Global Lyme Disease Diagnostic Market Size

Lyme Disease Diagnostic Market Analysis

The Lyme Disease Diagnostic Market is expected to register a CAGR of 5.5% during the forecast period (2022-2027).

The worldwide COVID-19 pandemic has eclipsed the attention of healthcare professionals, affecting all areas of health and diagnostics care. The crisis has had several indirect health effects as well. People with Lyme disease symptoms were asked to postpone their tests, as the coronavirus spread began to take over the world. Moreover, the common symptoms of Lyme and COVID-19 viruses often start with non-specific flu-like symptoms with fever, headache, and general achiness and fatigue, which made patients and medical experts more concerned about both infections in individuals. Thus, patients were suggested to diagnose with the available medical institutions helping to diagnose other diseases. Furthermore, rising incidences of new vector-borne diseases, growing government initiatives, and rising healthcare expenditure are some more factors that are fuelling the market growth.

The rise in prevalence of Lyme disease, favorable government towards healthcare facilities, and the emergence of new Lyme diagnostic tests are the main driving factors for this market. Moreover, the increasing number of cases of tick-borne diseases is also promoting the growth of the Lyme disease diagnostic market. For instance, in 2021, according to the Centre for Disease Control and Prevention number of cases of tick-borne diseases reported was 47,743, leading to the adoption of Lyme disease diagnostic tests. For another instance, in 2022 United States Fair Health Organization reported that Lyme disease has experienced notable growth in the United States over the past 15 years and, as a result, has become an illness of increasing national concern. The same source also quoted that in 2021, private insurance claim lines with Lyme disease diagnoses rose by 357 percent in rural areas and 65 percent in urban areas from the past decade. Although Lyme disease is treatable with antibiotics, some Lyme patients later develop conditions with long-term symptoms, such as fatigue, muscle, and joint pain, and cognitive issues. Such conditions have been linked to post-treatment Lyme disease syndrome, sometimes called chronic Lyme disease.

The growing government initiatives and preventive measures are another reason to drive this market. For instance, in 2022 an article titled, 'New laws seek to boost funding of Lyme disease research' reported that New York officials have boosted funding for Lyme disease and tick-borne illnesses under a new law signed by Gov. Kathy Hochul. The measures, approved with bipartisan support, will create a voluntary tax check-off box to fund education, research, and prevention of this disease in the region. But despite the high instances of Lyme and tick-borne illnesses, the number of cases is believed to be much higher because of inaccurate diagnostic testing. It takes effect immediately Lawmakers have called for additional funding to research these illnesses, which they say have fallen behind federal and state levels. Thus, such a preventive government is driving its growth.

Thus, due to aforesaid mentioned reasons, the market is expected to show significant growth over the forecast period. However, lack of awareness regarding the disease is the reason which may slow down the growth of the market over the forecast period.