According to a new report published by Allied Market Research, titled, “Lyme Disease Treatment Market," The Lyme disease treatment market was valued at $737.50 million in 2021, and is estimated to reach $1.6 billion by 2031, growing at a CAGR of 8.4% from 2022 to 2031. The rising frequency of Lyme disease in humans and animals necessitates appropriate treatment. The increasing public knowledge of tick-borne infections and veterinary care adds to the expansion of the Lyme disease treatment market.
Rising R&D efforts are likely to result in more effective Lyme disease therapy. However, the increasing quantity of generic medications for the treatment is impeding the Lyme disease treatment market growth. Nonetheless, fast advancements in Lyme disease research and diagnostics are expected to lead to the development of novel treatments. Furthermore, increased government efforts in raising awareness regarding animal care and the dangers of Lyme disease are expected to fuel the global Lyme disease treatment market throughout the forecast period.
Lyme disease has drug side effects that restrain market expansion. Some people may experience minor side effects that are readily managed, whilst others who are allergic to a certain prescription may experience severe negative effects. Some of the adverse effects of Lyme disease therapy include swelling of the face, breathing, lips, or throat due to allergic responses, terrible taste in the mouth, nausea, vomiting, vaginal yeast infection, and others. During the first 24 hours of antibiotic medication, some people may experience a greater fever, redder rashes, or more discomfort. This is not an allergic reaction, but rather a consequence of the bacteria dying quickly.
As the number of Lyme disease cases increases throughout the world, healthcare experts and researchers are working hard to produce a vaccine that will protect individuals against infected ticks. For example, a doctor from UMASS Medical School in the U.S. has been working on producing a medicine, pre-exposure prophylaxis, for Lyme disease cure, according to a news article published on Popular Scientific, a global science weekly, on March 2021. The medication has the ability to provide antibodies against Lyme disease in individuals. This Lyme disease medication is now in phase one clinical trials and is scheduled to hit the market in 2023. Additionally, the analysis of oral antibiotics industry and its impact on Lyme disease treatment methods is analyzed in this report. These factors are anticipated to boost the Lyme disease treatment market size in the upcoming years.
The global Lyme disease treatment market share is segmented based on treatment type, administration route, distribution channel, and region. By treatment type, it is classified into medication and tick removal. By administration route, it is classified into oral, injectable, and topical. By distribution channel, it is classified into hospital pharmacies, retail pharmacies, and online. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the Lyme disease treatment market report include GSK plc., Pfizer, Inc., Novartis AG, Mayne Pharma Group Limited, Sun Pharmaceutical Industries Ltd., Lupin Pharmaceuticals, Inc., Orion Corporation, Perrigo Company plc., ChartwellPharma, and Almirall, LLC.
Impact of COVID-19 on the Global Lyme Disease Treatment Industry
- The COVID-19 pandemic had a negative impact on the growth of treatment methods for the global Lyme disease industry. The pandemic has altered healthcare professionals' attention to preventing viral propagation and treating COVID-19 patients.
- People suffering from Lyme disease are hesitant to visit hospitals due to fear of contracting COVID-19. All of these problems are severely hampering the global lyme disease treatment market trends and expansion.
- The current goal of governments and health ministries of various countries is to adopt immediate actions to reduce the number of persons infected with Lyme disease. While treating this communicable disease is critical, a pandemic might have long-term consequences for persons with noncommunicable disorders.
Key Findings of the Study
- Based on treatment type, the medication sub-segment emerged as the global leader in 2021 and the tick removal sub-segment is anticipated to be the second fastest growing sub-segment during the forecast period
- Based on the administration route, the oral sub-segment emerged as the global leader in 2021 and the injectable sub-segment is predicted to show the fastest growth in the upcoming years
- Based on distribution channel, the hospital pharmacies sub-segment emerged as the global leader in 2021 and the online sub-segment is predicted to show the fastest growth in the upcoming years
- Based on region, the North America market registered the highest market share in 2021 and is projected to maintain the position during the forecast period