by 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 Overview:
Eye flu or conjunctivitis is a highly contagious infectious disease of the eye that causes redness, itching, discharge and watery eyes. It is commonly caused by viral or bacterial infections but can also occur due to allergies or chemicals coming into contact with the eyes. The common types are viral conjunctivitis, bacterial conjunctivitis and allergic conjunctivitis. Some key symptoms include itchy eyes, redness of the white part of the eye, watery or sticky discharge from the eyes and increased sensitivity to light. The available treatment options involve eye drops containing antibiotics, antiviral agents or antihistamines depending on the causative agent. Expanding prevalence of eye diseases worldwide and launch of new treatment drugs with improved efficacy are expected to drive the growth of the eye flu market over the forecast period.
Market Key Trends:
One of the major trends in the Eye Flu Market Size is the rising preference for over-the-counter eye drop medications owing to self-diagnosis and self-medication of minor eye conditions. This has prompted leading pharmaceutical companies to focus on OTC drugs and extend their portfolio of self-care eye products. Another key trend is the growing pipeline of novel combination drug therapies that target multiple infectious agents and pathways simultaneously, promising improved cure rates. Emergence of antibiotic-resistant strains of bacteria is also propelling research on alternative treatment approaches such as gene therapy, stem cell therapy and development of vaccines against viral conjunctivitis.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as starting a new eye flu medication business requires significant capital investment and establishing partnership with eye care professionals. However, the rise in incidence rate of conjunctivitis has opened up opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of generic alternatives and online purchasing. However, buyers tend to prefer well-known brands for critical ailments like eye flu.
Bargaining power of suppliers: The bargaining power of suppliers is moderate given the availability of raw material sources and contract manufacturing facilities. However, suppliers may face pressure on pricing and payment terms from large pharmaceutical companies.
Threat of new substitutes: The threat of new substitutes is low as there are limited treatment options for eye flu currently. R&D is ongoing to develop substitutes but FDA approval timeline is long.
Competitive rivalry: is intense as major players compete on the basis of pricing, marketing campaigns, and new product developments.
Key Takeaways
The global eye flu (conjunctivitis) market size was valued at US$ 4.54 Bn in 2023 and is expected to reach US$ 7.72 Bn by 2030, registering a CAGR of 8.0% during the forecast period.
The Asia Pacific region dominates the global eye flu market with over 35% share in 2023 and is anticipated to witness the fastest growth over the forecast period. The growth is attributed to rising healthcare expenditure, large patient pool and advancing medical infrastructure in the region.
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, and Aurolab. These players are focusing on new product launches, partnership with local players and regional expansion to increase their market share.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
