The eye allergy treatment market is experiencing growth due to the emergence of new players introducing innovative products for treating eye allergies. This growth is primarily fueled by the introduction of advanced technologies and novel treatment options. For example, companies like Novartis have introduced Olopatadine Hydrochloride, an advanced ophthalmic solution designed specifically for treating allergic conjunctivitis. Similarly, Santen has launched Verkazia eye drops emulsion, a specialized treatment for severe vernal keratoconjunctivitis in children. Another noteworthy development comes from Bausch & Lomb, a subsidiary of Valeant, which is in the process of developing a new topical corticosteroid called mapracorat. This product is currently in the clinical phase II and aims to address symptoms associated with eye allergies.
These technological advancements and the introduction of innovative products are key drivers of the market's growth. The influx of new and improved treatment options contributes significantly to meeting the evolving needs of patients suffering from eye allergies. As companies invest in research and development, they are able to bring forth solutions that not only provide effective relief but also represent a step forward in the field of eye allergy treatment.
One notable example of this trend is Novartis' Olopatadine Hydrochloride. By developing this ophthalmic solution, Novartis has not only expanded the range of available treatments but has also incorporated advanced technologies to enhance the effectiveness of the product. This reflects a commitment to addressing the specific challenges posed by allergic conjunctivitis through cutting-edge solutions.
Santen's Verkazia eye drops emulsion is another noteworthy addition to the market. Specifically designed for the treatment of severe vernal keratoconjunctivitis in children, this product fills a critical gap in the available treatments for pediatric patients. The focus on developing solutions tailored to the unique needs of different patient groups highlights the industry's dedication to inclusivity and comprehensive care.
The ongoing clinical development of Bausch & Lomb's mapracorat is a clear indicator of the industry's commitment to continuous improvement. As this topical corticosteroid progresses through clinical phase II, it represents a potential breakthrough in addressing eye allergy symptoms. The investment in research and development stages underscores the industry's dedication to pushing the boundaries of treatment options and making significant strides in the field.
In conclusion, the eye allergy treatment market is witnessing growth driven by the entry of new players and the introduction of innovative products. Companies like Novartis, Santen, and Bausch & Lomb are at the forefront of this trend, bringing advanced solutions to the market. These developments not only expand the range of available treatments but also reflect a commitment to addressing specific challenges associated with eye allergies. As the industry continues to invest in research and development, patients can expect further advancements that will enhance the effectiveness and inclusivity of eye allergy treatments.
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Global Eye Allergy Treatment Market Revenue, by Treatment, 2017 (USD Mn)
Sources: MRFR Analysis
Eye Allergy Treatment Market Segmentation
Global eye allergy treatment market has been segmented into type, treatment, and end user.
On the basis of type, it is segmented into seasonal and perennial allergic conjunctivitis, vernal keratoconjunctivitis, atopic keratoconjunctivitis, contact allergic conjunctivitis, giant papillary conjunctivitis, and others. Vernal keratoconjunctivitis includes palpebral, limbal, corneal, and others.
On the basis of treatment, the eye allergy treatment market has been segmented into medication, allergy shots (immunotherapy), and others. Medication includes artificial tears, decongestants, oral antihistamines, antihistamine/mast-cell stabilizers, corticosteroids. Decongestants are further sub-segmented into with or without antihistamines. Allergy shots (immunotherapy) is sub-segmented into Subcutaneous Immunotherapy Treatment (SCIT) and Sublingual Immunotherapy Treatment (SLIT). The medication segment is projected to value 1860.78 million in 2023. Its larger market share is due to its effectiveness for the treatment of eye allergy. Moreover, with a lot of options available in the eye allergy treatment market, patients find medications much more acceptable in most cases. The wide acceptance of artificial tear as a first-line treatment option for eye allergy is driving the market.
On the basis of end user, it is segmented into eye hospitals & clinics, medical institutes, research centers, and others.
Global Eye Allergy Treatment Market Share, by Region, 2017 (%)
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Sources: MRFR Analysis
Eye Allergy Treatment Market Regional Analysis
The Americas acquired the largest share of 40.4% is projected to grow at the highest CAGR during the forecast period. The growth of the Americas is due to its rising geriatric population and increasing ophthalmological disorders, causing an increased need for diagnosis and therapeutics. According to the National Eye Institute (NEI), about 3 million cases of conjunctivitis were reported in the US in 2015. This huge prevalence of eye allergies is driving the growth of the eye allergy treatment market.
Additionally, according to the US Census Bureau, in 2016, around 49.2 million residents were aged 65 and above in the US. This huge older population of the US contributed to over 15.2% of the total population which is likely to drive the market. Furthermore, the Americas is witnessing rampant advancements in technology. Thus, this increasing patient pool and increasing per capita income of citizens are going to propel the market growth of eye allergy treatments.
Americas region is followed by Europe, which accounted for the second largest eye allergy treatment market share owing to the rising patient population with eye disorders, availability of advanced treatment facilities, increasing healthcare expenditure, and the introduction of advanced therapies into the market along with the presence of good healthcare infrastructure. Additionally, rising government initiatives are driving the growth of the market. According to reports published by the United Kingdom Statistics Authority, in 2015, around 15,900 people were registered as visually impaired.
Asia-Pacific is the fastest-growing market for the global eye allergy treatment market. The presence of a huge patient population, rapid development in technology, and the presence of huge opportunities for the development of the market drive the growth of the eye allergy treatment market in Asia-Pacific. Additionally, the rising elderly population is also fueling the market of eye allergy treatments in this region. According to the Asian Development Bank, Asia's elderly population is projected to reach nearly 923 million by 2050. This huge geriatric population is driving the growth of the market.
Eye Allergy Treatment Market Key Players
The prominent players in the global eye allergy treatment market are Allergan Plc, Johnson & Johnson Services Inc, Novartis AG, Bausch Health (Valeant Pharmaceuticals International Inc.), Santen Pharmaceutical Co. Ltd, Teva Pharmaceutical Industries Ltd, Nicox, Akorn Inc., Shire, Nutra Essential OTC, and others.
Some of the key strategies followed by the players operating in the global eye allergy treatment market were innovation, product development, acquisition, and expansion.
Eye Allergy Treatment Market Segmentation
Global Eye Allergy Treatment Market, by Type
Global Eye Allergy Treatment Market, by Treatment
Global Eye Allergy Treatment Market, by End User
Global Eye Allergy Treatment Market, by Region
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