The Lyme Disease Treatment Market Projected to Grow at a CAGR of 7.50% and Garner a Revenue of $1,062,794.78 Thousand in the 2021–2028 TimeframeDownload Sample Reports Overview
The global lyme disease treatment market size is estimated to generate a revenue of $1,062,794.78 thousand by 2028, increasing from $619,692.31 thousand in 2020, at a noteworthy CAGR of 7.50%.
COVID-19 Impact on Lyme Disease Treatment Market
COVID-19 pandemic has had a negative impact on the Lyme disease treatment market. To avoid any further coronavirus infection transmission, the patients of Lyme disease refrained themselves from hospital visits for their treatment. Also, the hospitals, clinics and other diagnostic centers did not entertain the patients with diseases other than corona. Such factors are likely to hamper the growth of Lyme disease market shares in the pandemic time period.
Lyme Disease Treatment Market Analysis:
Lyme disease treatment market share is expected to flourish in the forecast time period owing to increasing prevalence of lyme disease among people, across the world. Lyme disease is transmitted to humans by the black legged tick bite. Number of cases of lyme diseases is increasing at a high pace due to which the demand for treatment for lyme cure has grown. This factor is expected to boost the market growth, further. Also, increased research activities to find a proper treatment for the Lyme disease is anticipated to flourish the market growth in the future. For instance, according to a news published on News Medical Life Sciences, an online newsletter, on May 13, 2021, The University of Maryland (UMD), a university in U.S, received funding from the Steven & Alexandra Cohen Foundation, a community service organization, for developing new therapeutic treatment strategies to stop Lyme disease infection before it begins. Such initiatives are likely to drive the market.
Misdiagnosis of Lyme disease by the healthcare persons due to its similar symptoms presented like other diseases is likely to restrain the market growth. Also, lack of awareness among inexperienced healthcare professionals and patients regarding the disease is projected to decline the growth rate of the market in the future.
Many companies have collaborated to develop vaccines for chronic Lyme disease to fulfill the rising demand and cases of Lyme disease across the world. For this, they are investing a huge sum of money to proceed with their Lyme disease treatment project. For instance, according to a news published on Global NewsWire, online newsletter, on July 19, 2021, Valneva SE, France based vaccine company and Pfizer Inc, a pharmaceutical company in the U.S., announced the recruitment completion for the Phase 2 trial of Lyme disease treatment vaccine candidate, VLA15-221. This factor is projected to accelerate the growth of lyme disease market share.
Lyme Disease Treatment Segmentation
The Lyme disease treatment is segmented based on treatment type, administration route, distribution channel, and region.
The Lyme disease treatment market by treatment type is segmented into medication and tick removal.
The medication sub-segment is predicted to have a dominating market share in the global market and register a revenue of $807,760.80 thousand during the forecast period. Medication sub-segment is likely to generate a huge revenue because the healthcare professionals prefer to prescribe medications to patients so that their body can fight against the infection and protect them from other infections. Also, consuming medicine is a convenient option compared to tick removal as it is a painless treatment option. Therefore, such factors are likely to boost the Lyme disease treatment market shares in the future.
The global Lyme disease treatment market by administration route is segmented into oral, injectable, and topical.
Injectable sub-segment is anticipated to have the fastest market growth and generate a revenue from $332,571.67 thousand in 2028. Injectable sub-segment is expected to generate a good market revenue due to that fact that if Lyme disease is diagnosed late, then the symptoms become worse, and the patient suffers from severe pain in joints, muscles, and different organs. Thus, injectable medicines are given to the patient to provide instant relief from pain.
The global Lyme disease treatment market by distribution channel is segmented into hospital pharmacies, retail pharmacies, and online.
The hospital pharmacies sub-segment is predicted to have a dominating Lyme disease treatment market share in the global market and register a revenue of $565,642.08 thousand during the forecast period. The growth of the sub-segment owes to increasing outpatient hospital visits and admissions by the patients suffering from disease like chronic Lyme disease. Purchasing medicine from hospital pharmacies is easy and convenient for the patients as they can get medicines in time. Such factors are further anticipated to raise the market revenue.
The North America Lyme disease treatment market accounted $398,462.15 thousand in 2020 and is projected to register a revenue of $661,058.35 thousand by 2028. The regional growth is attributed to presence of well-established pharmaceutical companies and research organizations in the market and their constant effort to develop and launch new therapeutic medicines and vaccines. Also, growing prevalence of Lyme disease in the area, especially in the U.S. due to high number of pets kept by the people is likely to boost the market growth even further.
Top 10 Major Key Players in the Lyme Disease Treatment Market are -
- 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
Porter’s Five Forces Analysis for the Global Lyme Disease Treatment Market
- Bargaining Power of Suppliers: Since the number of buyers are large in number and the demand is constantly growing, the suppliers have to sell their products at a moderate price range to attract the customers.
Thus, the bargaining power suppliers is moderate.
- Bargaining Power of Buyers: Buyers are increasing in number, and they have a large product base to choose. So, they can select the product as per their preference.
Thus, the bargaining power of the buyers is high.
- Threat of New Entrants: As the cases of Lyme disease is increasing at a high rate, the new companies have a good opportunity to develop a proper vaccine for the disease.
Thus, the threat of the new entrants is high.
- Threat of Substitutes: Many oral medications are currently available in the market to treat Lyme disease infection.
Thus, the threat of substitutes is high.
- Competitive Rivalry in the Market: the companies are focusing on the development of their portfolio for Lyme disease treatment which has created a tough competition between the players.
Therefore, competitive rivalry in the market is high.