Lyme Disease Treatment Market Forecast to 2031 Made Available by Top Research Firm
Lyme Disease Treatment Market: Introduction
According to the report, the global Lyme disease treatment market was valued at US$ 1.58 Bn in 2020 and is projected to expand at a CAGR of ~6% from 2021 to 2031. Increase in pet ownership, surge in awareness & adoption of veterinary care, and rise in healthcare expenditure on animals are anticipated to drive the global Lyme disease treatment market from 2021 to 2031.
North America is expected to account for a significant share of the global Lyme disease treatment market during the forecast period. The growth of the Lyme disease treatment market in the region can be attributed to rise in access to healthcare and increase in incidence of Lyme disease.
The market in Asia Pacific is likely to expand at a high CAGR from 2021 to 2031. The emergence of vector borne diseases in the region is projected to boost the growth of the market in the region. An article published in the National Library of Medicine stated that the prevalence rate of Lyme disease in northeast China was 1% to 4%. Moreover, rise in awareness about emerging tick-borne pathogens is anticipated to fuel the growth of the global market over the next few years.
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Rise in Prevalence of Lyme Disease to Propel Market
Lyme disease is the most common vector-borne disease. Climate is one of the many important factors that influences the transmission, distribution, and incidence of Lyme disease. Additionally, climate change leads to rise in the survival and activity period of ticks, and increases in the potential risk of Lyme disease. Other factors that affect the number of Lyme disease cases are changes in the population of host species (particularly deer), which affect tick population size.
The incidence of Lyme disease in the U.S. has nearly doubled since 1991, from 3.74 reported cases per 100,000 people to 7.95 reported cases per 100,000 in 2014. According to the Centers for Disease Control and Prevention, 20,000 to 30,000 confirmed cases of Lyme disease have been reported in the U.S. per year. Lyme disease is most common in New Hampshire, Maine, and Vermont, which have experienced the largest increase in reported case rates since 1991.
According to the World Health Organization, the number of cases in Europe has increased steadily; more than 360,000 cases having been reported over the past two decades. According to the Westgate Pet Clinic, 5% to 15% canines are infected by Lyme disease. Hence, rise in prevalence of Lyme disease in both animals and humans is anticipated to boost the growth of the global market.
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Medication to Dominate Market
In terms of test type, the global Lyme disease treatment market has been bifurcated into medication and tick removal. The medication segment is expected to dominate the global Lyme disease treatment market from 2021 to 2031. A range of FDA-approved medications such as antibiotics and NSAIDs are available to treat the early stage Lyme disease. This drives the segment. The antibiotics sub-segment is projected to lead the medication segment during the forecast period. Patients with Lyme disease usually recover rapidly and completely with appropriate antibiotics in the early stages. This contributes to the growth of the sub-segment. Cephalosporin, tetracycline, and macrolides antibiotics are commonly prescribed for the treatment of Lyme disease.
Oral Route of Administration to be Preferred
Based on route of administration, the global Lyme disease treatment market has been divided into oral, injectable, and topical. The oral segment is likely to grow at a higher CAGR from 2021 to 2031. The availability of products administered through oral route is projected to drive the segment. Physicians recommend doxycycline as the preferred agent for oral treatment of Lyme disease, due to its activity against other tick-borne illnesses.
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Retail Pharmacies to be Key Distribution Channel
In terms of distribution channel, the global Lyme disease treatment market has been classified into hospital pharmacies, retail pharmacies, and online pharmacies. The retail pharmacies segment is projected to lead the global Lyme disease treatment market during the forecast period. The preference for distribution through retail pharmacy is anticipated to propel the segment.
Competition Landscape in Lyme Disease Treatment Market
The report provides profiles of leading players operating in the global Lyme disease treatment market. These include GlaxoSmithKline plc, Pfizer, Inc., Novartis AG, F. Hoffmann-La Roche Ltd., Almirall, LLC, Mayne Pharma, Boehringer Ingelheim International GmbH, Galderma Laboratories, L.P., Lupin Pharmaceuticals, Inc., Chartwell Pharmaceuticals, Sun Pharmaceutical Industries Ltd., Perrigo Company plc, Orion Corporation, and Amneal Pharmaceuticals LLC.
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