Global Lyme Disease Treatment Market Expected to Garner $1,636.6 Million by 2031, Growing at 8.4% CAGR from 2022-2031 [200-Pages] | Commended by Research Dive

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06 Mar, 2023, 11:59 GMT

The Lyme disease treatment market is expected to grow by 2031 due to the rising number of Lyme disease cases. The medication sub-segment is predicted to be the most lucrative. The market in North America is expected to be the most dominant.

NEW YORK, March 6, 2023 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Lyme Disease Treatment Market by Treatment Type (Medication and Tick Removal), Administration Route (Oral, Injectable, and Topical), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031".

As per the report, the global Lyme disease treatment market is predicted to grow at a stable CAGR of 8.4% in the 2022-2031 timeframe, thereby garnering $1,636.6 million by 2031.

Dynamics of the Market

Drivers: Lyme disease is one of the most prevalent vector-borne diseases in the world and its growing incidence is expected to be the primary growth driver of the Lyme disease treatment market. Along with this, the growing threat of tick-borne diseases is anticipated to push the market further.

Opportunities: Increasing research and development to develop a full-proof Lyme disease treatment is predicted to offer numerous growth opportunities to the market in the forecast period. Additionally, the growing prevalence of Lyme disease is expected to propel the market further.

Restraints: Misdiagnosis of Lyme disease, however, may dampen the growth rate of the Lyme disease treatment market.

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Impact of Covid-19 on the Market

The Covid-19 pandemic, since its outbreak, has been disastrous for industries and businesses across the globe. The Lyme disease treatment market is no exception to this phenomenon. In fact, the Lyme disease treatment market faced a direct impact of the pandemic as all the healthcare infrastructure and medical staff was focused on treating COVID-19 patients and curbing the spread of the pandemic. Also, the medical research world focused its energies on developing vaccines for the COVID-19 virus which put Lyme disease treatment research on the back-burner. All these factors led to a decline in the growth rate of the market.

Segments of the Market

The report has divided the Lyme disease treatment market into different segments based on treatment type, administration route, distribution channel, and region.

  • By treatment type, the medication sub-segment is predicted to have the most dominant market share and generate a revenue of $1,116.1 million by 2031. Prominent use of antibacterial medicines and antibiotics such as Doxycycline and amoxicillin is expected to help in the growth of this sub-segment.
  • By administration route, the oral sub-segment is anticipated to become the most lucrative sub-segment and register a revenue of $784.2 million by 2031. Oral administration is the most opted route since there is high patient adherence and is easy to administer. Hence, the sub-segment is expected to flourish in the forecast period due to the increasing adoption of the oral administration route.
  • By distribution channel, the hospital pharmacies sub-segment is predicted to be the most profitable sub-segment and surpass a revenue of $865.6 million by 2031. Hospital pharmacists form an important unit of the healthcare community as they can deliver their knowledge of medication to other healthcare members and staff. The crucial role played by hospital pharmacies is, hence, expected to drive the sub-segment forward.
  • By regional analysis, the Lyme disease treatment market in the North America is expected to be the most dominant and is projected to grow with a CAGR of 8.0% in the forecast period. The climatic conditions of this region have led to a massive surge in the number of Lyme disease cases which is estimated to be the primary growth driver of the market in the forecast period.

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Significant Market Players

The significant market players of the Lyme disease treatment market are

  • Galaxo SmithKline Plc
  • Sun Pharmaceuticals Industries, Inc.
  • Perrigo Company plc
  • Pfizer, Inc.
  • Lupin Pharmaceuticals, Inc.
  • Chartwell Pharmaceuticals
  • Novartis AG
  • Orion Corporation
  • Almirall
  • LLC
  • Mayne Pharma

These key market players are developing different strategies like product development, merger and acquisitions, partnerships and collaborations to gain a leading position in the market.

For instance, in August 2022, Pfizer Inc., a leading pharmaceutical industry, announced that it was partnering with Valneva SE, a leading biotech company, in order to commence the Phase 3 clinical study of Vaccine Against Lyme for Outdoor Recreationists (VALOR) program and test the efficacy of the vaccine candidate, VLA15. This partnership is expected to be a path-breaking step in the treatment of Lyme disease.

This report also summarizes many crucial aspects of the market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.

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