Allergic Conjunctivitis Market Size to Surpass USD 4.26 Billion by 2030, exhibiting a CAGR of 5.7%
Fortune Business Insights
6 min read
As per the report by Fortune Business Insights, The Global Allergic Conjunctivitis Market size is projected to reach USD 4.26 Billion by 2030, at a CAGR of 5.7% during the forecast period.
Allergic Conjunctivitis Market
Allergic Conjunctivitis Market (2023-2030)
Pune, India, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The global allergic conjunctivitis market size was USD 2.74 billion in 2022 and it is projected to grow from USD 2.89 billion in 2023 to USD 4.26 billion by 2030, exhibiting a CAGR of 5.7% during the forecast period. Allergic conjunctivitis is a disorder where the eye's conjunctiva inflates due to an allergic reaction resulting from an individual’s interaction with an allergen.
This disease affects a considerable proportion of the global population but is often underdiagnosed and ignored by the patient and the healthcare professional.
Fortune Business Insights™ mentioned this in a report titled “Allergic Conjunctivitis Market, 2023-2030.”
Key Industry Development:
March 2022: Johnson & Johnson Vision Care, Inc. declared the approval of ACUVUE Theravision with Ketotifen by U.S. FDA.
The FDA in the United States has approved etafilcon, a drug-eluting contact lens containing ketotifen, under the brand name ACUVUE Theravision, according to Johnson & Johnson Vision Care, Inc.
Pataday Once Daily Relief Extra Strength is now widely available at retail locations in the United States, according to Alcon.
Alaway Preservative Free Antihistamine Eye Drops, the first over-the-counter (OTC) preservative-free formulation eye drop, was introduced by Bausch & Lomb.
The first brand-new, prescription-only medication for allergic conjunctivitis in the United States in ten years, ZERVIATE (cetirizine ophthalmic solution) 0.24%, was just released, according to Eyevance Pharmaceuticals LLC.
Discover the Leading Players Featured in the Report:
Major players in the allergic conjunctivitis market are Allergan (AbbVie Inc.) (U.S.), Santen Pharmaceutical Co., Ltd. Japan), Bausch & Lomb Incorporated (Canada), Alcon (Switzerland), Novartis AG (Switzerland), Eyevance Pharmaceuticals LLC (U.S.), Sun Pharmaceutical Industries Ltd. India), Ocular Therapeutix, Inc. (U.S.), Eton Pharmaceutical (U.S.)
Rapid Growth in Number of Ocular Allergens to Drive the Market Growth
The occurrence of ocular allergy has increased intensely over the past few decades due to several factors that comprise rapid industrialization and urbanization coupled with the increase in the number of allergens.
A significant lack of understanding about the various symptoms of eye allergies. Hence patients do not visit ophthalmologists regularly unless there is a major or severe symptomatic condition.
Segmentation:
Mast Cell Stabilizers and Antihistamines Segment to Skyrocket the Growth of New Product
Based on drug class, the market is divided into corticosteroids, antihistamines & mast cell stabilizers, and others.
The antihistamines & mast cell stabilizers segment is expected to expand at a significant CAGR over the projected period, owing to their reputation as the gold standard treatment for ocular energy.
Expensive Treatment Costs of Severe Allergic Conjunctivitis to Permit the Segment’s Dominance
On the basis of disease type, the market is bifurcated into mild and severe.
The severe allergic conjunctivitis segment leads with the largest share for multiple reasons. Treating this form of conjunctivitis necessitates, the usage of advanced and strong prescription pharmaceuticals.
Hospital Pharmacies to Dominate Due to High Demand for These Institutions for Medical Examinations
According to the distribution channel, the market is fragmented into drug stores & retail pharmacies, hospital pharmacies, and online pharmacies. The hospital pharmacies segment is expected to accredit for the largest market share during the projected period. The dominance of the segment is due to the increasing demand for institutions with trained medical professionals.
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into regional developments.
List of major industry players.
Key strategies adopted by the market players.
Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Regional Insights:
North America to Lead the Market Owing to Surging Occurrence of Ocular Allergies
North America held the largest share in 2022 and is predicted to continue to dominate the global allergic conjunctivitis market share during the projected period. The region’s growth is due to the widespread awareness of ocular allergies, the vital occurrence of this disease, and the presence of key players resulting in the launches of advanced drugs.
Asia Pacific market is anticipated to record the highest CAGR owing to surging awareness, considerable improvements in healthcare expenditure, and a rising occurrence of ocular allergies in the region.
Competitive Landscape:
Healthy Product Portfolio of Prominent Players to Ensure Apex Position
The market is dominant owing to the presence of major players of different sizes, with a number of players targeting the genetic drug space for the treatment of eye allergies. Moreover, companies such as Alembic Pharmaceuticals Limited and Sun Pharmaceuticals are growing their presence in the global market by focusing on product approvals and introducing generic versions of existing drugs.
FAQ’s
How big is the Allergic Conjunctivitis Market?
Allergic Conjunctivitis Market size was USD 2.89 Billion in 2023.
How fast is the Allergic Conjunctivitis Market growing?
The Allergic Conjunctivitis Market will exhibit a CAGR of 5.7% during the forecast period, 2019-2030
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