New York, USA, Sept. 07, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global Lyme disease treatment market is expected to gather a revenue of $1,636.6 million and grow at 8.4% CAGR over the forecast period from 2022-2031. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2022-2031. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Market
Drivers: The growing cases of Lyme disease among people that can cause severe problems with joints, the neurological system, exhaustion, fever, skin rashes, etc. along with the rising temperatures and climate change that can increase the range of deer ticks’ habitat are some factors to drive the global Lyme disease treatment market during the forecast years.
Opportunities: Increasing research activities to develop proper treatment for lyme disease like cefotaxime, azlocillin, and doxycycline medications along with the development of broad-spectrum antibiotics to treat Lyme disease that impacts the human gut microbiota to make the non-target bacteria in our bodies more resistant are some factors to offer ample growth opportunities for the global lyme disease treatment market during the analysis timeframe.
Restraints: The lack of proper Lyme disease treatment regimen and misdiagnosis are the main hampering factors for the market growth.
Covid-19 Impact on the Market
The outbreak of the covid-19 pandemic has adversely impacted the global Lyme disease treatment market just like most industries. Increasing cases of covid-19 patients and its severe symptoms forced healthcare professionals to focus more on corona virus affected people and postpone the appointments of patients with other health issues. In addition, the co-occurrence of covid-19 and Lyme disease in 2020 caused delayed of the identification of Lyme disease due to changes in healthcare workflow and diagnostic reasoning. These factors negatively impacted the market growth amid the catastrophic chaos.
Segments of the Market
The report has divided the global Lyme disease treatment market into multiple segments based on treatment type, administration route, distribution channel, and regional analysis.
Treatment Type: Medication Sub-segment to be Most Dominant
The medication sub-segment is predicted to hold a dominant market share and gather a revenue of $1,116.1 million during the 2022-2031 analysis timeframe due to high usage of medicines like antibacterial, antibiotics, NSAID, etc. for treatment purpose. Antibiotics like amoxicillin and doxycycline are highly used for Lyme disease treatment since they don’t have any side effects and are easily available in the market. These factors are estimated to uplift the sub-segment’s growth by 2031.
Administration Route: Oral Sub-segment to be Highly Lucrative
The oral sub-segment of the global Lyme disease treatment market is anticipated to have the highest growth rate and generate a revenue of $784.2 million during the forecast years since oral drug delivery is the most common administration route and has more patient adherence. Moreover, oral drug delivery doesn’t require any clean environment, is easy for patients to take, and can effectively address nausea or vomiting. Additionally, as per clinical trials, oral administration route is safer, much effective than other routes, and is also a cost-effective solution that further bolsters the sub-segment’s growth by 2031.
Distribution Channel: Hospital Pharmacies Sub-segment to be Highly Progressive
The hospital pharmacies sub-segment is projected to have a noteworthy growth rate and register a revenue of $865.6 million by 2031 due to significant revenue obtained by hospital pharmacies across the globe. Hospital pharmacists can deliver their medication knowledge to healthcare members and other staff and can also offer accurate antimicrobial advice to patients. Moreover, hospital pharmacies have a daily connection with patients and can perform better prescription monitoring, patient counselling, etc. which further propels the sub-segment’s growth.
Region: Market in the North America Region to be Most Advantageous
The Lyme disease treatment market in the North America region is expected to have the fastest growth rate of 8.0% CAGR during the analysis timeframe due to wet winter, warmer climate, and more civilization along with increasing cases of Lyme diseases among people. Moreover, improved healthcare facilities and infrastructure along with increasing R&D activities for identifying antibodies of the Lyme disease are some more factors that favor the market’s development in the North America region by 2031.
Key Market Players
Some key Lyme disease treatment market players include
- Orion Corporation
- Sun Pharmaceuticals Industries, Inc.
- Pfizer, Inc.
- Almirall
- LLC
- Chartwell Pharmaceuticals
- Novartis AG
- Lupin Pharmaceuticals, Inc.
- Perrigo Company plc
- Galaxo SmithKline Plc
- Mayne Pharma
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in June 2021, Tarsus Pharmaceuticals Inc., a biopharmaceutical company, announced its launch of TP-05, an oral, non-vaccine therapeutic, for the treatment and prevention of lyme disease. The TP-05 medication was aimed to establish science and modern technology to revolutionize patient treatment.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
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More about Lyme Disease Treatment Market:
- Lyme Disease Treatment: An Approach of Killing Harmful Bacteria with Effective Antibiotics
- Global Lyme Disease Treatment Market to Rise at a CAGR of 8.4% and Surpass $1,636.6 Million by 2031, Owing to the Rising Cases of Lyme Diseases Worldwide
