Growing cases of Lyme disease across the globe is thriving the global Lyme disease treatment market growth. The COVID-19 pandemic has negatively impacted the market. The Asia Pacific market is likely to lead the market in the near future
NEW YORK, Oct. 20, 2021 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Lyme Disease Treatment Market by Treatment Type (Medication and Tick Removal), Administration Route (Oral, Injectable, and Topical), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2028."
The Global Lyme Disease Treatment Market is expected to garner $1,062,794.78 thousand by 2028, growing at a CAGR of 7.50% from 2021 to 2028. The report delivers comprehensive insights into the current condition and future prospective of the industry by meticulously examining market drivers and restraints, opportunities, major segments, and regions.
Key Segment Findings of the Market:
The market is segmented based on treatment type, administration route, distribution channel, and region.
The medication treatment sub-segment of the treatment type segment is anticipated to hold maximum share of the market and collect a revenue of $807,760.80 thousand in the estimated period. This growth is mainly because of the increasing accessibility to numerous antibacterial drugs, for instance, doxycycline, for curing Lyme infection.
The hospital pharmacies sub-segment of the distribution channel segment is anticipated to hold highest share of the market and garner $565,642.08 thousand in the estimated period. This growth is mainly owing to the increasing preference of Lyme patients for doctor's advice on their condition, as there is no sufficient knowledge among people about the disease. This fuels the sales of hospital pharmacy, thus driving the market growth.
The oral sub-segment of the administration route segment is anticipated to hold maximum share of the market and collect a revenue of $498,171.22 thousand in the estimated period. This growth is mainly because of the growing availability of many antibacterial medicines that can be taken through orally for the treatment of Lyme.
Among region, the Asia Pacific region market is projected to observe fastest growth and hit $150,916.86 thousand in the projected period. The growth of this region market is mostly owing to the increasing cases of tick borne infections or vector borne ailments in this region.
The key factor fueling the growth of the global Lyme disease treatment market is a significant rise in the occurrence of tick borne ailments across the world. In addition, increasing investments in R&D activities related to Lyme disease is expected to open doors to innovative opportunities for the market growth in the projected period. However, misinterpretations in the diagnosis of Lyme disease is projected to obstruct the market growth during the forecast period.
Impact of the COVID-19 Pandemic on the Lyme disease Treatment Market:
The COVID-19 pandemic has made a negative impact on the growth of the global Lyme disease treatment market in 2020. In the pandemic period, the Lyme disease treatment procedures have been put on hold; this is because hospitals and other healthcare centers are currently occupied with the COVID-19 patients. Additionally, Lyme patients are hesitating to visit hospitals owing the fear of getting infected with the COVID-19 virus. All these factors are deterring the growth of the market in the pandemic period.
Numerous business strategies, such as acquisitions, mergers, R&D activities, new product developments, and much more, are implemented by these players to attain a strong position in the global market. For instance, in March 2021, the Columbia University's Vagelos College of Physicians and Surgeons launched a treatment center and clinical trials network for Lyme disease. The center is developed with an aim to provide proper treatment for patient of Lyme and related diseases.
Moreover, the report offers other key details of leading players such as business tactics, financial performance, and product/service range of these players along with Porter's five forces analysis and SWOT analysis.
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