The Lyme Disease Diagnostics Market is estimated to be valued at US$ 837.2 million in 2022 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 - 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
· Strengths: Developments in diagnostic technologies with high sensitivity and specificity. Growing awareness regarding early diagnosis.
· Weaknesses: Lack of universal diagnostic tests. Challenges in diagnosis of all disease stages.
· Opportunities: Untapped emerging markets. Development of novel molecular diagnostic tests.
· Threats: Requirement of large investments in R&D. Stringent regulatory frameworks.
Key Takeaways
The Global Lyme Disease Diagnostics Market Size is expected to grow at a CAGR of 7.2% during the forecast period to reach a value of USD 837.2 million by 2023. The rising incidence of Lyme disease across different regions contributes to market growth.
Regional analysis: North America dominates the global market due to high disease prevalence and growing initiatives by governments as well as industry players. As per CDC, nearly 476,000 Americans are diagnosed with Lyme disease each year. Europe is also an important revenue generating region in this market.
Key players: Key players operating in the Lyme disease diagnostics market are Abbott Laboratories, Affymetrix Inc., Immunetics Inc., and Alere Inc. These players have witnessed continuous growth in their business owing to product launches, agreements, collaborations and geographic expansions to meet the growing demand for effective diagnostic solutions for Lyme disease.
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