Global Lyme Disease Diagnostics Market

The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed lockdowns and travel bans to control the coronavirus spread. Covid-19 has affected several industries and even led to shutdown of many business activities worldwide but the healthcare and diagnostics industry had a surge during the pandemic. As it was not an emergent situation to treat Lyme disease, patients had to postpone the diagnosis of Lyme disease resulting in the pandemic to have a negative impact on the growth of Global Lyme Disease Diagnostics Market

Global Lyme Disease Diagnostics Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA.

Global Lyme Disease Diagnostics Market Scope and Segments:

Frequently Asked Questions (FAQ):