Eye Allergy Treatment Market To Procure USD 6843.3 Million in Revenues By The End Of 2023

Eye Allergy Treatment Market

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.

Global Eye Allergy Treatment Market – Competitive Analysis

The companies in the global eye allergy treatment market are increasing their investment for research and development to introduce highly efficient products to fulfill the increasing demand in the global eye allergy treatment market. The strategic mergers and acquisitions by the players in the global market are resulting in the expansion of their businesses on a global level.

Major Players

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.

Industry News:

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.

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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.

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.

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.

Eye Allergy Treatment Market – Segmentation

The Global Eye Allergy Treatment Market has been segmented on the basis of type, treatment, and end-users. Based on type, the eye allergy treatment market is segmented into seasonal and perennial allergic conjunctivitis, atopic keratoconjunctivitis, vernal keratoconjunctivitis, contact allergic conjunctivitis, giant papillary conjunctivitis, and others. The vernal keratoconjunctivitis segment includes palpebral, limbal, corneal, and others.

Based on treatment, the global eye allergy market is segmented into medication, allergy shots (immunotherapy), and others. Medication includes artificial tears, decongestants, oral antihistamines, antihistamine/mast-cell stabilizers, corticosteroids. The decongestants segment is sub-segmented into with antihistamines and without antihistamines. The sub-segments of allergy shots (immunotherapy) segment include subcutaneous immunotherapy treatment (SCIT) and sublingual immunotherapy treatment (SLIT).

Based on end-users, the global eye allergy market is segmented into eye hospitals and clinics, medical institutes, research centers, and others.

Eye Allergy Treatment Market – Regional Analysis

The Global Eye Allergy Treatment Market has been geographically segmented into four major regions such as Americas, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, Americas account for the largest market share in the global eye allergy treatment market due to the high investment for research and development by the pharmaceutical companies in this region and well-formed regulatory framework for the launch of new drugs and medication in the market.

The Eye Allergy Treatment Market in the Europe region is driven by the increased healthcare expenditure, well-developed healthcare infrastructure, and increased incidences of eye allergy in this region. Whereas, the Asia Pacific region is projecting the fastest growth of the eye allergy treatment market owing to the increasing awareness among the individuals, the rapid development of healthcare sector, and increasing adoption of advanced technology in the production line.

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The eye allergy treatment market in the Middle East and Africa is projecting slower growth as compared to the other regions in the global eye allergy treatment market due to the negligence and lack of awareness regarding eye allergies in the underdeveloped countries of this region.

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