An Eye Allergy is one of the most common health problems occurring among the population all over the world. Market Research Future (MRFR) has recently availed a report asserting the Global Eye Allergy Treatment Market is anticipated to expand at a steady CAGR of 5.2% and reach USD 6843.3 Mn by the end of 2023.
The Eye Allergy Treatment Market is expected to grow at a steady pace. The factors influencing the growth of the market include rising prevalence of numerous eye allergies are major driver for the market while some other factors like growing awareness, technological advancements, new therapies, and growing healthcare expenditure are also major driving influencing the global eye allergy treatment market.
Market Drivers and Restraints:
The increasing prevalence of eye allergies caused due to multiple allergens and increasing investment by the manufacturers in the global market to provide highly efficient treatment drugs are some of the major factors driving the expansion of the global eye allergy treatment market. The rise in incidences of seasonal allergic conjunctivitis and contact allergic conjunctivitis are inducing demand for eye allergy treatments in the global market, creating significant growth opportunities for the expansion of the global eye allergy treatment market.
The high number of indoor and outdoor allergens causing eye allergies such as pollen grains, dust, bugs, molds, and others are inducing demand for bona fide treatments in the global market, which is fueling the growth of the global eye allergy treatment market. The rapidly increasing air pollution is causing adverse health hazards on the human body including the rise in eye allergy incidences with varying symptoms, which is generating demand for reliable treatments, which in turn is driving the global eye allergy treatment market.
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The augmentation in research and development expenditure in order to improve the quality of medications and drugs available in the market is another factor that is fueling the expansion of the global eye allergy treatment market. The high number of airborne allergens is inducing the demand for efficient and cost-effective treatments for eye allergies, leading to the growth of the global eye allergy treatment market.
However, the lack of awareness regarding the allergic reactions and negligence towards the symptoms of eye allergy are likely to hinder the growth of the global eye allergy treatment market during the forecast period.
Global Eye Allergy Treatment Market – Competitive Analysis
Top pharmaceutical companies are dominating this market due to various factors such as strong global presence, sales and distribution network, investment in R&D, high quality products, and strong brand image.
There are plenty of large and small market players which operate in this market: ALLERGAN (Republic of Ireland), Johnson & Johnson Vision Care, Inc. (US), Merck & Co., Inc. (US), Novartis AG (Switzerland), Pfizer Inc. (US), Regeneron Pharmaceuticals, Inc. (US), F. Hoffmann-La Roche Ltd (Switzerland), Santen Pharmaceutical Co., Ltd. (Japan), Valeant (Canada) Shire (Republic of Ireland), and others.
In July 2018, Aptar Pharma, a leader in innovative drug delivery system, has announced the approval of its preservative-free multidose ophthalmic squeeze dispenser which will be used for Baush+Lomb’s Livofree multidose, an anti-allergy treatment solution. The introduction of this preservative-free dispenser is one of the initiatives taken by Aptar Pharma for improving patient safety and product integrity.
In 2016, Irish pharmaceutical giant Shire received U S Food and Drug Administration (FDA) approval for their dry-eye disease drug, this drug is marketed under the brand name Xiidra.
In 2016, Shire an Irish pharmaceutical company received U.S. Food and Drug Administration (FDA) approval for their dry-eye disease drug, this drug is marketed under the brand name Xiidra. It is the company’s first FDA-approved medicine in ophthalmics and this approval makes an important first step in the group’s determination to become a one of the leader in this market. The product is also the first new drug to treat this condition since Allergan’s Restasis gained an approval in 2002 and label description for Shire’s drug compared very favourably with its competitor.
Moreover, Xiidra is also directed for the treatment of both signs and symptoms of dry eye disease, whereas Restasis was approved by the FDA, only on a demonstrated development in objective signs of dry eye. Earlier the drug was rejected by the FDA in October, when the company was asked for further clinical study, but the company was confident enough that it would satisfy the U.S. regulator.
Eye Allergy Treatment Market – Segmentation
Global Eye Allergy Treatment market has been segmented on the basis of type which comprises of seasonal and perennial allergic conjunctivitis, vernal keratoconjunctivitis, atopic keratoconjunctivitis, contact allergic conjunctivitis, giant papillary conjunctivitis, and others. Vernal keratoconjunctivitis includes palpebral, limbal, corneal, and others.
On the basis of treatment, the market has been segmented into medication, allergy shots (immunotherapy), and others. Medication includes artificial tears, decongestants, oral antihistamines, antihistamine/mast-cell stabilizers, corticosteroids. Decongestants are further sub-segmented into with or without antihistamines. Allergy shots (immunotherapy) is sub-segmented into Subcutaneous Immunotherapy Treatment (SCIT) and Sublingual Immunotherapy Treatment (SLIT).
On the basis of end user, it is segmented into eye hospitals & clinics, medical institutes, research centers, and others.
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Eye Allergy Treatment Market – Regional Analysis
Considering the global scenario of the eye allergy treatment market. America is top revenue generator in global market that is mainly due to some factors like new FDA approvals, aggressive strategies by pharmaceutical companies, increasing investment for R&D as well as clinical trials. European market is the second largest market for eye allergy treatment. Increasing prevalence and growing awareness of eye allergies and its treatments are leading the growth of Asia Pacific eye allergy treatment market. Middle East and Africa eye allergy treatment market is expected to have limited growth because of lack of traditional healthcare practices and slow adoption of new products and therapies.
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