The Eye Flu (Conjunctivitis) Market to witness high growth owing to rising geriatric population trends

 

The Eye Flu (Conjunctivitis) Market is estimated to be valued at US$ 4.54 Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Conjunctivitis or eye flu is a very common eye infection prevalent across all age groups and is usually caused by viruses or bacteria. Common symptoms include eye redness, tearing, irritation, discharge or crusting of the eyelids. Left untreated, eye flu can spread and cause serious vision complications.

Market Overview:

Eye flu or conjunctivitis is a highly contagious infection of the conjunctiva causing redness, itching and discharge from one or both eyes. Transmission occurs through contact with infected fluid from the eyes or respiratory droplets. There are various drug therapies available for treatment including antibiotics, antivirals and anti-allergics depending on the causative agent. Effective treatment helps relieve symptoms within 3-5 days.

Market key trends:

The Eye Flu Market Size is driven by rising awareness and increasing geriatric population globally that are more susceptible to eye infections. As per WHO, people aged over 60 years will outnumber children under 10 years by 2020. Growing healthcare spending in emerging economies also supports market growth. However, self-medication and resistance to antibiotics are concerning trends. Manufacturers are focusing on developing novel drug delivery systems like ointments and eye drops for fast relief. They are also conducting clinical trials for vaccines against adenoviruses that cause over 50% of eye flu cases in children. This is expected to boost the market significantly over the forecast period.

Porter’s Analysis

hreat of new entrants: The threat of new entrants into the eye flu market is moderate. High capital requirements due to extensive R&D and clinical trials create barriers for new players. However, easy availability of generic drugs enables new players to enter the market.
Bargaining power of buyers: Buyers have moderate to high bargaining power due to availability of generic branded alternatives. Further, large retail chains are able to negotiate lower prices from suppliers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate since raw materials are available from diverse set of suppliers across regions. Further, changing suppliers does not require high switching costs.
Threat of new substitutes: The threat of substitutes is low as currently there are limited treatment options for conjunctivitis. However, ongoing R&D for novel therapies may pose a threat in the future.
Competitive rivalry: The eye flu market witnesses high competition due to presence of numerous players offering generic and branded drugs.

SWOT Analysis

Strength: Wide product portfolio and strong R&D capabilities of leading players. Presence of generic drugs enables access to affordable treatment options.
Weakness: Short shelf life of drugs requires constant replenishment. Product recalls and lawsuits related to side effects can impact revenue.
Opportunity: High prevalence of seasonal allergies and growing patient awareness in developing nations. New product launches targeting specific indications offer growth prospects.
Threats: Price erosion due to entry of numerous generic drugs. Stringent regulations for drug approval delay market entry of novel therapies.

Key Takeaways

The global eye flu (conjunctivitis) market is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing prevalence of allergic conjunctivitis worldwide. North America is expected to dominate the global market owing to rising healthcare expenditure and presence of major players in the region. Asia Pacific is anticipated to exhibit the fastest growth due to growing patient awareness, improving healthcare infrastructure and increasing disposable incomes in emerging countries like India and China.

Regional analysis: Asia Pacific eye flu market is poised to witness growth at a CAGR of over 9.0% during 2023-2030. Rapidly improving access to healthcare facilities, exposure to pollutants, and growing medical tourism are contributing to the growth of the region. China, Japan and India are the major revenue generators in the Asia Pacific eye flu market.

Key players operating in the eye flu (conjunctivitis) market are Novartis, Allergan, Bausch Health, Santen Pharmaceutical, Johnson & Johnson, Alembic Pharmaceuticals, Akorn Pharmaceuticals, Alcon, Pfizer, Valeant Pharmaceuticals, Merck & Co., Similasan Corporation, Sun Pharmaceutical Industries, Prestige Consumer Healthcare, Lupin Pharmaceuticals,

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