Global Lyme Disease Treatment Market to Rise at a CAGR of 8.4% and Surpass $1,636.6 Million by 2031, Owing to the Rising Cases of Lyme Diseases Worldwide
The world is swamped with various nerve-racking infections and Lyme disease is one of them. It is caused by 4 key species of bacteria: Borrelia burgdorferi, Borrelia, Borrelia afzelii and Borrelia garinii. This is the most common tick-borne disease, which is transmitted by the bite of an infested black-legged tick, generally called as a deer tick.
Lyme disease results in appearance of rashes, fever, and headache in the patient. This disease is transmitting across the globe hastily, and it is a mounting issue mainly in Europe, North America, and Asia. If a Lyme patient does not get access to proper treatment on time, the patient can acquire serious long-term health issues, for instance, Lyme arthritis.
Presently, the disease can be cured with antibiotics like doxycycline, which is capable of killing numerous types of bacteria. But, this drug can disturb the gut microbiome, which can result in problems like diarrhoea.
The Current Face of the Lyme Disease Treatment Market
As per a report published by the Centre for Disease Control and Prevention in the year 2021, around 300,000 people fall prey to this disease every year in the U.S. The rising number of cases of Lyme disease is surging the number of hospital outpatient visits, thus boosting the demand for effective treatments for the disease.
Various healthcare experts and scientists are taking significant efforts to invent a vaccine against Lyme disease to protect the people worldwide from disease-ridden ticks. As per a newscast published in March 2021 in Popular Science, an international science newsletter, a doctor from the University of Massachusetts (UMASS) Medical School has been working on the development of a medicine, PrEP (pre-exposure prophylaxis) for the treatment of Lyme disease. This medicine is efficient in providing desired antibodies in the Lyme patients and cure the disease. This medicine is at present in its initial phase of clinical trials, and is anticipated to be available in the markets by the year 2023. Such innovations in the Lyme disease sector are expected to fuel the growth of Lyme disease treatment market in the coming years. As per a report by Research Dive, the global Lyme disease treatment market is projected to surpass $1,636.6 million by 2031.
Recent Trends in the Lyme Disease Treatment Market
Various companies functioning in the Lyme disease treatment market are inventing innovative solutions, which is likely to positively impact the industry. Some of the prominent market players are Galaxo SmithKline Plc, Pfizer, Inc., Novartis AG, Mayne Pharma, Sun Pharmaceuticals Industries, Inc., Lupin Pharmaceuticals, Inc., Orion Corporation, Perrigo Company plc, Chartwell Pharmaceuticals, and Almirall, LLC.
These players are concentrating on emerging strategies such as partnerships, product development, mergers and acquisitions, and collaborations to attain a leading position in the market. For instance:
- In July 2020, Adaptive Biotechnologies Corp., an immune medicine firm concentrated on transforming the genetics of the adaptive immune system into clinical products to diagnose and cure diseases, launched ImmuneSense Lyme™, a research study to enlighten the development of an enhanced test for diagnosing Lyme in the initial stages, when the disease can be treated easily.
- In March 2021, Project Lyme, an international awareness organization focused on eradicating the epidemic of Lyme disease and other tick-borne illnesses, launched a new website: https://projectlyme.org/. in partnership with Great Believer, a design firm. The website is developed with an aim to completely alter the way the people will be educated about averting, treating, and recovering from Lyme and related tick-borne infections.
- In May 2021, Tarsus Pharmaceuticals, a drug development company, announced that the US Food and Drug Administration (FDA) has approved an investigational new drug application for an oral prophylactic candidate developed to avert the transmission of Lyme infection.
COVID-19 Impact and the Future of the Lyme Disease Treatment Market
The abrupt outburst of the coronavirus pandemic has drastically impacted the global Lyme disease treatment market. With the spread of COVID-19 infection, the healthcare centres and drug manufacturing industries have begun focusing on the treatment of the COVID-19 patients and invention of vaccine. During the pandemic, outpatients’ visit for other diseases have been put on hold to avoid the transmission of COVID-19 virus. Moreover, hardly any patient is ready to visit hospitals for their Lyme disease treatment owing to the fear of acquiring the COVID-19 infection in hospitals. All this is negatively impacting the growth of the Lyme disease treatment market. However, as and when the pandemic eases, the growth of the industry is likely to surge, owing to the shifting focus of healthcare professionals on the treatment of lyme.
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