Lyme Disease Treatment Market to Reach $1.6 Billion, Globally, by 2031 at 8.4% CAGR: Allied Market Research
Growing prevalence of lyme disease in humans and animals across the world, increase in public knowledge of tick-borne infections and veterinary care, and fast advancements in lyme disease research drive the growth of the global lyme disease treatment market
PORTLAND, Ore., Sept. 12, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Lyme Disease Treatment Market by Treatment (Medication, Tick Removal), by Administration Route (Oral, Injectable, Topical), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online): Global Opportunity Analysis and Industry Forecast, 2022-2031." According to the report, the global lyme disease treatment market accrued a sum of $737.5 million in 2021, and is estimated to reach $1.6 billion by 2031, witnessing a CAGR of 8.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Drivers and Opportunities
Growing prevalence of lyme disease across the world, increase in public knowledge of tick-borne infections and veterinary care, and fast advancements in Lyme disease research and diagnostics drive the growth of the global lyme disease treatment market. However, increase in number of generic medications for lyme disease treatment hinder the market growth. On the other hand, increased government efforts in raising awareness regarding animal care and the dangers of Lyme disease present new opportunities in the market in the coming years.
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- The COVID-19 pandemic had a negative impact on the lyme disease treatment market. Healthcare workers' focus shifted toward the diagnosis and treatment of Covid-19 patients, which delayed outpatient visits for other potential reasons in the process. Patients with Lyme disease symptoms were asked to cancel their tests as coronavirus cases started to rise.
- Moreover, people suffering from lyme disease were hesitant to visit hospitals due to fear of contracting COVID-19. All these issues severely hampered the global lyme disease treatment market expansion.
- The current goal of governments and health ministries of various countries is to adopt immediate actions to reduce the number of Lyme disease cases.
The administration route segment to hold the lion's share during the forecast period
Based on administration route, the oral segment held the largest share in 2021, grabbing nearly half of the global lyme disease treatment market, and is expected to maintain a noteworthy growth during the forecast period. This is due to the availability of a large number of drug products that are delivered orally. However, the injectable segment is projected to witness the fastest CAGR of 9.1% from 2022 to 2031, as injectable are safe, require little downtime, and are cost-effective.
The medication segment to maintain its leadership status during the forecast period
Based on treatment, the medication segment contributed to the largest market share of nearly three-fourths of the global lyme disease treatment market in 2021, and is likely to maintain its dominance during the forecast period. Moreover, the same segment is expected to exhibit the highest CAGR of 8.5% from 2022 to 2031. This is because medication plays a vital role in tick removal, fighting illness and protect the subsequent infections.
The hospital pharmacies segment to maintain its leadership status during the forecast period
Based on distribution channel, the hospital pharmacies segment contributed to the largest share of more than half of the global lyme disease treatment market in 2021, and is expected to maintain its leadership status during the forecast period. This is owing to the significant rise in the number of hospital visits and patient admissions. However, the online segment is expected to exhibit the highest CAGR of 9.0% from 2022 to 2031. This is because the online platform offers greater anonymity for the consumers, lower transaction, product cost, and increased access.
Asia-Pacific to grow at the fastest rate by 2031
Based on region, North America held the highest market share in 2021, accounting for more than three-fifths of the global lyme disease treatment market, and is expected to maintain its dominance during the forecast period, owing to an increase in the incidence of vector-borne diseases in the region. However, Asia-Pacific is projected to manifest the fastest CAGR of 9.7% during the forecast period, owing to the growing awareness regarding lyme disease, its treatment cost, and a rise in disposable income in the region.
Leading Market Players
- Galaxo SmithKline Plc.
- Pfizer, Inc.
- Novartis AG
- Mayne Pharma
- Sun Pharmaceuticals Industries Inc.
- Lupin Pharmaceuticals, Inc.
- Orion Corporation
- Perrigo Company Plc.
- Chartwell Pharmaceuticals
- Almirall, LLC
The report analyzes these key players of the global lyme disease treatment market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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