A prominent research firm, Cognizance Market Research, added a cutting-edge industry report on “Lyme Disease Diagnostics Market”. The report studies the current as well as past growth trends and opportunities for the market to gain valuable insights during the forecast period from 2021 to 2028.
Lyme Disease Diagnostics Market Analysis
According to cognizance market research the Lyme disease diagnostics market was valued at USD 1.58 Billion in 2019 and expected to register a CAGR of 3.5% from 2021 to 2028.
What is Lyme Disease Diagnostics?
Lyme disease, caused by the borrelia species is a bacterial infection which usually spreads by infected ticks bites. Upon early detection, it can be treated with antibiotics but if left untreated it can affect a person’s heart, joints and the central nervous system, ultimately causing death. Lyme disease has proven difficult to diagnose as a majority of its symptoms such as headaches, fatigue, dizziness or body pain are common with various other diseases. Hence Lyme disease diagnostics is an important research area as we need to determine definite diagnostic tools to be able to treat it timely and accurately. It’s even more important to do it soon as even now there isn’t as much awareness about it which is why it often gets undetected turning fatal. Amongst the various diagnostic tests Molecular diagnostics and Brain MRI seems to be the most promising because of the diagnosis of LNB in brainstem and medulla.
Lyme Disease Diagnostics Market Outlook
In the Lyme disease diagnostics report, the market outlook segment mainly includes important dynamics of the market which include drivers, restraints, opportunities and challenges tackled by the industry. Opportunities and challenges are extrinsic factors whereas, drivers and restraints are intrinsic factors of the market.
The key strategy adopted for growing the market by the players operating in the global Lyme disease diagnostics market is the innovation of new and innovative products, satisfying the criteria and standards of different regional governmental authorities. The growing prevalence of Lyme disease with no foolproof way to diagnose the disease has been serving as a great motivation to enable a speedy expansion of the Lyme disease diagnostics market. The present diagnostic tests take more than the desired time, can be cumbersome and require experts to diagnose the disease which has led to the number of occurrences of the disease increasing rapidly. The pandemic eclipsed the attention of healthcare professionals as well as the infected individuals as many initial symptoms of both COVID-10 and the Lyme disease were the same making it harder to present an accurate diagnosis.
The lack of awareness has been a detrimental factor leading to lack of investors, but as people are getting more aware we are also seeing an increase in the investment being provided for research and development by the government as well as large corporations.
The report offers the revenue of the Lyme disease diagnostics market for the period 2018-2028, considering 2018 and 2019 as a historical year, 2020 as the base year and 2021 to 2028 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the Lyme disease diagnostics market for the forecast period. The Lyme disease diagnostics market report provides insights and in-depth analysis into developments impacting enterprises and businesses on a regional and global level. The report covers the Lyme disease diagnostics market performance in terms of revenue contribution from several segments and comprises a detailed analysis of key drivers, trends, restraints, and opportunities prompting revenue growth of the Lyme disease diagnostics market.
The report has been prepared after wide-ranging secondary and primary research. Secondary research included internet sources, numerical data from government organizations, trade associations, and websites. Analysts have also employed an amalgamation of bottom-up and top-down approaches to study numerous phenomena in the global Lyme disease diagnostics market. Secondary research involved a detailed analysis of significant players’ product portfolio. Literature review, press releases, annual reports, white paper, and relevant documents have been also studied to understand the global Lyme disease diagnostics market. Primary research involved a great extent of research efforts, wherein experts carried out interviews telephonic as well as questioner-based with industry experts and opinion-makers.
The report includes an executive summary, along with a growth pattern of different segments included in the scope of the study. The Y-o-Y analysis with elaborate market insights has been provided in the report to comprehend the Y-o-Y trends in the Lyme disease diagnostics market. Additionally, the report focuses on altering competitive dynamics in the global market. These indices serve as valued tools for present market players as well as for companies interested in participating in the Lyme disease diagnostics market. The subsequent section of the Lyme disease diagnostics report highlights the USPs, which include key industry events (Type launch, research partnership, acquisition, etc.), technology advancements, pipeline analysis, prevalence data, and regulatory scenario.
North America is currently ruling the market, being the largest consumer in the market followed by Europe. The increase in spending on R & D and higher demand for better quality biologics in these regions have led to it accounting for the largest share. Growing prevalence of the disease, more awareness amongst people and rapid technological advancements are major factors which are fueling the growth of the market and are helping advance the research. We’re observing an increase in the number of innovative ways of diagnosing the disease as more investments are being made. As there is an increase in the disposable income in urban areas, people also want better healthcare provided which is incentivizing the government amongst many others to make significant contributions towards the research & development funding. The Asia-Pacific region is estimated to grow at the fastest rate owing to an increase in pet adoption and the presence of a large number of veterinarians in countries such as Japan.
Lyme Disease Diagnostics Market Competitive Landscape
The Lyme disease diagnostics market study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Abbott Laboratories, Covance, Canon Life Sciences, Biosystems, Bio-Rad Laboratories, Immunetics Inc, Roche Diagnostics International Ltd., T2 Biosystems, GlaxoSmithKline Pharmaceuticals, Alere Inc, Siemens AG and Trinity Biotech among others.
The report explores the competitive scenario of the Lyme disease diagnostics market. Major players operating in the Lyme disease diagnostics market have been identified and profiled for unique commercial attributes. Company overview (company description, Type portfolio, geographic presence, employee strength, Key management, etc.), financials, SWOT analysis, recent developments, and key strategies are some of the features of companies profiled in the Lyme disease diagnostics market report.
Key Questions Answered in Lyme Disease Diagnostics Market Report
- What are the major players operating in the Lyme disease diagnostics market?
- What are trends, drivers, opportunities, and challenges in the Lyme disease diagnostics market?
- Which is the leading country in the Lyme disease diagnostics market?
- What is the revenue share forecasts of key sections of Lyme disease diagnostics during the estimated timeframe?
- Which segment is expected to lead the Lyme disease diagnostics market in terms of revenue by 2028?
- How partnerships & alliances among companies operating in the market are broadening the scope of the Lyme disease diagnostics market?
- Who are the top 5 leaders of the Lyme disease diagnostics market?
- Which unmet needs will remain unaddressed over the projected period?
The Lyme disease diagnostics market has been segmented as below:
Lyme Disease Diagnostics Market, by Diagnostic Tests
- Serological Tests
- Urine Antigen Tests
- Lymphocytic Transformation Tests
- Immunofluorescent Staining
- Nucleic Acid Tests
- PCR Analysis
- Dark field Microscopy
Lyme Disease Diagnostics Market, by Diagnostic Technologies
- Brain MRI
- Spinal tap
- Flow Cytometry
- Gel Microdroplets
Lyme Disease Diagnostics Market, by End-User
- Hospitals / Clinics
- Research Institutes
- Pathology Labs
- Pharmaceutical Industries
Lyme Disease Diagnostics Market, by Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa