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Lyme Disease Diagnostics Market Connected with Improved Diagnostic Methods

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Sneha
Lyme Disease Diagnostics Market Connected with Improved Diagnostic Methods

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.

Market Overview:

Lyme disease is a bacterial infection caused by Borrelia burgdorferi and is transmitted through the bite of infected blacklegged ticks. Lyme disease diagnosis products help accurately detect the presence of harmful bacteria in a patient's blood and other bodily fluids. These products offer advantages such as early diagnosis, improved treatment outcomes, and monitoring of disease progression or response to therapy. The growing prevalence of Lyme disease worldwide has fueled the need for reliable diagnostic testing methods.

Market key trends:

Lyme disease cases have been increasing at an alarming rate over the past few decades. According to CDC statistics, the reported number of Lyme disease cases increased from 29,923 cases in 2017 to 42,092 cases in 2020 in the US alone. This significant rise in incidences is prompting stakeholders to focus on development of advanced and improved diagnostic tests. Various companies in the market are engaged in developing novel diagnostic platforms using techniques like PCR, ELISA, and Lateral Flow Immunoassays for early-stage detection. For instance, Immunetics Inc. offers an immunochromatographic test targeting C6 peptide for clinically localized infection. Such optimized diagnostic methods are expected to gain more adoption going forward.

Porter’s Analysis

·        Threat of new entrants: The threat of new entrants in the Lyme disease diagnostics market is low as it requires high R&D investment and clinical trials for approval of new diagnostic tests.

·        Bargaining power of buyers: The bargaining power of buyers is high in this market as the diagnostic tests are not frequently purchased and buyers can negotiate on price with suppliers.

·        Bargaining power of suppliers: The bargaining power of suppliers is moderate owing to the availability of substitute diagnostic tests and suppliers. However, supplier concentration is low which balances their bargaining power.

·        Threat of new substitutes: The threat of substitutes is moderate as new alternative diagnostic methods can be developed and adopted like antibody-based tests.

·        Competitive rivalry: The competitive rivalry in the market is high due to the presence of major players.

Key Takeaways

The Global Lyme Disease Diagnostics Market Growth is expected to witness high, exhibiting CAGR of 7.2% over the forecast period, due to increasing incidence of Lyme disease globally.

Regionally, North America dominated the market and is expected to continue its dominance during the forecast period. This is attributed to increasing public awareness about tick-borne illnesses and favorable reimbursement policies in the region.

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. Companies are increasingly focusing on developing advanced diagnostic kits and assays.

 

Read More -  https://www.insightprobing.com/lyme-disease-diagnostics-market-share-and-trends-analysis/

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