Eye Allergy Treatment Market Trends, Application And Share Analysis By Type (Vernal Keratoconjunctivitis, Atopic Keratoconjunctivitis, & Contact Allergic Conjunctivitis), Treatment (Medications & Allergy Shots), And End User (Hospitals & Clinics)—Forecast Till 2023
Global Eye Allergy Treatment Market Overview
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.
The global eye allergy treatment market and size is expected to grow at the CAGR of 5.2% during the forecast period and estimated to reach US$ 6845.3million by 2023. Eye allergies affect a huge number of individuals each year also, are portrayed by an overcompensation of the immune system to an allergen through eating, touching or breathing it into the lungs. Eye allergies are one of the most common health problems across the globe. Approximately 50 million people have some or the other kind of eye allergy in US alone. Eye allergy are regularly joined by nasal allergy symptoms, for example, wheezing and sneezing, however, can likewise happen alone. Allergens are found inside and outside. Grass, tree and wood dusts are the most widely recognized open air allergens, while the most basic indoor allergens incorporate pet hair (dander), clean bugs and molds.
Global Eye allergy treatment Market Regional Analysis
Europe holds the second largest share of the global eye allergy treatment market. Asia Pacific is the fastest growing eye allergy treatment stimulation market across the globe. In Asia-Pacific there is wide range of opportunities for eye allergy treatment market due to the presence of developing countries, companies grabbing these opportunities and expanding their presence in the region. These rising development in the region is further influencing the growth of the market.
Global eye allergy treatment industry is segmented on the basis of geographies or regions which mainly includes North America, Europe, Asia Pacific, and Middle East & Africa. North America is dominating the global market for eye allergy treatment with more than 40% share of the total market in 2016. The major factor for the growth of the market include due to increasing allergic conditions affecting children in the U.S., increasing individuals suffering from Allergic rhinitis, presence of major manufacturers, rising healthcare expenditure, and various others factors.
The Middle East & Africa holds the least share of the global market due to limited availability of medical facilities. The UAE, Saudi Arabia, and Kuwait are expected to drive the Middle East & African market. Whereas, the African region is expected to witness a moderate growth.
Global Eye allergy treatment Market Competitive Analysis
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), are some of the prominent players at the forefront of competition in the global eye allergy treatment market and are profiled in MRFR Analysis.
Characterized by the presence of several well-established and small players, the global market of eye allergy treatment appears to be highly competitive and fragmented. With well-established market in the North America region major companies like Johnson & Johnson Vision Care, Inc., Merck & Co., Inc., Pfizer Inc, Regeneron Pharmaceuticals, Inc, and various others have their home in the region and generate maximum market share. These companies have expanded their operating unit in various other emerging regions as well. Moreover the other small and medium scale players are generating revenue from local market.
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.
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