Pune, Oct. 22, 2020 (GLOBE NEWSWIRE) -- The global conjunctivitis treatment market size is set to gain traction from the rising technological advancements in the field of ophthalmology. Besides, the increasing discovery of new techniques of drug delivery would also impact the market positively.
This information is given by Fortune Business Insights™ in a recently published report, titled, “Conjunctivitis Treatment Market Size, Share & COVID-19 Impact Analysis, By Drug Class (Antibiotics, Antiviral, Anti-allergic, Artificial Tear and Others), By Disease Type (Bacterial Conjunctivitis, Viral Conjunctivitis, and Allergic Conjunctivitis) By Route of Administration (Topical, Oral, and Intravitreal), By Distribution Channel (Hospital Pharmacies, Online Pharmacies, and Retail Pharmacies & Drug Stores), and Regional Forecast, 2020-2027.”
The report further states that the conjunctivitis treatment market size was USD 3.85 billion in 2019 and is projected to reach USD 4.38 billion by 2027, exhibiting a CAGR of 3.7% during the forecast period.
This Report Answers the Following Questions:
- What are the market growth drivers, dynamics, and hindrances?
- Which segment is set to lead the market in the near future?
- Which company would generate the largest revenue?
- How will the companies surge sales of new drugs for conjunctivitis treatment?
Rising Awareness Programs about Eye-related Diseases will Propel Growth
Conjunctivitis can be of three types, namely, allergic, viral, and bacterial. The National Centre for Biotechnology Information mentioned that these types of diseases vary from person to person according to the season of the year and the patient’s age. It also spreads rapidly through direct contact, such as sneezing, coughing, and hands. Also, numerous companies are trying to launch new drug formulations and innovative drug delivery systems for faster recovery of the patients. Apart from that, ocular disorder management and the increasing awareness programs about eye-related diseases would contribute to the conjunctivitis treatment market growth in the coming years.
The emergence of the COVID-19 pandemic has caused heavy losses for a large number of companies worldwide. It has disrupted the supply chain and halted production processes. Most of the healthcare companies are persistently striving to invent a vaccine to stop this deadly pandemic. Our report would provide authentic information about the current scenario of every market.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/conjunctivitis-treatment-market-103488
COVID-19 to Contribute to a Lower Growth Due to Strong Decline in Hospital Visits
The outbreak of the COVID-19 pandemic across the globe is set to negatively impact the global market growth. Despite the patients suffering from conjunctivitis tend to be at a high risk of getting injected by viral conjunctiva that is usually caused because of adenovirus, the market is expected to undergo a decline.
While coronavirus also causes several similar ocular signs and symptoms, such as conjunctivitis infection, watery discharge, photophobia, and eye irritation. Due to the stringent lockdowns imposed by governments across the globe, the postponement or cancellations of non-life-threatening medical visits is expected to restrict the market growth as lesser prescriptions for conjunctivitis will be issued in this time period.
North America to Dominate Fueled by Presence of Several Industry Giants
Geographically, North America procured USD 1.85 billion in terms of revenue in 2019 and is expected to lead in the near future. This growth is attributable to the rising awareness about eye diseases amongst the masses, presence of industry giants in the region, and the increasing cases of conjunctivitis.
Europe is anticipated to remain in the second position on account of the surging usage of novel drugs for conjunctivitis treatment, rising pool of conjunctivitis patients, and increasing healthcare expenditure in this region.
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Key Players Focus on Receiving Fast Track Approvals for Their New Drugs
The companies operating in the market are presently focusing on investing hefty amounts of money to conduct research and develop activities. These are helping them to develop new drugs for conjunctivitis treatment. They are also trying to receive approvals for their novel drugs from the regulatory bodies. Below are two of the latest industry developments:
- April 2020: Ocular Therapeutix™, Inc., a biopharmaceutical firm declared the Phase 3 clinical trial results. It was conducted to find out the efficacy and safety of DEXTENZA® for the treatment of ocular itching caused by allergic conjunctivitis. As per the results, DEXTENZA is capable of treating the disease.
- May 2017: The U.S. Food and Drug Administration (FDA) announced its approval of a New Drug Application (NDA) named Zerviate. It will be used to treat ocular itching that is caused by allergic conjunctivitis. It is considered to be the first topical ocular formulation of Nicox, an ophthalmology company based in France.
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Fortune Business Insights™ lists out the names of all the manufacturers of drugs used for conjunctivitis treatment. They are as follows:
- Akorn, Incorporated
- Eyevance Pharmaceuticals LLC.
- NOVARTIS AG
- Santen Pharmaceutical Co., Ltd
- Bausch & Lomb Incorporated
- Others key market players
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Conjunctivitis Treatment Market Segmentations:
By Drug Class
• Artificial Tears
By Disease Type
• Bacterial Conjunctivitis
• Viral Conjunctivitis
• Allergic Conjunctivitis
By Route of Administration
By Distribution Channel
• Hospital Pharmacies
• Online Pharmacies
• Retail Pharmacies & Drug Stores
• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia- Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• Middle East & Africa (GCC, South Africa, and Rest of Middle East & Africa)
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