Allergic Conjunctivitis Market to Hit USD 3.60 Billion by 2028; Proliferation of New Types of Allergens in Urban Areas to Stimulate Market Growth: Fortune Business Insights™
Increasing Research into Drug Efficacy to Boost the Market
Allergic eye diseases and conditions require the administration of medications that can provide considerable relief from the discomfort and possible pain from these conditions. As a result, a few companies and academic institutions are conducting intensive research to investigate the efficacy of novel therapeutics for ocular allergies. For example, in March 2021, a team from the Shanghai Jiaotong University, China, studied the effectiveness of an innovative delivery system of pemirolast potassium-loaded gellan gum in situ gel for allergic conjunctivitis. The study showed that the gel exhibited excellent stability and did not damage any part of the eye during delivery. In April 2021, according to a study published in the American Journal of Ophthalmology, Dextenza by Ocular Therapeutix can relieve ocular itching in patients suffering from this disease for nearly four weeks. Such studies are raising the potential of novel treatments for this form of conjunctivitis and fueling the growth of the market.
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By drug class, this market has been trifurcated into antihistamines & mast cell stabilizers, corticosteroids, and others. The corticosteroids segment held a market share of 14.0% in 2020.
In terms of disease type, the market’s segments include mild and severe allergic conjunctivitis. Based on distribution channel, the market has been divided into hospital pharmacies, drug stores & retail pharmacies, and online pharmacies. On the basis of region, the market has been categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The outbreak of the COVID-19 pandemic has not boded well for this market as strict lockdowns and apprehensions surrounding the coronavirus have led to a dramatic drop in visits to ophthalmologists by patients. Moreover, with elective procedures suspended by most healthcare facilities worldwide, treatments for mild to moderate ocular conditions have been postponed by doctors and other health professionals. Against the backdrop of these developments, the market growth slumped by -4% in 2020.
What Does the Report Offer?
The report contains a bird’s-eye view analysis of the market trends and drivers, as well as offers a piecemeal study of all individual market segments. Further, the report provides a thorough assessment of the market restraints and also incorporates detailed research into the regional dynamics and competitive landscape of the market.
Regulatory Clearances to Novel Medications to Support Market Growth
Recognizing the need for treating allergic conjunctivitis, regulatory bodies such as the US Food and Drug Administration (FDA) are actively green lighting novel therapies that can effectively tackle the condition and provide relief to patients. For example, in March 2021, Ocular Therapeutix’s DEXTENZA was accepted for review by the USFDA and if approved, the drug would carry an additional indication of treating ocular itching commonly associated with allergen-based conjunctivitis. Similarly, in January 2018, Alocril by Allergan was approved by the USFDA for treating eye itching in allergic conjunctivitis. The proven safety of the drug also allows it to be used on children as young as three. Supportive regulatory environment for ocular therapies and medications are, thus, proving highly beneficial for this market.
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Staggering Prevalence of Allergies in the US to Invigorate the North America Market
North America is poised to dominate the allergic conjunctivitis market share during the forecast period on account of the widespread prevalence of different kinds of allergies in the US. For example, according to the Asthma and Allergy Foundation of America, over 50 million Americans are afflicted by allergies annually and allergic conditions are the sixth-leading cause of chronic illnesses in the US. In 2020, the North America market size stood at USD 1.16 billion.
In Europe, on the other hand, the increasing adoption of advanced drugs and treatments for ocular diseases is anticipated to be the foremost growth determinant for the regional market. Meanwhile, in Asia Pacific, the rising incidence of eye allergies will be the prime factor driving the regional market.
Amplifying Customer Reach to be the Dominant Business Strategy
In solidifying their position in the market, key developers of allergic conjunctivitis therapeutics are implementing strategies that can expand their customer reach in a sustained manner. For this, companies are enhancing their distribution networks in various markets and streamlining production capabilities to augment their presence in global value chains.
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February 2021: After securing approval from the FDA in 2020, Alcon announced that the Pataday Once Daily Relief Extra Strength, the company’s eye allergy solution, is now commercially available across offline and online stores in the US. The FDA clearance allowed the drug to be sold over-the-counter (OTC).
List of Key Players Covered in the Global Market
• Eton Pharmaceutical (Deer Park, U.S.)
• Sun Pharmaceutical Industries Ltd. (Mumbai, India)
• Novartis AG (Basel, Switzerland)
• Bausch & Lomb Incorporated (Laval, Canada)
• Allergan (AbbVie Inc.) (North Chicago, U.S.)
• Ocular Therapeutix, Inc. (Bedford, U.S.)
• Eyevance Pharmaceuticals LLC (Fort Worth, U.S.)
• Alcon (Geneva, Switzerland)
• Santen Pharmaceutical Co., Ltd. (Osaka, Japan)
Table of Content:
o Research Scope
o Market Segmentation
o Research Methodology
o Definitions and Assumptions
• Executive Summary
• Market Dynamics
o Market Drivers
o Market Restraints
o Market Opportunities
• Key Insights
o Prevalence of Allergic Conjunctivitis - By Key Countries
o Pipeline Analysis
o Key Industry Developments
o New Product Launches
o Impact of COVID-19 on the Allergic Conjunctivitis Market
o Allergy - Statistics and Facts
• Global Allergic Conjunctivitis Market Analysis, Insights and Forecast, 2017-2028
o Key Findings / Summary
o Market Analysis, Insights and Forecast – By Drug Class
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
• Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
• Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
• Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
• Number of procedures and average price of procedures
• Replacement rate and pricing of capital equipment
• Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
• Market & technological trends, new product developments, product pipeline.
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