At 4.7% CAGR, Global Eye Allergy Therapeutics Market Size & Share Will Hit US$ 3838.7 Million by 2028 | Industry Trends, Demand, Growth, Value, Analysis & Forecast Report by Zion Market Research
NEW YORK, Aug. 3, 2022 /PRNewswire/ -- As per Zion Market Research study, The global eye allergy therapeutics market size was worth around USD 2,914.1 million in 2021 and is estimated to grow to about USD 3,838.7 million by 2028, with a compound annual growth rate (CAGR) of approximately 4.7% over the forecast period.
Eye Allergy Therapeutics Market: Overview
Allergies to the eyes, also known as allergic conjunctivitis, are quite common. Anything that irritates the eyes is a type of allergen. To combat allergens, the eyes release histamine. Conjunctiva and eyes become irritated, inflamed, and red as a result. Unlike other types of conjunctivitis, eye allergies do not transfer from person to person. The body's immune system might also react to an allergen that is often harmless, leading to the development of an allergy. Growing aging populations and changing lifestyles are boosting the rising prevalence of ophthalmological problems, which is one of the protuberant drivers promoting the growth of the global market for eye allergy therapeutics. Favorable government funding from developed and a few developing nations support ocular problem research and prevention programs at several public and private organizations. However, the global market for eye allergy therapeutics is being constrained by issues such as a shortage of skilled specialists, a lack of awareness, and the side effects of numerous medications.
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Key Industry Insights & Findings of the Eye Allergy Therapeutics Market Reports:
- As per the analysis shared by our research analyst, the Eye Allergy Therapeutics Market is expected to grow annually at a CAGR of around 4.7 % (2022-2028).
- Through the primary research, it was established that the Eye Allergy Therapeutics Market was valued at approximately USD 2914.1 million in 2021 and is projected to reach roughly USD 3838.7 million by 2028.
- North America dominated the global eye allergy therapeutics market due to the United States' significant advancements in ophthalmology.
- This is due to the region's high prevalence of eye allergies, extensive knowledge of the condition, and the presence of substantial factors that have led to the introduction of cutting-edge medications. In addition, rising government initiatives are also fueling the eye allergy therapeutic market's expansion.
- Over 15% of the world's population is affected by allergies. With an allergic propensity that tends to impact several body organs, the patient may have symptoms that pertain to many organs.
- With the significant increase in the patient population over the past few years, the demand for medicines used for treating conditions like antihistamines and mast cell stabilizers has expanded dramatically.
Zion Market Research published the latest report titled "Eye Allergy Therapeutics Market By Product (Antihistamines, Mast cell stabilizers, Corticosteroids, Immunomodulators, and Others), By Distribution Channel (Hospital Pharmacies, Online Pharmacies, and Drug Stores), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Predictions 2022 – 2028." into their research database.
Industry Dynamics:
Eye Allergy Therapeutics Market: Growth Drivers
- The expanding patient population is driving the demand for eye allergy therapeutics market.
The considerable patient population suffering from eye allergies is one of the most important and significant key drivers of the global market growth. Over 15% of the world's population is affected by allergies. With an allergic propensity that tends to impact several body organs, the patient may have symptoms that pertain to many organs. However, the ocular component is thought to be the most noticeable and incapacitating aspect of an allergy since it causes chronic symptoms, such as eye itching and watering, which causes severe discomfort. With the significant increase in the patient population over the past few years, the demand for medicines used for treating conditions like antihistamines and mast cell stabilizers has expanded dramatically. Numerous studies have shown that during the past 40 years, the prevalence of this issue has significantly grown. This element is anticipated to fuel global eye allergy therapeutics market expansion.
Eye Allergy Therapeutics Market: Restraints
- Market growth is hampered by a lack of knowledge about eye allergies and adverse drug reactions.
