Lyme Disease Treatment Market Is Driven By Growing Demand From Asia Pacific Region
Key Takeaways
Key players operating in the Lyme Disease Treatment market are Umicore N.V., Freeport-McMoRan Inc., Glencore plc, Huayou Cobalt Co., Ltd., Sherritt International Corporation, Jinchuan Group International Resources Co. Ltd., Sumitomo Metal Mining Co., Ltd., Norilsk Nickel, ERAMET SA, Umicore Cobalt & Specialty Materials (formerly known as Cobalt & Specialty Materials).
The growing demand in the Lyme Disease Treatment market is attributed to rising incidence rates of Lyme disease across the United States and Europe. According to CDC, approximately 476,000 Americans are diagnosed with Lyme disease annually. Failure to treat can potentially result in serious health issues affecting brain, joints and heart.
The global expansion of Lyme Disease Treatment market is driven by growing awareness regarding vector-borne illnesses in developing regions of Asia Pacific and Latin America. Countries such as China, Japan and Australia are reporting increasing number of Lyme disease cases each year widening treatment uptake.
Market drivers
The key driver for Lyme Disease Treatment Market Size is increasing focus of regulatory bodies on developing innovative diagnostic tests and vaccines. For instance, in 2021, FDA approved the first ever Lyme disease vaccine named VALNEVA that demonstrated promising results in phase 3 trials. Such preventive measures are expected to curtail the rising disease burden attributable to tick bites supporting market growth over the forecast period.
The current geopolitical situation is impacting the growth of the Lyme Disease Treatment Market. Lyme disease has increasingly become a global health concern. However, regional instability and political unrest in certain parts of the world is making it difficult to tackle this disease. Treatment access is limited in conflict affected areas. Furthermore, cross border cooperation and sharing of epidemiological data has become challenging in times of geopolitical tensions between countries. To ensure sustainable market growth, manufacturers will need to find ways to make treatment affordable and accessible even in remote regions impacted by political issues. Partnerships with NGOs can help expand reach in such areas. Meanwhile, geographies experiencing more political stability currently account for a major share of the market value. The United States represents the largest base for Lyme Disease currently. According to CDC, approximately 476,000 Americans are diagnosed with Lyme disease annually. However, Europe too has seen rising prevalence in recent years. Countries like Germany, France, Slovenia are reporting increasing number of cases. It is estimated that over 65,000 people get infected by Lyme disease each year across European Union. With greater policy level focus on expanding awareness and diagnostic infrastructure, the market in Europe is expected to witness healthy growth over the coming years. Meanwhile, other developed markets of Australia, Japan will continue to sustain demand for Lyme disease diagnosis and treatment.
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