Lyme Disease Therapeutics Market: Rise in the rate of incidence of Lyme disease across the globe to drive the market
Global Lyme disease Therapeutics Market: Overview
- Lyme disease is a contagious disease caused by a bacterium species called Borrelia burgdorferi. It is a tick-borne disease caused by transmission of bacteria to humans through the bite of infected ticks. Common indications of Lyme disease include flu-like symptoms, depression, fatigue, and expanding, circular, reddish skin rashes.
- If left untreated, these symptoms may worsen and can lead to partial or complete loss of facial movement, severe headache, stiffness in the neck, joint pain and swelling, irregular heartbeats, etc. The patient may also, sometimes, develop tingling or shooting pain in the extremities. If the disease is diagnosed at an early stage, it can be treated with antibiotics. However, if left unattended, it may affect the heart, the joints, and the central nervous system, ultimately leading to death.
- The global Lyme disease therapeutics market is projected to expand at a significant pace during the forecast period, owing to rise in the rate of incidence of Lyme disease across the globe and continuous R&D activities for the development of vaccines for Lyme disease.
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Key Drivers of Global Lyme disease Therapeutics Market
- Unmet medical needs with respect to the treatment of Lyme disease, led by variations in Borrelia burgdorferi genotypes, limit complete cure of the disease. Innovations are underway in the pharmaceutical industry in the area of vaccine candidates. This is expected to increase the rate of prevention of Lyme disease in the near future. The continuing need for reinventing the drug pipeline, led by bacterial mutation and resistance, serves as an opportunity for the global Lyme disease therapeutics market.
Restraints of Global Lyme disease Therapeutics Market
- Pathways to the approval for Lyme disease drugs from regulatory bodies have become confusing, generally infeasible, and questionably irrelevant to patients and providers over a period of time. Additionally, scientific and regulatory challenges significantly increase the cost of and time required for drug development, which greatly worsens economic disadvantages of Lyme disease drugs.
- In view of the urgency of bacterial drug resistance and the capacity of targeted disease to change rapidly over time, regulatory bodies are not in favor of revision and streamlining of the anti-bacterial drug development and approval process
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North America to Account for a Major Share of Global Lyme Disease Therapeutics Market
- North America is likely to dominate the global Lyme disease therapeutics market during the forecast period, due to high rate of incidence of Lyme disease and high awareness about and adoption of new diagnostic methods in the region. According to the Centers for Disease Control and Prevention (CDC), Lyme is one of the most common infectious diseases in North America and around 300,000 people in the region get infected with the disease every year.
- The Lyme disease therapeutics market in Asia Pacific is expected to expand at a significant CAGR during the forecast period, owing to rise in the demand for Lyme disease diagnostics in developing nations in the region. Moreover, rise in government and private initiatives to spread awareness regarding bacteria-borne health conditions are anticipated to drive the market in Asia Pacific during the forecast period.
Key Players Operating in Global Lyme disease Therapeutics Market
Major players operating in the global Lyme disease therapeutics market are:
- Pfizer Inc.
- Teva Pharmaceutical Industries, Ltd.
- Lupin Pharmaceuticals, Inc.
- Mylan N.V.
- Sun Pharmaceutical Industries Ltd
- GlaxoSmithKline Plc
- Valneva SE
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