by The Lyme Disease Diagnostics Market is estimated to be valued at US$ 837.2 Mn 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.
Market Overview:
Lyme disease is caused by bacteria belonging to the Borrelia genus which are transmitted through ticks. The disease can cause symptoms affecting the skin, joints, heart and nervous system if not treated on time. Lyme disease diagnostic tests help in early detection of the infection by detecting antibodies produced by the body’s immune system against Borrelia bacteria. This allows timely treatment and prevents complications associated with late-stage Lyme disease.
Market key trends:
The growing prevalence of Lyme disease across the globe and the need for early detection and treatment is driving the demand for Lyme disease diagnostic tests. According to CDC, around 476,000 Americans are diagnosed with Lyme disease annually. The increasing public awareness regarding tick-borne illnesses has prompted people to opt for diagnostic testing on experiencing symptoms. Also, the development of novel diagnostic platforms with improved sensitivity and specificity for detection of early stage infection is expected to boost the market growth during the forecast period. For instance, in 2021 Abbott received US FDA approval for its Alinity m Lyme Disease assay which can detect Borrelia burgdorferi infection as early as 5 days after symptom onset with 99% accuracy.
Porter’s Analysis:
- Threat of new entrants: The entry barrier for new players in the lyme disease diagnostics market is moderately high given the requirements for regulatory approvals and established distribution channels.
- Bargaining power of buyers: Individual consumers have low bargaining power due to lack of differentiation, but large healthcare organizations and government agencies have significant bargaining power to negotiate on price.
- Bargaining power of suppliers: The suppliers of components for lyme disease diagnostic tests have moderate power due to availability of substitutes and suppliers.
- Threat of new substitutes: Threat from new substitutes is moderate as lyme disease can be diagnosed through clinical symptoms as well though diagnostic tests provide accuracy.
- Competitive rivalry: The lyme disease diagnostics market is highly competitive due to presence of large number of players.
SWOT Analysis:
- Strength: Lyme disease diagnostic tests provide rapid and accurate diagnosis compared to clinical diagnosis. Growing disease incidence globally is generating increased demand for diagnostic tests.
- Weakness: High costs associated with development of novel diagnostic technologies. Dependence on seasonal variation as transmission occurs maximally during summer months.
- Opportunity: Emerging economies provide significant growth opportunities due to increasing healthcare investments. New products incorporating advanced technologies such as PCR and ELISA offer potential for market expansion.
- Threats: Stringent regulatory environment leads to delays in product approvals and increases costs. Reimbursement issues in developing nations pose challenges.
Key Takeaways:
The Global Lyme Disease Diagnostics Market Size is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing disease incidence globally particularly in North America and Europe. As per CDC estimates, approximately 476,000 Americans are diagnosed with Lyme disease annually. According to the European Centre for Disease Prevention and Control, the incidence of Lyme disease in Europe has doubled between 2010 and 2021.
Regionally, North America dominates the lyme disease diagnostics market currently owing to elevated disease risk and supportive public awareness programs. Europe is the second largest market driven by adoption of diagnostic testing aided by government funding. Asia Pacific is expected to be the fastest growing region during the forecast period supported by improving healthcare access and increasing spending on preventive healthcare in developing nations.
Key players operating in the lyme disease diagnostics market are 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, and T2 Biosystems, Immunetics Inc. Major players are focused on product portfolio expansion and geographical expansion to enhance their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
