Global Allergic Conjunctivitis Market, By Drug Class (Antihistamines & Mast Cell Stabilizers, Corticosteroids, and Others), By Disease Type (Mild Allergic Conjunctivitis and Severe Allergic Conjunctivitis), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and By Region (North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa) is estimated to be valued at US$ 2,486.7 Mn in 2021 and is expected to exhibit a CAGR of 5.4% during the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
Key players in the market are focusing on inorganic growth strategies such as license agreement, which is expected to propel growth of the global allergic conjunctivitis market over the forecast period. For instance, July 2020, IACTA Pharmaceuticals, Inc. and Zhaoke Ophthalmology Pharmaceutical Limited, a leading Hong Kong-based pharmaceutical company, entered into a definitive license agreement for the licensing of two of the IACTA Pharmaceuticals, Inc’s products, IC 265 for dry eye and IC 270 for allergic conjunctivitis. The exclusive license is for ophthalmic indications in China and other countries of Southeast Asia.
Global Allergic Conjunctivitis Market– Impact of Coronavirus (COVID-19) Pandemic
The coronavirus pandemic has affected business and economic activities of various industries globally. The pandemic had a crucial impact on the U.S., Japan, China and many major European countries. Since most of these countries are major manufacturers of allergic conjunctivitis, the pandemic and nationwide lockdowns caused a decline in the business and consumer spending until the end of the 2020. The transportation of raw materials between regions cannot be carried out successfully. This shortage of raw materials and components have affected the supply chain. This, in turn, had a slightly negative impact on the allergic conjunctivitis market. However, the market is focusing to recover in the next one to two years as research for development of rapid COVID-19 detection test support market growth.
Browse 27 Market Data Tables and 31 Figures spread through 156 Pages and in-depth TOC on “Global Allergic Conjunctivitis Market”- Forecast to 2028, Global Allergic Conjunctivitis Market, By Drug Class (Antihistamines & Mast Cell Stabilizers, Corticosteroids, and Others), By Disease Type (Mild Allergic Conjunctivitis and Severe Allergic Conjunctivitis), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and By Region (North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/allergic-conjunctivitis-market-4570
Moreover, increasing product launch and regulatory approval is also expected to aid in growth of the global allergic conjunctivitis market over the forecast period. For instance, in May 2017, Nicox S.A., the international ophthalmic R&D company, announced that the U.S. Food and Drug Administration (FDA) had approved the New Drug Application (NDA) for ZERVIATE1 (cetirizine ophthalmic solution 0.24%; formerly AC-170), which is the first ever topical ocular formulation of this well-known antihistamine, for the treatment of ocular itching associated with allergic conjunctivitis.
Key Takeaways of the Global Allergic Conjunctivitis Market:
- The global allergic conjunctivitis market is expected to exhibit a CAGR of 5.4% during the forecast period due to the focus of key market players on research and development activities for the treatment of allergic conjunctivitis, which is expected to boost growth of the market. For instance, in November 2020, Vanda Pharmaceuticals Inc., which is a biopharmaceutical company’s drug candidate VSJ-110 entered the phase II of clinical trial for the treatment of allergic conjunctivitis in the U.S.
- Among Distribution Channel, Hospital Pharmacies segment is estimated to hold largest market share in global allergic conjunctivitis market over the forecast period. Increase in the healthcare expenditure by various healthcare regulatory organizations in the U.S. in the past years is expected to drive the segment growth. For instance, according to the U.S. Centers for Medicare and Medicaid Services’ 2019 findings on the National Health Expenditure (NHE), hospital expenditure grew to US$ 3.8 trillion with a growth rate of by 4.6% in 2019, compared to the 2018.
- Among the regions, North America estimated to hold dominant position in in Rising the incidence of allergic conjunctivitis in the U.S. is estimated to drive the growth of the segment in 2021. For instance, according to the American Academy of Allergy, Asthma & Immunology in 2020, about 50 million individuals reportedly suffered from allergic conjunctivitis in the U.S.
- Major players operating in the global allergic conjunctivitis market are Eton Pharmaceutical, Sun Pharmaceutical Industries Ltd., Novartis AG., Bausch & Lomb Incorporated., Allergan, Ocular Therapeutix, Inc., Eyevance Pharmaceuticals LLC, Alcon, Santen Pharmaceutical Co., Ltd., Auven Therapeutics, and Atopix Therapeutics Ltd.
