July 21, 2024

Rising awareness on eye disease prevention estimated to boost the growth of Eye Flu (Conjunctivitis) Market

Eye Flu or Conjunctivitis is a highly contagious eye infection that causes the conjunctiva, the thin clear membrane that lines your eyelid and covers the white part of the eye, to become pink or red and swollen. It affects people of all ages but is most common in children. Eye Flu is caused by viruses, bacteria, allergens or other irritants. Common symptoms include redness, itching, swelling, tearing, discharge, irritation and photophobia. Eye Flu can spread easily through direct or indirect contact with eye discharge from infected person. It is not serious health condition but if left untreated, it can lead to potential eye damage. Traditional medications like antibiotics, antiviral eye drops and eye ointments are commonly used to treat Eye Flu depending upon the cause. Rise in prevalence of eye diseases, growing awareness on eye health and increasing cases of bacterial and viral infections are majorly driving the growth of Eye Flu treatment market.

The global 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.

Market key trends:
One of the key trends in the Eye Flu treatment market is the growing adoption of newly formulated combination drugs to treat both bacterial and viral caused conjunctivitis. Companies are focusing on development of broad spectrum medications that provide faster action against multiple causes of Eye Flu. Another notable trend is the shift towards single dose eye drops from conventional multi dose eye drops packaging format. Single dose vials help improve medication adherence and reduce risk of contamination. Increasing preference for non-preserved eye drops by patients and healthcare providers due to lesser side effects is propelling the demand. Research on development of advanced drug delivery technologies like nanoparticles, implants and gel based formulations for sustained release of ocular medications is anticipated to open new avenues over coming years.

Porter’s Analysis
Threat of new entrants: The Eye Flu (Conjunctivitis) Market has moderate threat of new entrants due to existing intellectual property rights and high initial costs for R&D.
Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of generic substitutes and presence of many established players.
Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of substitute raw materials and suppliers.
Threat of new substitutes: The threat of new substitutes is low due to lack of substitute treatments for conjunctivitis and regulatory approvals.
Competitive rivalry: Intense competitive rivalry exists in the Eye Flu (Conjunctivitis) Market.

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 cases of allergic conjunctivitis and viral conjunctivitis.

Regional analysis
North America is expected to dominate the global Eye Flu (Conjunctivitis) market during the forecast period. This is attributed to factors such as increasing healthcare expenditure and presence of key market players in the region. Asia Pacific region is anticipated to exhibit the fastest growth during 2023-2030. Factors such growth include rising incidence of infectious eye diseases and growing medical tourism in Asian countries.

Key players
Key players operating in the Eye Flu (Conjunctivitis) market are Novartis AG, 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, Alembic Pharmaceuticals, Aurolab, Intas Pharmaceuticals, and Sun Pharma, Cipla.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it