|Market Size in 2021||Market Forecast in 2028||Growth Rate (in %)||Base Year|
|USD 2,914.1 million||USD 3,838.7 million||CAGR at 4.7%||2021|
Eye Allergy Therapeutics Market
The global eye allergy therapeutics market size was worth USD 2,914.1 million in 2021 and is estimated to grow to USD 3,838.7 million by 2028, with a compound annual growth rate (CAGR) of approximately 4.7% over the forecast period. The report analyzes the eye allergy therapeutics market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the eye allergy therapeutics market.
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.
Several countries around the world enacted tight lockdown and stay-at-home policies to stop the spread of the virus. This caused an abrupt drop in ophthalmologist visits, which in turn hampered the uptake of eye allergy therapies and revenue realization. Severe eye allergies may frequently require prescription medications as far as therapy patterns go. As the treatment continues, consultations with ophthalmologists are frequently needed. As a result, the COVID-19 pandemic has had a detrimental effect on the global eye allergy therapeutics market's growth because the global lockdowns have reduced ophthalmologist visits.
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.
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.
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.
|Report Attributes||Report Details|
|Report Name||Eye Allergy Therapeutics Market Research Report|
|Market Size in 2021||USD 2,914.1 million|
|Market Forecast in 2028||USD 3,838.7 million|
|Growth Rate||CAGR of 4.7%|
|Number of Pages||206|
|Key Companies Covered||Allergan Plc, Bausch Health Companies Inc., Novartis AG, Santen Pharmaceutical Co. Ltd., Allergy Therapeutics, and Akorn Inc.|
|Segments Covered||By Product, By Distribution Channel, and By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2017 to 2020|
|Forecast Year||2022 - 2028|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
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.
Some of the main competitors dominating the global eye allergy therapeutics market include -
By Distribution Channel
Growing aging populations and changing lifestyles are boosting the rising prevalence of ophthalmological problems, one of the protuberant drivers promoting the growth of the global market for eye allergy therapy.
According to the report, the global eye allergy therapeutics market was worth 2,914.1 (USD million) in 2021 and is predicted to grow to 3,838.7 (USD million) by 2028, with a compound annual growth rate (CAGR) of around 4.7%.
North America is anticipated to dominate the industry globally 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.
Some of the main competitors dominating the global eye allergy therapeutics market include - Allergan Plc, Bausch Health Companies Inc., Novartis AG, Santen Pharmaceutical Co. Ltd., Allergy Therapeutics, and Akorn Inc.