New York, USA, Nov. 15, 2021 (GLOBE NEWSWIRE) -- A new report on the global lyme disease treatment market has been added by Research Dive to its repository. As per the report, the market is expected to garner $1,062,794.78 thousand by 2028, growing at a CAGR of 7.50% from 2021 to 2028. This report provides thorough insights into the present condition and future outlook of the global industry. The report is drafted by professional market analysts and assures to be a reliable source of data and detailed market insights for new players, investors, prevailing market players, stakeholders, shareholders, etc.
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Factors Impacting the Market Growth
Increasing cases of Lyme disease across the globe is boosting the growth of the global Lyme disease treatment market . Furthermore, the growing researches to develop effective drugs for the treatment of Lyme is projected to give rise to profitable opportunities for the market growth during the forecast period. However, the dearth of awareness regarding the occurrence and signs of Lyme disease among people is anticipated to hinder the market growth.
COVID-19 Pandemic Impact on the Lyme Disease Treatment Market
The outbreak COVID-19 pandemic has negatively impacted the growth of the global Lyme disease treatment industry. The pandemic has shifted the focus of healthcare professionals on averting the spread of virus and treating the COVID-19 patients. In addition, the people suffering from Lyme are reluctant to visit hospitals due to the fear of acquiring COVID-19 at healthcare centers. All these factors are hampering the global market growth significantly.
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The report segments the global Lyme disease treatment market into treatment type, administration route, distribution channel, and region.
Medication Treatment Sub-Segment to Dominate the Market
Among treatment type segment, the medication treatment sub-segment is projected to observe significant growth by garnering $807,760.80 thousand in the projected period. The growth of this sub-segment is mostly because of the rising availability of several antibacterial medications, such as doxycycline, for curing Lyme disease.
Oral Sub-Segment to Observe Remarkable Growth
Among administration route segment, the oral sub-segment is expected to grab major share of the market and garner $498,171.22 thousand during the forecast period. The growth of this sub-segment is mostly because of the easy access to oral antibacterial drugs for treating Lyme disease.
Hospital Pharmacies Sub-Segment to Lead the Market
Among distribution channel segment, the hospital pharmacies sub-segment is projected to observe significant growth by garnering $565,642.08 thousand in the projected period. The growth of this sub-segment is mostly because Lyme patients greatly prefer consulting doctors, as there is no adequate awareness among the people regarding the disease. The growing hospital visits by patients boost the hospital pharmacy sales, thus increasing the market growth.
Asia-Pacific Region Market to Grow Profoundly
The report analyzes the global Lyme disease treatment market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is expected to garner a revenue of $150,916.86 thousand during the estimated timeframe. The growth of this region market is mainly owing to the growing occurrence of tick borne infections or vector borne ailments in this region.
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Major Players in the Lyme Disease Treatment Market
The report lists some of the leading players functioning in the global industry including -
- Chartwell Pharmaceuticals
- Pfizer, Inc.
- Galaxo SmithKline Plc
- Novartis AG
- Mayne Pharma
- Almirall, LLC.
- Sun Pharmaceuticals Industries, Inc.
- Lupin Pharmaceuticals, Inc.
- Perrigo Company plc
- Orion Corporation
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The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in November 2019, Global Lyme Alliance, the foremost 501 (c)(3) focused on eradicating Lyme and other tick-borne infections, launched its first observational research on Lyme disease treatment protocol. The aim of this study is to transform the paradigm of curing Lyme disease from misinterpretations, uncertainty, and helplessness, to precision and clarity.
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