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Lyme disease is a bacterial infection caused by Borrelia burgdorferi and is transmitted through the bites of infected blacklegged ticks or western blacklegged ticks. The increasing prevalence of Lyme disease across the globe is propelling the demand for diagnostic tests and solutions. Various diagnostic tests are available in the market including ELISA, immunofluorescent assay, Western Blot, and PCR. ELISA or enzyme-linked immunosorbent assay is one of the most commonly used serological tests for Lyme disease. It is highly sensitive and helps in early diagnosis. Rising awareness regarding tick-borne illnesses and their diagnosis is also fueling the growth of this market.
The global Lyme Disease Diagnostics Market is estimated to be valued at US$ 1.5 Bn in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The Lyme Disease Diagnostics Market is witnessing increasing adoption of novel diagnostic platforms. Players in the market are focusing on development of rapid, reliable, and cost-effective point-of-care (POC) tests for diagnosis. For instance, companies such as Abbot Diagnostics and DiaSorin have received FDA approval for their POC Lyme disease tests which can provide results in 15 minutes. Such tests enable early diagnosis and treatment of Lyme disease. Furthermore, growing R&D investments by diagnostic giants for development of advanced serological testing techniques such as C6peptide ELISA is also contributing to market growth. Introduction of automated diagnostic instruments integrated with software solutions is another emerging trend in this market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the market is dominated by large established players however the growing demand presents opportunities.
Bargaining power of buyers: The bargaining power of buyers is high given the availability of alternative diagnosis options.
Bargaining power of suppliers: Suppliers have moderate bargaining power given the specialized nature of supplies required for diagnostics.
Threat of new substitutes: The threat of new substitutes is low as Lyme disease diagnostic tests have few close substitutes.
Competitive rivalry: The competitive rivalry is high among major diagnostic players.
Key Takeaways
The global Lyme Disease Diagnostics market is expected to witness high growth.
Regional analysis: The North American region accounts for over 50% of the global Lyme Disease Diagnostics market share owing to the growing prevalence of Lyme disease in the United States. Factors such as increasing tick population and rise in outdoor recreational activities have contributed to the growth.
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. Abbott Laboratories offers a wide range of Lyme disease diagnostic tests focused around its next generation two-tiered approach.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
