by Market Overview:
The global Lyme Disease Diagnostics Market is estimated to be valued at US$ 837.2 million in 2022 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
Lyme disease diagnostics involves tests that help detect Lyme disease-causing bacteria Borrelia burgdorferi in the body. These diagnostic tests are needed as symptoms of Lyme disease can vary significantly in different individuals and may resemble those of other illnesses. Early diagnosis and treatment are important to prevent long-term complications associated with Lyme disease.
Market key trends:
One of the key trends in the Lyme disease diagnostics market is the development of novel diagnostic technologies with higher sensitivity and specificity. Currently available two-tier serological tests have low sensitivity in early Lyme disease. Researchers are developing novel technologies such as C6 peptide based tests, next generation sequencing based assays and others that can detect the bacteria earlier in the course of infection and with high accuracy. Development of rapid point-of-care tests is another focus area as they enable early treatment initiation. Increasing R&D investments by market players as well as funding from government and non-profit organizations are aiding technological advancements in Lyme disease diagnostics.
Segment Analysis:
The global Lyme disease diagnostics market is segmented into tests, end users, and regions. Based on tests, the market is segmented into serology tests, cell culture, polymerase chain reaction (PCR), and others. The serology tests segment dominated the market in 2022 and is expected to continue its dominance over the forecast period due to ease and low cost of ELISA and immunofluorescence assays (IFA) which are most commonly used serology tests for Lyme disease diagnosis.
Key Takeaways:
The Global Lyme Disease Diagnostics Market Growth is expected to witness high, exhibiting CAGR of 7.2% over the forecast period (2023 – 2030), due to increasing incidence of Lyme disease across regions. The market was valued at USD 837.2 million in 2022 and is projected to reach USD 1,405.8 million by 2030. Regional analysis: North America dominated the global market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to high prevalence of Lyme disease in the United States. The Asia Pacific region is expected to witness fastest growth rate over the forecast period owing to rapidly growing healthcare infrastructure and increasing awareness regarding Lyme disease diagnosis in the region. Key players: Key players operating in the Lyme disease diagnostics market include Abbott Laboratories, Affymetrix Inc., Alere Inc., Baxter International Inc., Bio-Rad Laboratories, Boulder Diagnostics, Canon Life Sciences, Covance Inc., Fresenius Medical Care AG & Co., GlaxoSmithKline Pharmaceuticals Ltd., Roche Diagnostics International Ltd., Siemens AG, T2 Biosystems, and Immunetics Inc. The major players are focusing on new product launches, collaborations and geographic expansions to increase their market share in the Lyme disease diagnostics market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
