Eye Inflammation Treatment Market is Estimated to Witness High Growth, Owing to Increasing Prevalence of Eye Diseases and Advancements in Drug Development
Eye inflammation treatment market is estimated to be valued at USD 621.9 Mn in 2024 and exhibit a CAGR of 5.9% over the forecast period (2024-2031). Rising prevalence of ocular disorders such as conjunctivitis, keratitis, chalazion, and blepharitis globally can drive the market growth. Furthermore, increasing investments by biopharmaceutical companies in drug development and introduction of novel drug delivery systems can also drive the market growth during the forecast period.
Market Dynamics
Eye inflammation treatment market growth is driven by factors such as increasing prevalence of various eye diseases and rising awareness regarding eye health. According to the World Health Organization (WHO), in 2023, globally around 1.1 billion people have some form of vision impairment with approximately 2.2 billion people having near or distant vision impairment. Increasing prevalence of eye diseases boosts demand for advanced eye inflammation treatment options. Advancements in drug delivery techniques and introduction of novel formulations such as suspension, intravitreal implants can drive the market growth.
Increasing Prevalence of Eye Diseases
Rising prevalence of various eye diseases such as conjunctivitis, uveitis, retinal disorders, and others can drive the market growth. Rising incidences of chronic eye conditions like glaucoma and age-related macular degeneration can boost demand for effective eye inflammation treatment drugs and therapies over the forecast period.
Growing Geriatric Population
Older population is more prone to ocular disorders resulting from prolonged exposure to various environmental factors. As per data published by United Nations in 2023, the number of people aged 65 years or older is projected to increase from 524 million in 2010 to nearly 1.5 billion in 2050. With this demographic shift towards an aging society, there will be increase in occurrence of age-related eye conditions. This growing geriatric population base can drive the eye inflammation treatment market growth.
High Cost of Treatment
Treating many eye inflammation conditions requires specialized ophthalmic drugs, medical procedures and long-term therapies which add to the overall cost of care. Expensive treatments pose a major barrier for eye care treatment, especially in developing regions with low healthcare budgets. Moreover, lack of medical reimbursement policies also increases the financial burden on patients. This high-cost factor could hamper the mass adoption of new and advanced therapies in the eye inflammation treatment market.
Side Effects of Medications
While most ophthalmic medications offer effective relief, these may also lead to certain undesirable side effects like headache, blurred vision, nausea, dizziness, and others, which can negatively impact patient compliance. Topical steroids, commonly prescribed for treating conditions such as uveitis, have risks of cataract development and glaucoma with long-term use. The potential occurrence of medication side effects raises safety concerns among patients and physicians, thus, hampering the market growth.
Increased Focus on Alternative Therapies
There has been growing interest in alternative therapeutic approaches for managing ocular inflammatory diseases. Researchers are evaluating newer interventions like phototherapy, acupuncture, herbal medicines, probiotics, and others which provide non-invasive solutions. The integration of complementary modalities with conventional treatments presents a lucrative opportunity for players to expand their product portfolios.
Rising Healthcare Expenditure in Emerging Nations
Emerging economies in Asia Pacific and Latin America are dedicating more funds to strengthen their healthcare infrastructure and improve citizen access to modern medical facilities. Combined with rising burden of eye ailments, this improving economic environment in developing regions can foster higher spending on ocular therapies. Moreover, local players can capitalize on this opportunity by offering more affordable medication options.
Link: https://www.coherentmarketinsights.com/market-insight/eye-inflammation-treatment-market-5362
Key Developments
- On September 16, 2024, Eyenovia, a pharmaceutical company, announced the launch of clobetasol propionate ophthalmic suspension 0.05%, in U.S. which is designed to address postoperative inflammation and pain following ocular surgeries
- On March 4, 2024, Formosa Pharmaceuticals, Inc., a Taiwan-based pharmaceutical company, and AimMax Therapeutics, a biopharmaceutical company in U.S., announced that the U.S. Food and Drug Administration (FDA) had approved clobetasol propionate ophthalmic suspension 0.05% (APP13007), for the treatment of post-operative inflammation and pain following ocular surgery
- In June 2023, Novartis AG, global pharmaceutical company, announced an agreement to divest ‘front of eye’ ophthalmology assets to Bausch + Lomb, a global eye health company. The agreement includes Xiidra, the first approved prescription treatment for the signs and symptoms of dry eye disease, and investigational medicine SAF312 (libvatrep), in development as a first-in-class therapy for chronic ocular surface pain (COSP)
- In January 2022, NovaBay Pharmaceuticals, Inc., a biopharmaceutical company, announced the launch of its AVENOVA Lubricant Eye drops. These eye drops are formulated to treat dry eye symptoms. Avenova is antimicrobial and uses pure 0.01% Hypochlorous Acid that fight with toxins and inflammation caused by bacteria.
Key Players
GSK plc., Merck & Co. Inc., Alimera Sciences, Inc., AbbVie Inc., Teva Pharmaceutical Industries Ltd., Akron Pharma Inc., Intas Pharmaceuticals Ltd., Mylan N.V., Amgen Inc., Pfizer Inc., and Macleods Pharmaceuticals Ltd.
