Lyme disease diagnostics include tests that help detect Borrelia burgdorferi bacteria, which causes Lyme disease. These tests play a vital role in improving disease diagnosis as Lyme disease poses significant diagnostic challenges due to varied symptoms and limitations of current diagnostic tests. The global lyme disease diagnostics market is estimated to be valued at US$ 1.5 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Lyme disease diagnostics provide physicians accurate diagnosis to prescribe effective treatment and help curb complications associated with delay in diagnosis or misdiagnosis. These diagnostics help detect antibodies produced by the body's immune system in response to B. burgdorfer infection. Common diagnostic tests for Lyme disease include ELISA, Western Blot, and Immunofluorescent assays. The growing disease incidence and availability of advanced diagnostic technologies are fueling adoption of lyme disease diagnostics.

Market Opportunity:

The key opportunity for lyme disease diagnostics lies in improving disease diagnosis. Current diagnostic tests have limitations as symptoms of lyme disease vary widely between individuals and can mimic other illnesses, making definitive diagnosis difficult. Early diagnosis is crucial to treat lyme disease effectively and prevent long-term complications. Advanced diagnostics that can detect the infection reliably during early stages provide opportunity to enhance diagnosis and treatment outcomes. Next-generation diagnostics with high sensitivity and specificity can help address current tests' shortcomings and facilitate timely clinical decision making. This presents an opportunity for market players to develop novel diagnostics addressing the need for reliable early diagnosis of lyme disease.

Porter's Analysis

Threat of new entrants: The threat of new entrants into the lyme disease diagnostics market is moderate as the market requires huge R&D investments and regulatory approvals to develop tests.

Bargaining power of buyers: The bargaining power of buyers in the lyme disease diagnostics market is high as the tests developed are substitutable and buyers can switch between tests and vendors.

Bargaining power of suppliers: The bargaining power of suppliers in this market is low as the raw materials used for manufacturing diagnostics are generic.
Threat of new substitutes: The threat of substitutes is moderate due to limited substitute technologies for diagnostics. New molecular diagnostics can emerge as substitutes in the future.

Competitive rivalry: The competitive rivalry is high due to the presence of established global players.

SWOT Analysis

Strengths: High unmet medical needs for early and accurate diagnosis. Growing awareness about tick-borne infections.

Weaknesses: Accuracy of current diagnostic tests is limited. Multiple testing often required due to complexity of Lyme infection.

Opportunities: Emerging technologies like proteomics, metabolomics and molecular diagnostics provide opportunities for novel test development. Expanding into endemic regions like Europe.

Threats: Stringent regulatory approvals and delays in product launch. Reimbursements and high cost of tests affect market adoption.

Key Takeaways
The global lyme disease diagnostics market is expected to witness high growth during the forecast period of 2023 to 2030. The market size for 2024 is estimated at US$ 1.5 billion.

Regional analysis: North America dominated the market in 2021 owing to growing disease incidence in the US and developed healthcare infrastructure. The Asia Pacific market is estimated to exhibit the highest CAGR during the forecast period driven by improving healthcare infrastructure and economic growth in countries like China and India.

Key players: Key players operating in the lyme disease diagnostics market are Abbott Laboratories, Affymetrix Inc., Alere Inc., Baxter International Inc., Bio-Rad Laboratories, Boulder Diagnostics, Canon Life Sciences, Covance Inc., Fresenius Medical Care AG & Co., GlaxoSmithKline Pharmaceuticals Ltd., Roche Diagnostics International Ltd., Siemens AG, and T2 Biosystems, Immunetics Inc. The major players focus on product approvals and launches to expand their presence and consolidate their position in the diagnostics market for Lyme disease.