The general public is unaware of eye problems and eye health, despite a crucial and growing demand for eye allergy therapies. The varied symptoms of eye allergies and other ocular disorders, which can be treated or corrected quickly with accurate diagnoses and treatments, are not well understood. Ophthalmologists are not frequently consulted by patients unless there is a serious clinical problem. Most of the time, eye allergy symptoms like persistent itching are disregarded and improperly diagnosed, significantly lowering the number of patients who may be effectively treated with prescription medications. One of the key factors limiting the expansion of the global market is adverse treatment effects. While most of the time, patients do not encounter fatal or life-threatening symptoms, certain unfavorable effects, including eye irritation, burning, headaches, runny or stuffy noses, difficulty in breathing, and increased sensitivity to light, may happen. Therefore, these issues could lead to incorrect self-diagnosis and prevent these therapies from being used widely, resulting in slower market expansion throughout the projection period.
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Global Eye Allergy Therapeutics Market: Segmentation
- The global eye allergy therapeutics market is segregated on the basis of product, distribution channels, and region.
By product, the market is divided into antihistamines, mast cell stabilizers, corticosteroids, immunomodulators, and others. Antihistamines are known as the standard gold treatment for eye allergy. Hence, this segment is expected to expand at the fastest rate over the projected period. One of the main factors influencing the development of antihistamine medications is the increased incidence of allergic responses worldwide. The growth rate of the antihistamine medicine market is propelled by the increase in healthcare spending. The antihistamine medications market is also expected to grow due to growing public and private activities to raise awareness about treating diverse allergic reactions. The distribution channel divides the global eye allergy therapeutics market into hospital pharmacies, online pharmacies, and drug stores. It is anticipated that the hospital pharmacies segment will hold the greatest market share during the projected period. The bulk of eye allergy drugs may only be administered after extensive examinations by qualified medical specialists at these institutes, contributing to the segment's dominance.
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List of Key Players in Eye Allergy Therapeutics Market:
- Allergan Plc
- Bausch Health Companies Inc.
- Novartis AG
- Santen Pharmaceutical Co. Ltd.
- Allergy Therapeutics
- Akorn Inc.
Key questions answered in this report:
- What are the growth rate forecast and market size for Eye Allergy Therapeutics Market?
- What are the key driving factors propelling the Eye Allergy Therapeutics Market forward?
- What are the most important companies in the Eye Allergy Therapeutics Market Industry?
- What segments does the Eye Allergy Therapeutics Market cover?
- How can I receive a free copy of the Eye Allergy Therapeutics Market sample report and company profiles?
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Recent Developments
- In February 2021, Alcon, a worldwide leader in eye care, said that Pataday Once Daily Relief Extra Strength (olopatadine hydrochloride ophthalmic solution 0.7%) is now available in-store and online at U.S. retailers, following FDA approval for over-the-counter sale in 2020.
- In February 2021, Bausch + Lomb, a leading worldwide eye health company of Bausch Health Companies Inc., announced the U.S. launch of Alaway Preservative Free (ketotifen fumarate ophthalmic solution 0.035%) antihistamine eye drops, the first and only OTC preservative-free antihistamine eye itch relief drop approved by the U.S.
Regional Dominance:
- North America will dominate the market due to increased awareness regarding ocular health.
In 2021, North America dominated the global eye allergy therapeutics market due to the United States' significant advancements in ophthalmology. This is due to the region's high prevalence of eye allergies, extensive knowledge of the condition, and the presence of substantial factors that have led to the introduction of cutting-edge medications. In addition, rising government initiatives are also fueling the eye allergy therapeutic market's expansion.
Global Eye Allergy Therapeutics Market is segmented as follows:
Eye Allergy Therapeutics Market: By Product Outlook (2022-2028)
- Antihistamines
- Mast cell stabilizers
- Corticosteroids
- Immunomodulators
- Others
Eye Allergy Therapeutics Market: By Distribution Channel Outlook (2022-2028)
- Hospital Pharmacies
- Online Pharmacy
- Drug Stores
Eye Allergy Therapeutics Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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