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Global Lyme Disease Diagnostics Market Set to Reach Over $2.1 Billion by 2031: Rising Awareness and Advanced Technologies Drive Growth
The global Lyme Disease Diagnostics market, which was valued at US$1.5 billion in 2022, is poised to achieve a substantial growth rate with a projected Compound Annual Growth Rate (CAGR) of 3.8% from 2023 to 2031, reaching a staggering value of over US$2.1 billion by 2031. This meteoric rise is attributed to a surge in Lyme disease incidence and heightened awareness about diagnostic tests. Key market drivers include the development of advanced diagnostic technologies, increased funding for research and development, and a growing demand for accurate and efficient diagnostic tools๐ฅ๐ฒ๐พ๐๐ฒ๐๐ ๐ณ๐ผ๐ฟ ๐ฎ ๐๐ฎ๐บ๐ฝ๐น๐ฒ ๐ผ๐ณ ๐๐ต๐ถ๐ ๐ฟ๐ฒ๐๐ฒ๐ฎ๐ฟ๐ฐ๐ต ๐ฟ๐ฒ๐ฝ๐ผ๐ฟ๐ ๐ฎ๐ (๐จ๐๐ฒ ๐๐ผ๐ฟ๐ฝ๐ผ๐ฟ๐ฎ๐๐ฒ ๐ ๐ฎ๐ถ๐น ๐๐ฑ ๐ณ๐ผ๐ฟ ๐ค๐๐ถ๐ฐ๐ธ ๐ฅ๐ฒ๐๐ฝ๐ผ๐ป๐๐ฒ) -
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Lyme disease, caused by the bacteria Borrelia burgdorferi and primarily transmitted through infected ticks, has witnessed a notable increase in prevalence, particularly in regions with high tick populations. This escalation has amplified the need for early detection and treatment, driving the demand for accurate diagnostic tools. The availability of innovative diagnostic technologies, such as nucleic acid amplification tests (NAATs), enzyme immunoassays (EIAs), and multiplex assays, has significantly improved the accuracy and efficiency of Lyme disease diagnosis.
Government and corporate organizations' augmented funding for Lyme disease diagnostic research and development has catalyzed market growth. These investments are anticipated to lead to enhanced accuracy, sensitivity, and specificity in testing methods, offering lucrative opportunities for diagnostic test providers
๐๐๐ ๐๐ต๐ถ๐ ๐ฃ๐ฟ๐ฒ๐บ๐ถ๐๐บ ๐ฅ๐ฒ๐๐ฒ๐ฎ๐ฟ๐ฐ๐ต ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐ | ๐๐บ๐บ๐ฒ๐ฑ๐ถ๐ฎ๐๐ฒ ๐๐ฒ๐น๐ถ๐๐ฒ๐ฟ๐ ๐๐๐ฎ๐ถ๐น๐ฎ๐ฏ๐น๐ฒ ๐ฎ๐ -
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Regionally, North America is positioned to hold a substantial share of the global Lyme Disease Diagnostics market due to the rising incidence of Lyme disease and a well-established healthcare system, particularly in the United States. Increasing awareness among healthcare professionals and the general population in North America has driven proactive testing and early detection. The Asia Pacific region is also expected to experience steady market growth, supported by healthcare infrastructure expansion, research and development efforts, and government initiatives promoting screening programs.
Prominent players in the global Lyme Disease Diagnostics market include LabCorp, Quest Diagnostics, Abbott Laboratories, Bio-Rad Laboratories, bioMรฉrieux SA, DiaSorin S.p.A, F. Hoffmann-La Roche AG, T2 Biosystems, Meridian Bioscience, Quidel Corporation, and Thermo Fisher Scientific Inc. These companies are strategically leveraging mergers, acquisitions, partnerships, and product launches to strengthen their market presence
๐ฅ๐ฒ๐พ๐๐ฒ๐๐ ๐ณ๐ผ๐ฟ ๐ฐ๐๐๐๐ผ๐บ๐ถ๐๐ฎ๐๐ถ๐ผ๐ป ๐ผ๐ณ ๐๐ต๐ถ๐ ๐ฟ๐ฒ๐๐ฒ๐ฎ๐ฟ๐ฐ๐ต ๐ฟ๐ฒ๐ฝ๐ผ๐ฟ๐ ๐ฎ๐ -
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๐ ๐ผ๐ฟ๐ฒ ๐ง๐ฟ๐ฒ๐ป๐ฑ๐ถ๐ป๐ด ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐๐ ๐ฏ๐ ๐ง๐ฟ๐ฎ๐ป๐๐ฝ๐ฎ๐ฟ๐ฒ๐ป๐ฐ๐ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ฅ๐ฒ๐๐ฒ๐ฎ๐ฟ๐ฐ๐ต -
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๐๐ฏ๐ผ๐๐ ๐จ๐ ๐ง๐ฟ๐ฎ๐ป๐๐ฝ๐ฎ๐ฟ๐ฒ๐ป๐ฐ๐ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ฅ๐ฒ๐๐ฒ๐ฎ๐ฟ๐ฐ๐ต
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๐๐ผ๐ป๐๐ฎ๐ฐ๐ ๐จ๐
Nikhil Sawlani
Transparency Market Research Inc.
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