Artificial Intelligence
Global Viral Conjunctivitis Drugs Market to Surpass US$ 405.2 Million by 2028, Says Coherent Market Insights (CMI)
SEATTLE, June 08, 2021 (GLOBE NEWSWIRE) — According to Coherent Market Insights, the global viral conjunctivitis drugs market is estimated to be valued at US$ 293.7 million in 2021 and is expected to exhibit a CAGR of 4.7% during the forecast period (2021-2028).
Key Trends and Analysis of the Global Viral Conjunctivitis Drugs Market:
Key trends in the market include increasing access to diagnostic tests for viral conjunctivitis, rising healthcare expenditure, increasing product launches and approvals, increasing research and development activities, inorganic activities such as collaborations, and others.
Increasing number of research and development activities for improving the effectiveness of viral conjunctivitis drugs is expected to bolster growth of the viral conjunctivitis drugs market For instance, on December 30, 2020, Nicox SA, a French ophthalmology company, announced that its partner Ocumension Therapeutics, an ophthalmic pharmaceutical platform company developing ophthalmic therapies, initiated a phase III clinical trial in China for their product ZERVIATE (cetirizine ophthalmic solution) 0.24%, a histamine-1 (H1) receptor antagonist, the first and only topical ocular formulation of the antihistamine cetirizine, for the treatment of ocular itching associated with conjunctivitis.
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The increasing number of product approvals and launches is expected to drive growth of the market over the forecast period. For instance, on February 23, 2021, Bausch + Lomb (now called Bausch Health Companies Inc.) announced the U.S. launch of Alaway Preservative Free (ketotifen fumarate ophthalmic solution 0.035%) antihistamine eye drops.
The rising healthcare expenditure may support research and development activities, which in turn may support the research and development of new drugs for viral conjunctivitis due to its increasing prevalence. This is expected to drive the growth of the global viral conjunctivitis drugs market over the forecast period. According to the India Brand Equity Foundation (IBEF), 2020, the Union Health Ministry in India is aiming to increase the public health expenditure of the nation’s GDP to 2.5% by 2025, in order to strengthen the public health sector, surveillance and public health management, preventive healthcare system in the country.
However, rising product recalls by the market players and unavailability of proper anti-viral treatment is expected to hamper the growth of the market. For instance, in 2018, Sun Pharma, an Indian multinational pharmaceutical company, recalled 5,322 bottles of Ketorolac Tromethamine ophthalmic solution from the U.S. market. Sun Pharma recalled the batch due to the presence of ‘particulate matter’ in the bottles. Ketorolac Tromethamine ophthalmic solution belongs to the non-steroidal anti-inflammatory drug (NSAID) category and is indicated for relief from pain and inflammation in the eyes.
Key Market Takeaways:
Rising product launches and approvals, increasing research and development activities, increasing inorganic activities such as collaborations, are expected to drive growth of the global viral conjunctivitis drugs market over the forecast period. For instance, in July 2018, Allergan plc, a subsidiary of Abbvie Inc., announced the launch of a new over-the-counter (OTC) artificial tear formulation, REFRESH REPAIR Lubricant Eye Drops, in the U.S.
Competitive Landscape:
Key players operating in the global viral conjunctivitis drugs market include AbbVie Inc., Takeda Pharmaceutical Company Limited, Bausch Health Companies Inc., Panoptes Pharma Ges.m.b.H, NovaBay Pharmaceuticals, Inc., Nicox, NanoViricides Inc., Novartis International AG, Pfizer Inc., Johnson & Johnson, GlaxoSmithKline Plc., and Okogen Inc.
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Market Segmentation:
- Global Viral Conjunctivitis Drugs Market, By Drug Class:
- Artificial tears
- Decongestants
- Anti-histamines
- NSAIDS
- Anti-Viral drugs
- Steroids
- Antibiotics
- Global Viral Conjunctivitis Drugs Market, By Virus Type:
- Adenovirus
- Enterovirus
- Others
- Global Viral Conjunctivitis Drugs Market, By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Global Viral Conjunctivitis Drugs Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- U.K.
- Germany
- Italy
- Spain
- France
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- By Country:
- Middle East
- By Country:
- GCC
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.