According to Research Dive analysis, the global lyme disease treatment market is estimated to generate a revenue of $1,062,794.78 thousand by 2028, increasing from $ 619,692.31 thousand in 2020, at a noteworthy CAGR of 7.50%.
COVID-19 Impact on Lyme Disease Treatment Market
Prevalence of corona virus pandemic has caused negative impact on Lyme disease treatment market. Due to high transmission rate of COVID-19, patients suffering from other diseases such as Lyme disease refrained themselves from visiting doctors and hospitals. This factor has decreased the Lyme disease market share considerably. Also, continuous increasing number of corona patients, worldwide, has forced the healthcare professionals to focus on corona patients and postpone other outpatient visits. This factor is also expected to hinder the market growth.
Lyme Disease Treatment Market Analysis:
Rising prevalence of chronic Lyme disease, worldwide, is expected to drive the market of Lyme disease treatment in the coming years. Lyme disease is caused by a bacteria called Borrelia burgdorferi and is transmitted to humans by the bite of black legged ticks. The number of cases for Lyme disease is increasing as a result of which the demand for proper treatment is also rising rapidly. This factor is expected to raise Lyme disease market share in the forecast time period.
However, as the disease has symptoms like rashes, fever, and body ache, which are also common for other diseases, many healthcare professionals misdiagnose it and prescribe some other medicines. Thus, this factor hinders the market growth of Lyme disease market considerably.
Constant efforts made by the researchers and the scientists to develop a proper vaccine for Lyme cure is anticipated to provide tremendous opportunity for the market players to develop their product portfolio. The companies have engaged their research and development team in research project to develop a proper vaccine for Lyme disease. This factor is likely to generate a good revenue for the market in the future.
Based on treatment type, the Lyme disease treatment market is segmented into medication and tick removal.
The medication sub-segment is predicted to have a dominating market share in the global market and register a revenue of $807,760.80 thousand during the forecast period.
Based on administration route, the global Lyme disease treatment market is segmented into oral, injectable, and topical.
Injectable sub-segment is anticipated to have the fastest market growth and it is predicted that the market shall generate a revenue from $332,571.67 thousand in 2028.
Based on distribution channel, the global Lyme disease treatment market is segmented into hospital pharmacies, retail pharmacies, and online.
The hospital pharmacies sub-segment is predicted to have a dominating Lyme disease treatment market share in the global market and register a revenue of $565,642.08 thousand during the forecast period.
Based on geographical scope, the market was investigated across North America, Europe, Asia-Pacific, and LAMEA. The North America Lyme disease treatment market accounted $ 398,462.15 thousand in 2020 and is projected to register a revenue of $661,058.35 thousand by 2028.
The companies involved in the lyme disease treatment market are Galaxo SmithKline Plc, Pfizer, Inc., Novartis AG, Mayne Pharma, Sun Pharmaceuticals Industries, Inc., Lupin Pharmaceuticals, Inc., Orion Corporation, Perrigo Company plc, Chartwell Pharmaceuticals, and Almirall, LLC.