Lyme disease is a bacterial infection caused by Borrelia burgdorferi and is transmitted to humans through the bites of infected blacklegged ticks. Common symptoms include rashes, fever, tiredness, and muscle and joint pains. Lyme disease if left untreated can spread to joints, heart, and nervous system. Currently, antibiotics such as doxycycline, amoxicillin, and cefuroxime axetil are used to treat Lyme disease. The treatments aim to cure the infection in its early stages and prevent complications in the later stages.
The antibiotic treatment period ranges from 10 days to 4 weeks based on the severity of symptoms. With rising temperatures due to climate change, the geographic range of ticks that transmit Lyme disease is expanding, resulting in increasing incidence rates of the disease across the globe. According to CDC, approximately 476,000 Americans are diagnosed with Lyme disease annually. Rising awareness about the disease symptoms and available treatment options is also contributing to the growth of the market.
The global Lyme Disease Treatment Market is estimated to be valued at US$ 1.56 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends in the Lyme disease treatment market is the development of advanced treatment options. Researchers are conducting clinical trials to develop more effective drugs to treat persistent Lyme disease symptoms. For instance, immunologist Eva Sapi, Ph.D. and colleagues at the University of New Haven found that a specific combination of antibiotics along with anti-inflammatory drugs, nutraceuticals like probiotics, hydration therapy is more effective in treating persistent Lyme disease symptoms compared to antibiotics alone. Such targeted treatment approaches aim to eliminate the infection completely and provide long term relief from symptoms.
Threat of new entrants: Low barriers to entry due to availability of generic drugs. However, development of new drugs requires huge R&D investment and time for clinical trials.
Bargaining power of buyers: Large pharmaceutical companies have significant bargaining power over drug manufacturers due to their large volumes. Prices are negotiated between buyers and manufacturers.
Bargaining power of suppliers: Suppliers of raw materials and contract manufacturing organisations have lower bargaining power due to availability of substitutes. Suppliers depend on global drug makers for bulk orders.
Threat of new substitutes: Threat is low as treatment depends on stage and type of infection. However, lifestyle changes and preventive vaccines can reduce incidence over long-term.
Competitive rivalry: Intense competition due to presence of generics and biosimilars. Companies compete on pricing and portfolio expansion into new geographies.
Global Lyme Disease Treatment Market Demand is expected to witness high growth. The market is projected to reach US$ 2.34 Bn by 2030 from US$ 1.56 Bn in 2023, expanding at a CAGR of 5.0% during the forecast period.
Regional analysis: North America dominates the global market and is expected to maintain its lead owing to growing infection rates and evolving diagnostic technologies. Europe is the second largest market supported by rising awareness. Asia Pacific is expected to be the fastest growing region on back of developing healthcare infrastructure and improving access.
Key players: Key players operating in the Lyme Disease Treatment market are Sanofi, Pfizer Inc., Novartis AG, Teva Pharmaceutical Industries Ltd., Mylan N.V., Sun Pharmaceutical Industries Ltd., Hikma Pharmaceuticals, Zydus Cadila, Lannett Company, Inc., Strides Pharma Science Limited, Cipla Ltd., Lupin Limited, Aurobindo Pharma Limited, Torrent Pharmaceuticals Ltd. and Reddy’s Laboratories Ltd.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it