The 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 tick-borne illness caused by the bacterium Borrelia burgdorferi. Common symptoms include fever, headache, fatigue, and a characteristic skin rash called erythema migrans. If left untreated, infection can spread to joints, the heart, and the nervous system. The lyme disease diagnostics market covers products that detect and monitor lyme disease, including ELISA and western blot tests.

Market Dynamics:

Growing risk of Lyme Disease: Climate change is significantly altering habitat ranges for ticks that carry Lyme disease bacteria. Milder winters and encroachment of humans into wooded areas increase likelihood of exposure. Warmer temperatures allow ticks to be active year-round in wider geographical locations.

Advancements in testing technologies: New diagnostic platforms utilize advanced immunoassay techniques for early and accurate detection of B. burgdorferi. Players are focusing on assays that can detect infection within 2-3 weeks of a tick bite versus standard 4-6 week window for seroconversion. Novel assays in development aim to identify infection from a single tick bite.

Market key trends:

The global Lyme disease diagnostics market is witnessing high growth owing to the increasing prevalence of Lyme disease worldwide. Lyme disease is caused by bacteria Borrelia burgdorferi transmitted through ticks. As per the data, around 476,000 Americans are diagnosed with Lyme disease annually. The advancement in diagnostic technologies for accurate diagnosis of all stages of Lyme disease along with development of novel serological tests with enhanced sensitivity and specificity is supporting the growth of this market.

SWOT Analysis

• Strengths: Developments in diagnostic technologies with high sensitivity and specificity. Growing awareness regarding early diagnosis.
• Weaknesses: Lack of universal diagnostic tests. Challenges in diagnosis of all disease stages.
• Opportunities: Untapped emerging markets. Development of novel molecular diagnostic tests.
• Threats: Requirement of large investments in R&D. Stringent regulatory frameworks.

Key Takeaways

The Global Lyme Disease Diagnostics Market Size is expected to grow at a CAGR of 7.2% during the forecast period to reach a value of USD 837.2 million by 2023. The rising incidence of Lyme disease across different regions contributes to market growth.

Regional analysis: North America dominates the global market due to high disease prevalence and growing initiatives by governments as well as industry players. As per CDC, nearly 476,000 Americans are diagnosed with Lyme disease each year. Europe is also an important revenue generating region in this market.

Key players: Key players operating in the Lyme disease diagnostics market are Abbott Laboratories, Affymetrix Inc., Immunetics Inc., and Alere Inc. These players have witnessed continuous growth in their business owing to product launches, agreements, collaborations and geographic expansions to meet the growing demand for effective diagnostic solutions for Lyme disease.

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