The Lyme Disease Diagnostics Market is estimated to be valued at US$ 837.2 Mn 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 the Borrelia burgdorferi bacteria that is transmitted through the bite of infected blacklegged ticks or western blacklegged ticks. The diagnostics of Lyme disease includes tests to detect the antibodies produced by the body's immune system against the bacteria. The commonly used diagnostics tests are ELISA, Western Blot, and PCR/nucleic acid tests. ELISA provides an initial screening of antibodies in the blood while Western blot confirms antibodies in positive or equivocal ELISA results. PCR/nucleic acid tests can directly detect the bacteria's genetic material in the body fluids during early localized infection.

Market Dynamics:

The Lyme disease diagnostics market is driven by the rising incidence of Lyme disease across the globe. According to CDC, approximately 476,000 Americans are diagnosed with Lyme disease annually. Additionally, climate change has expanded the geographical distribution of ticks that transmit Lyme disease, putting more people at risk. The other key driver is the increasing adoption of advanced diagnostic technologies such as PCR/nucleic acid-based tests for early and accurate diagnosis of Lyme disease. These tests can detect the presence of bacteria much earlier compared to conventional antibody-based tests. However, these tests are very costly.

Segment Analysis

The global Lyme disease diagnostics market can be segmented into testing and treatment. The testing segment can be further classified into ELISA test kits, western blot test kits, and PCR test kits. Among these, the ELISA test kit sub-segment held the largest share of the market in 2022 due to its high sensitivity and specificity. ELISA test kits are the preferred first-line screening tests owing to their cost-effectiveness and ability to provide early diagnosis of Lyme disease.

PEST Analysis

• Political: Changes in governmental insurance policies and regulations regarding disease diagnosis and screening are expected to impact the market. Recent approvals of newer diagnostic tests will offer growth opportunities.
• Economic: Rising healthcare expenditures for disease diagnosis and increasing income levels are expected to support market growth over the forecast period.
• Social: Growing awareness about early disease diagnosis and management is a key factor driving the adoption of Lyme disease diagnostic tests.
• Technological: Advancements in molecular diagnostic techniques like PCR are enabling early and accurate detection of Lyme disease. Development of rapid point-of-care tests is another technological trend in this market.

Key Takeaways

The Global Lyme Disease Diagnostics Market Demand was valued at USD 837.2 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.2% during the forecast period to reach USD 1,228.5 million by 2030. The rising incidence of Lyme disease globally due to growing tick habitat areas is one of the key drivers expected to boost the demand for diagnostic testing.

Regionally, North America holds the largest share in the Lyme disease diagnostics market owing to growing awareness regarding early diagnosis and favorable reimbursement policies. Factors like high endemicity, presence of key market players, and increasing funding for Lyme disease research are fueling market revenues in North America.

Some of the major players operating in the Lyme disease diagnostics market are Abbott Laboratories, Affymetrix Inc., Alere Inc., Baxter International Inc., Bio-Rad Laboratories, Immunetics Inc., among others. Key players are engaged in new product launches and focusing on geographic expansion strategies to strengthen their market presence. For instance, Immunetics Inc. launched their Lyme immunofluorescence assay (IFA) test in 2021 to provide same-day results for early Lyme disease diagnosis.

Read More - https://www.newsstatix.com/lyme-disease-diagnostics-market-demand-and-outlook-analysis/