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The global Lyme Disease Diagnostics Market is estimated to be valued at US$ 1.5 Bn or Billion in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Lyme disease diagnostics include tests to detect the presence of antibodies or antigens related to the disease in human samples like blood or tissue. The disease is caused by the bacterium Borrelia burgdorferi and early detection is important to effectively treat it. Diagnostic tests include ELISA, ImmunoBlots, and PCR/NAAT. Advantages of diagnostics include enabling fast and accurate diagnosis so patients can get prompt treatment and avoid long-term issues. This is important as late stage or reoccurrence of Lyme disease can impact joints, heart and nervous system if unaddressed.
Market key trends:
One of the key trends in the market is increasing research into developing more accurate diagnostic tests. Currently available tests can sometimes offer false negatives in early infection before antibodies develop. Researchers are working on developing antibody independent tests using biomarkers, proteomics and metabolomics. Another trend is the development of rapid point-of-care tests that can provide results within 30 minutes against the standard lab tests that take over a week. This helps emergency physicians detect and treat Lyme disease cases quickly. Development of multi-disease diagnostic panels that can test for Lyme disease along with other tick-borne diseases like babesiosis is also gaining prominence.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as R&D costs for developing Lyme disease diagnostic tests are high. However, small diagnostics companies can enter the market by developing niche tests.
Bargaining power of buyers: The bargaining power of buyers is high given the fragmented nature of the market. Buyers can negotiate on price with different suppliers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are multiple raw material suppliers and diagnostics kit suppliers.
Threat of new substitutes: The threat of new substitutes is low as there are limited substitute diagnostic tests available for Lyme disease currently.
Competitive rivalry: The competitive rivalry is high among existing players given the presence of large multinational companies.
Key Takeaways
The global Lyme Disease Diagnostics market is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period due to increasing awareness about tick-borne diseases. The market size for 2023 is estimated to be US$ 1.5 Bn.
North America is expected to dominate the Lyme Disease Diagnostics market during the forecast period. This is attributed to growing incidence of Lyme disease cases in the U.S. and higher healthcare spending. According to CDC, approximately 476,000 Americans are diagnosed with Lyme disease annually in the U.S.
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. These players are focusing on new product launches and mergers & acquisitions to strengthen their market position.
