Influential players must leverage increased research funding and epidemiological data at their disposal for tapping opportunities in corneal ulcer treatment market.
DUBAI, UAE / ACCESSWIRE / February 13, 2020 / Global corneal ulcer treatment market is set for propitious growth with a healthy CAGR of more than 5.5% during the forecast period (2019-2029). The market revenues will exceed an astounding US$ 1 Bn mark by 2029 end, as projected by a new report of Future Market Insights (FMI). Potential damaging effects associated with excessive use of contact lenses are predominantly accentuating the need for corneal ulcer treatment, opines the study.
'Contact lens users are more susceptible to corneal ulcers than general population, in view of inappropriate usage, handling, and constant rubbing of contact lenses. Contamination of contact lenses may further lead to acanthamoeba keratitis, which in turn fosters the demand for effective treatment,' states the FMI report.
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Key Takeaways of Corneal Ulcer Treatment Market Study
- Antibiotics will remain the leading drug category, with projected revenue share of 77% in 2029.
- Antifungals are set to exhibit promising growth in sales during forecast period.
- Eye drops continue to be preferred form of corneal ulcer treatment.
- About 50% of corneal ulcer treatment drugs are distributed through retail pharmacies.
- Bacterial keratitis will remain a prevalent form of corneal ulcer during the forecast period.
- North America to remain a lucrative regional market for corneal ulcer treatment.
Corneal Ulcer Treatment Market - Top Growth Drivers
- Increasing number of clinical trials targeting development of cost-effective treatment options will fuel market growth.
- Improving research funding and enhanced epidemiological knowledge are major growth levers for market.
- Emergence of alternative treatment methodologies such as dual therapy is driving the demand.
Corneal Ulcer Treatment Market - Key Restraints
- High price point of novel drugs continues to limit their adoption to a large extent.
- Enhanced antibiotic resistance of certain bacteria is a major concern for key players, impeding market growth.
Competition Landscape of Corneal Ulcer Treatment Market
Some of the distinguished players in the global corneal ulcer treatment landscape that are covered in this study include, but are not limited to, Bayer AG, Novartis AG, Allergan PLC, Baxter International Inc., Fresenius Kabi, Dr. Reddy's Laboratories Inc., and Sun Pharmaceutical Industries Ltd. Increasing research funds, epidemiological data have enabled market leaders to conduct more clinical trials. This would allow them to develop safer and cost-effective treatment alternatives for corneal ulcer. Prominent players such as Allergan PLC are opting for strategic collaborations to diversify their offerings and thereby, expand global footprint. Similarly, increased penetration and geographical expansion is the key strategic focus of Baxter International Inc.
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More About the Report
This Future Market Insights study of 244 pages offers actionable insights on corneal ulcer treatment market. The market analysis is based on drug class (antibiotics, antifungals, antivirals, anti-amoebic drugs, corticosteroids and nonsteroidal anti-inflammatory drugs), indication (bacterial keratitis, fungal keratitis, viral keratitis and acanthamoeba keratitis), form (tablets, ointments/eye drops and vials), distribution channel (hospital pharmacies, retail pharmacies, drug stores and online pharmacies) across seven regions (Europe, East Asia, South Asia, Oceania, North America, Latin America, Middle East & Africa).
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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SOURCE: Future Market Insights
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