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Lyme Disease Diagnostics Devices Market: By Product Type (Serological Test, Urine Antigen Tests, Lymphocytic Transformation Test, Immunofluorescent Staining, Nucleic Acid Test), By Sample (Blood, Cerebrospinal Fluid [CSF], Joint Fluid, Urine), By End User (Hospitals, Public/Private Laboratories, Physician’s Office), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
Lyme Disease is the most widely reported vector-borne disease prevalent in the United States. For the diagnosis of Lyme disease, in-vitro diagnostic (IVD) tools are available. The bacterium Borrelia burgdorferi and, less frequently, Borrelia mayonii are responsible for this illness. Headache, exhaustion, fever, and an erythema migrans-like skin rash are typical symptoms. Infection may spread to the heart, joints, and neurological system if not treated. Over the ensuing ten years, it is anticipated that there will be an increase in the number of Lyme disease cases. The demand for accurate and effective IVD devices is rising along with the general public's understanding of Lyme disease.
Lyme Disease Diagnostics Devices to surpass USD 3.8 billion by 2032 from USD 1.83 billion in 2021 at a CAGR of 6.9% in the coming years, i.e., 2022-32. The rising prevalence of Lyme disease and a spike in financing from governmental agencies and major corporations for the creation of Lyme disease diagnostic kits are both factors contributing to the growth of the global Lyme Disease Diagnostics Devices Market. Moreover, the rising healthcare spending, expanding government initiatives, and increasing prevalence of new vector-borne diseases are anticipated to drive the growth of the Lyme Disease Diagnostics Devices Market throughout the forecast period.
Lyme Disease Diagnostics Devices Market is categorized on the basis of Product Type into Serological Test, Urine Antigen Tests, Lymphocytic Transformation Test, Immunofluorescent Staining, and Nucleic Acid Test. In the past few years, the sector for serological tests held the largest market share in the market for diagnostic tools for Lyme disease. The main driver of the large market share of serological tests is their expanding usage in the early diagnosis of Lyme disease. Over the estimated period, it is anticipated that other variables, such as rising research and development spending, will enhance the use of serological testing. The lymphocytic transformation tests are anticipated to experience the largest CAGR growth throughout the projection period, mostly as a result of upcoming product launches.
Lyme Disease Diagnostics Devices Market is categorized on the basis of End User into Hospitals, Public/Private Laboratories, and Physician’s Office. The Public/Private Laboratories segment is projected to lead the market. The need for novel diagnostic procedures that can spot the earliest signs of infection is demonstrated by the fact that serological testing for Lyme Disease might take several weeks to become conclusive after infection. Hospitals use the most up-to-date diagnostic and therapeutic methods and are well-equipped to manage patient flow. Hospitals hold a larger market share in the end-user segment of the market, primarily due to these considerations. Since these labs have all the necessary equipment for Lyme disease testing, the public/private laboratories market will grow at a sizable CAGR throughout the projected period.
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The Lyme Disease Diagnostics Devices Market is driven by an increase in the prevalence of the disease, increased public focus on enhancing healthcare services, and the introduction of novel Lyme disease diagnostic tests. Also, it is anticipated that a rise in important players' interest in Lyme disease diagnosis R&D would create profitable corporate growth chances. The Lyme Disease Diagnostics Devices Market is also growing as cases of infectious diseases transmitted by ticks rise.
In the USA, annual medical expenses for Lyme disease and post-treatment Lyme disease are projected to range from USD 712M to USD 1.3 billion. Although the reasons for Post Treatment Lyme Disease are still poorly understood, research is ongoing in this area since it is crucial to developing therapeutic development and providing this patient population with adequate care. Persistent infection or antigenic debris, persistent inappropriate immune activation and inflammation, or some mix of these are the two most prominent ideas for the origin of PTLD. The majority of biopharmaceutical businesses are heavily spending on R&D. As a result, the Lyme Disease Diagnostics Devices Market is also being driven by rising investments in research and development and technological developments in treatment devices.
One of the biggest obstacles to market growth is the lack of universal understanding of the numerous Lyme disease symptoms. Moreover, there aren't enough investors to develop ground-breaking diagnostic tools for detecting Lyme disease, which restricts the market's potential for growth. Lyme disease can be challenging to diagnose for a variety of reasons. The market growth is constrained by the fact that many of the diseases' typical symptoms, such as vertigo, headaches, and joint or body pain, are also present in other disorders. Moreover, the cost of treatment is very high, which slows market growth.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Lyme Disease Diagnostics Devices Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Due to a high prevalence of Lyme disease and a modern healthcare infrastructure, North America dominates the market for Lyme Disease Diagnostics Devices Market. On the other hand, the Asia-Pacific region is predicted to experience quick growth due to rising research and development spending by significant market participants and rising awareness of infectious diseases transmitted by ticks.
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The COVID-19 debut two years ago hindered a number of markets, leading to a considerable loss of revenue. However, with new investment, research and development efforts in the healthcare sector were believed to be back on track. Even though investments started coming in again, COVID-19 instances are rising in most of the countries, and as a result, the situation deteriorated, forcing certain countries to once again go into lockdown.
REPORT ATTRIBUTE |
DETAILS |
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Market Size Value in 2021 |
USD 1.83 billion |
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Revenue Forecast in 2032 |
USD 3.8 billion |
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Growth Rate |
CAGR of 6.9% from 2022 to 2032 |
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Base Year for Estimation |
2021 |
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Quantitative Units |
Revenue in USD billion and CAGR from 2022 to 2032 |
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Report Coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments Covered |
Product Type, Sample, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key Companies Profiled |
Thermo Fisher Scientific Inc., Abbott, Quest Diagnostics, PerkinElmer Inc., Bio-Rad Laboratories, DiaSorin S.p.A, Quidel Corporation, Meridian Bioscience Inc, Graphene Frontiers, T2 Biosystems Inc., IGeneX Inc., Cenogenics Corporation, Ceres Nanosciences Inc., Trinity Biotech plc, Lyme Diagnostics Ltd., and Other Prominent Players. |
How big is the Lyme Disease Diagnostics Devices Market?
What is the Lyme Disease Diagnostics Devices Market?
The Lymphocytic Transformation Test and Public/Private Laboratories segments accounted for the larger share of the Lyme Disease Diagnostics Devices Market.
Key players in the Lyme Disease Diagnostics Devices Market are Thermo Fisher Scientific Inc., Abbott, Quest Diagnostics, PerkinElmer Inc., Bio-Rad Laboratories, DiaSorin S.p.A, Quidel Corporation, Meridian Bioscience Inc, Graphene Frontiers, T2 Biosystems Inc., IGeneX Inc., Cenogenics Corporation, Ceres Nanosciences Inc., Trinity Biotech plc, Lyme Diagnostics Ltd., and Other Prominent Players.
The rising prevalence of Lyme disease and a spike in financing from governmental agencies and major corporations for the creation of Lyme disease diagnostic kits are the factors that contribute to the growth of the global Lyme Disease Diagnostics Devices Market.
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