Lyme Disease Diagnostic Devices Market size is $789 million in 2019, growing at a CAGR of 6.5% during the forecast period 2020-2025. Lyme disease is a vector-borne illness that is spread by infected ticks. It is difficult to diagnose for many reasons, such as dizziness, headaches, inflammation, fatigue, joint or body pain that are quite common with other diseases, including circular red rash termed as erythema migrants (EM), which doesn’t appear frequently. Therefore, it is necessary to have the advanced diagnostic tool to discover potential targets of Lyme disease instantaneously. There is a significant need to design rapid, point-of-care tests to determine whether patients are infected with ‘Borrelia burgdorferi’, the bacterium that causes Lyme disease, as early active assessment is imperative to detect to make prompt treatment. Furthermore, Lyme disease is extremely common around the world, and thus, demand for precision diagnostic tools accelerates the Lyme Disease Diagnostic Devices Market.
Lyme Disease Diagnostic Devices Market Segment Analysis – By Diagnostic Technologies Type
Based on Diagnostic Technologies Type, the Lyme Disease Diagnostic Devices Market is segmented into Molecular diagnostics, Brain MRI, Spinal tap, Echocardiogram, Electrocardiogram, Monoclonal antibodies, Flow cytometry, Gel microdroplets and Others. Among the aforementioned types, Molecular diagnostics holds the major share in Lyme Disease Diagnostic Devices Market, owing to detect ‘Erythema migrans’ from synovial fluid and synovium biopsies. Also known as EM, the presence is ultimate to confirm Lyme disease. Brain MRI is set to be the fastest growing with a CAGR of 7.1% during the forecast period 2020-2025. This is owing to the diagnosis of Lyme Neuroborreliosis (LNB) in brainstem and medulla owing to numerous case reports elaborate that LNB has a huge spectrum of imaging entities in patients.
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Lyme Disease Diagnostic Devices Market Segment Analysis – By Diagnostic Tests
Based on Diagnostic Tests, the Lyme Disease Diagnostic Devices Market is segmented into Serological Test, Nucleic acid Test, Urine Antigen Tests, Lymphocytic Transformation Test, Immunofluorescent Staining, PCR Analysis and Others. Serological Test holds the major share in Lyme Disease Diagnostic Devices Market owing to frequent practice and familiar tests for the laboratories and hospitals to diagnose Lyme disease. Serologic tests identify exposure to a pathogen indirectly through quantification of respective antibodies in blood, independent of whether infection is present or past. Nucleic acid amplification technique is set to be the fastest-growing CAGR during the forecast period 2020-2025, owing to frequently used in routine laboratories to generate various sources of clinical specimens.
Lyme Disease Diagnostic Devices Market Segment Analysis – By Geography
Based on Geography, Lyme Disease Diagnostic Devices Market is segmented into North America, Europe, Asia-Pacific and Rest of the World. The North America region dominated the Lyme Disease Diagnostic Devices Market in 2019 with a share of 34.9%. This is owing to the mounting Lyme disease cases, which also has a constellation of symptoms, have been challenging to diagnose. Europe is set to be the fastest-growing CAGR during the forecast period 2020-2025 owing to rising Lyme disease cases, and a great need to design rapid point-of-care technologies to determine the Lyme infection.
Lyme Disease Diagnostic Devices Market Drivers
Rising need to develop Precise Diagnostic technology
Diagnosing and treating the Lyme disease early is consequential in achieving best patient outcomes. However, the present diagnostic tests are quite cumbersome, take a while to evaluate, and need expert laboratory specialists. The increasing need for advanced clinical measures owing to the inaccuracy of these tests in identifying early cases of Lyme disease enhances the growth of Lyme Disease Diagnostic Devices Market.
Prevalent case of Lyme diseases
Every year a huge number of people around the world are diagnosed with Lyme disease, caused mostly by the bite of infected Ixodes ticks. Hence, increasing demand for better diagnostic tests provide potential growth opportunities for the Lyme Disease Diagnostic Devices Market.
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Lyme Disease Diagnostic Devices Market Challenges
Limited awareness and Inadequate Investors in Lyme disease diagnostic process
The key restrictive factors for market growth are lack of awareness of people across the globe regarding the multiple symptoms of Lyme disease. Along with, inadequate investors to design phenomenal diagnostic tools for detecting Lyme disease, which reduce the potential growth of Lyme Disease Diagnostic Devices Market.
Lyme Disease Diagnostic Devices Market Industry Outlook
Product Launches, Merger & Acquisition, joint ventures and R&D activities are key strategies adopted by the players in the Lyme Disease Diagnostic Devices Market. Lyme Disease Diagnostic Devices Market top 10 companies include Abbott Laboratories, Canon U.S. Life Sciences, Biosystems, Bio-Rad Laboratories, Immunetics Inc, Roche Diagnostics International Ltd., T2 Biosystems, Graphene Frontiers, Alere Inc (ALR), Boulder Diagnostics and among others.
Developments/ Collaboration/ Product Launched
In February 2015, Canon U.S. Life Sciences signed a strategic collaboration with T2 Biosystems, Inc., leading manufacturer of diagnostic products to provide the patients’ well-being to develop a novel diagnostic test panel to rapidly detect Lyme disease.
In April 2019, Bio-Rad launched ‘BioPlex 2200 Lyme Total Assay’, an automated multiplex technology platform to aid in the diagnosis of Lyme Disease.
North America is anticipated to dominate the global Lyme Disease Diagnostic Devices market in the forecast period 2020-2025 attributed to addressing the growing prevalence of Lyme disease, and discovering innovative ways of diagnosing Lyme disease to drive the growth of the target market.
Developing new ways of diagnosing Lyme disease is imperative to contribute accurate treatment in coming years owing to inefficiency in Lyme disease testing and lack of awareness regarding the disease.
Detailed analysis of the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Lyme Disease Diagnostic Devices Market report.
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A. Molecular Diagnostics Market
B. Lyme Disease Diagnostics Market
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