Lyme Disease Diagnostics Devices Market

[170+ Pages Research Report] Lyme Disease Diagnostics Devices Market to surpass USD 3.8 billion by 2032 from USD 1.83 billion in 2021 at a CAGR of 6.9% throughout the forecast period 2022-32

Product Overview

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.

Market Highlights

The Lyme Disease Diagnostics Devices Market is expected to project a notable CAGR of 6.9% in 2032.

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.

Figure - Market Analysis of Lyme Disease Diagnostics Devices Market

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Lyme Disease Diagnostics Devices Market: Segments

The Lymphocytic Transformation Test segment is expected to grow with a higher CAGR during 2022-32

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.

The Public/Private Laboratories segment is expected to grow with a higher CAGR during 2022-32

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.

Figure - Market Analysis of Global Lyme Disease Diagnostics Devices

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Market Dynamics

Growth Drivers

Growing Cases of Lyme Disease and Focus of Policy on Enhancing Healthcare Services

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.

Heavy Investments by Most Biopharmaceutical Companies for R&D and Innovations

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.

Restraint

Low Awareness of Lyme Disease and Difficulty in Detecting the Disease

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.

Recent Developments

• The QuantiFeron partnership between Qiagen and DiaSorin has been expanded to create an incredibly sensitive Lyme disease diagnostic test as of July 2019. The QuantiFeron-Lyme test, which the companies claim will work in synergy with DiaSorin's Liaison IgM assays, will be utilized in conjunction with Liaison Borrelia IgG and IgM assays, risk assessments, and other medical and diagnostic assessments.
• Bio-Rad Laboratories Inc., a pioneer in life science research and clinical diagnostic technologies, declared in April 2019 that the FDA had approved its BioPlex 2200 Lyme Total Assay, a ground-breaking multiplex test method to help with the identification of Lyme disease.
• The T2Lyme PanelTM, which is claimed to be more accurate than earlier diagnostics in identifying Borrelia infections in patients with early Lyme disease, was introduced by T2 Biosystems Inc. in January 2019. Utilizing the fully automated FDA-cleared T2Dx® Instrument, the T2Lyme Panel is intended to identify microorganisms that cause Lyme disease within 3 to 5 hours.

Lyme Disease Diagnostics Devices Market: Key Players

• Thermo Fisher Scientific Inc.

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

• 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.
• Other Prominent Players

Lyme Disease Diagnostics Devices Market: Regions

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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Impact of Covid-19 on Lyme Disease Diagnostics Devices Market

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.

Lyme Disease Diagnostics Devices Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada

• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Lyme Disease Diagnostics Devices Market report also contains analysis on:

Lyme Disease Diagnostics Devices Market Segments:

• 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
• Lyme Disease Diagnostics Devices Market Dynamics
• Lyme Disease Diagnostics Devices Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

Lyme Disease Diagnostics Devices Market Report Scope and Segmentation

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