The Lyme Disease Treatment Market Projected to Grow at a CAGR of 8.4% and Generate a Revenue of $1,636.6 million by 2031Download Sample Reports Overview
The Global Lyme Disease Treatment Market size is predicted to be valued at $1,636.6 million by 2031, surging from $737.5 million in 2021, at a noteworthy CAGR of 8.4%.
Impact Analysis of COVID-19 on the Lyme Disease Market
The COVID-19 impact on Lyme disease Market for treating Lyme disease. The market for treating Lyme disease has experienced unexpected, wide-ranging, and varied effects as a result of COVID-19. In various countries, Lyme disease treatment market trend has advanced significantly to ensure that patients receive crucial care and new safety standards are met to safeguard patients and medical workers. Doctors who treat Lyme disease have put in place a number of operational procedures and cautious steps to maintain effective therapy while limiting the coronavirus's ability to spread and putting safety first. Delays in Lyme disease therapy may also lead to bacterial diffusion and reflection in distant organ systems, particularly the neurologic, and musculoskeletal systems, which are most significant. Additionally, people with diseases other than coronavirus were not treated at hospitals, clinics, or other diagnostic facilities. These factors are anticipated to limit the Lyme disease market share during the pandemic. With vaccine production and distribution have accelerated, the world is beginning to reopen. However, it is projected that there will be a major increase in the treatment of Lyme disease as more people who are afraid to leave their homes can visit the medical facility without fear. Thus, in the near future, the Lyme disease market growth is expected to be driven.
Global Lyme Disease Treatment Market Analysis
Lyme disease is being treated with placebo-controlled clinical trials, which provide information on the effects of long term use of antibiotics. A recent development in studies on the treatment of Lyme disease by ELISA technique, which was recommend by doctor to detect antibodies for B. burgdorferi and determine the immune response to Lyme disease, is useful for speedy recovery from Lyme disease. Recent technological advancement are allowing scientist to explore a new novel method of identifying Lyme disease, in addition to developing new techniques for diagnosis, detecting, or treating the disease early. Additional trainings are expected to add to new techniques for identifying the Lyme disease, fast-stage examination, precise detection of disease, or indications of successful treatment. The inclusion of simple and effective treatment strategies for Lyme disease by different key players that drive the Lyme disease treatment market growth
Misdiagnosis is the most important factor which create confusion for patient’s further treatment which is done by western blot. In western blot test estimation of ant-Lyme antibodies which developed in the year of 1980, it almost takes 2-6 weeks for the detection of antibodies in the bloodstream. 60% false negative readings come from the western blot test. Additionally, the prolonged use of antibiotics, which diminish benificaila intensial flora, leads to various health problems.
The development of a vaccine to protect individuals from infected ticks is a continuing goal of medical experts and researchers as the number of Lyme disease cases are increasing globally. For instance, the UMASS Medical School in the U.S. has reportedly been working on producing a medicine, pre-exposure prophylaxis for Lyme cure. The medication has the ability to give patients antibodies against Lyme disease. Phase 1 clinical studies for this Lyme treatment are now taking place, and a market launch is anticipated for 2023. Such factors are projected to accelerate the increase of the market share for treating Lyme disease in future.
Global Lyme Disease Treatment Market Share, Segmentation
The global Lyme disease treatment market analysis is segmented based on treatment type, administration route, distribution channel, and region.
The segment treatment type is further classified into medication and tick removal. Among these, the medication sub-segment is anticipated to have a dominant Lyme disease treatment market share and surpass $1,223.4 million by 2031, with an increase from $545.8 million in 2021 and also register a highest CAGR of 8.5%.Medication such as oral antibiotics and intravenous antibiotics are preferred for the treatment purpose because it is proven that antibiotic type of medication are effective for Lyme disease. Oral antibiotics is drug of choice for treatment of early-stage Lyme disease, Doxycycline is suggested for the adult and children older than 8 years and cefuroxime and amoxicillin for pregnant or breast feeding women. If patient have CNS related problem then intravenous antibiotic is recommended. The new antibiotic Cefotaxime and Azlocillin are to be recommended for treatment of Lyme disease.
The administration route segment is further classified into oral, injectable, and topical. Among these, the oral sub-segment is anticipated to have a dominant market share and surpass $784.2 million by 2031, with an increase from $348.8 million in 2021. Physician typically recommended a short course of antibiotics, preferably doxycycline or amoxicillin, in case of Lyme disease. The consumption of oral antibiotics is a suitable and well known method for consuming medicines, and a qualified person is not always needed if the proper dosages is prescribed by a physician. There are no side effects of it, and intravenous antibiotics can cause a drop in white blood cell count, diarrhea, and colonization with other antibiotic-resistance. Many companies try to work on new vaccine development for the Lyme disease such as VLA15.
The distribution channel segment is further classified into hospital pharmacies, retail pharmacies, and online. Among these, the hospital pharmacies sub-segment is anticipated to have a dominant market share and surpass $865.6 million by 2031, with an increase from $385.9 million in 2021. The increase in outpatient hospital visits and admissions by patients with illnesses such chronic Lyme disease is responsible for the sub-expansion. Patients can easily and conveniently purchase medications from hospital pharmacies since they can get their medications on time. These factors are also expected to increase market revenue.
The Lyme disease treatment market share in the North America region is projected to show the highest market share. This region’s for Lyme disease treatment market size generated a revenue of $465.1 million in 2021 and is projected to reach up to $992.1 million by 2031. The presence of well-known pharmaceutical corporations and research institutes in the region, as well as their ongoing efforts to develop and introduce novel therapeutic drugs and vaccines, are credited with driving regional market growth. Additionally, the rising prevalence of Lyme disease in the region, particularly in the U.S., as a result of the large number of pets owned by people, is projected to spur additional market expansion.
Key Players in the Global Lyme Disease Treatment Market
- Galaxo SmithKline Plc
- Pfizer, Inc.
- Novartis AG
- Mayne Pharma
- Sun Pharmaceuticals Industries, Inc.
- Lupin Pharmaceuticals, Inc.
- Orion Corporation
- Perrigo Company plc
- Chartwell Pharmaceuticals
- Almirall, LLC.