The global Vernal Keratoconjunctivitis Market is expected to garner a market value of US$ 436.9 Million in 2023 and is expected to accumulate a market value of US$ 782.42 Million by registering a CAGR of 6% in the forecast period 2023 to 2033. One of the reasons driving the global market over the projection period is the rising incidence of conjunctivitis in emerging nations. The market for Vernal Keratoconjunctivitis registered a CAGR of 4% in the historical period 2017-2022.
Growth of the Vernal Keratoconjunctivitis market can be attributed to the rising prevalence of ophthalmic allergies. As per the World Allergy Organization Journal published in December 2020, 10 medical centers reported a prevalence of allergic rhinoconjunctivitis in children of 11.6%, while adolescents reported 15.4%. In addition to this, factors such as increased awareness amongst the medical community, patients, and individuals associated with patients is one of the key market driving factors responsible for the growth of the conjunctivitis market.
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Furthermore, the market growth is highly driven by the severely and rapidly increasing air pollution in the majority of cities across the world. The National Center for Biotechnology Information (NCBI) published a research study in 2016 that the critical reasons for the occurrence and worsening of allergic conjunctivitis are ambient air pollution and weather changes. Therefore, an increase in air pollution promotes the growth of the market.
Major regions across the globe are pushing the overall growth owing to the presence of positive reimbursement policies. For instance, Europe is accountable for a 22% market share due to the growing potential patient population in the region along with the growing use of sophisticated drugs. Based on the British Journal of Ophthalmology, in the United Kingdom, seasonal allergic conjunctivitis is widespread and one of the mild forms of allergic conjunctivitis. It accounts for 25 to 50 per cent of all ocular allergy cases, and it is predicted to affect between 10 to 15 percent of the population in the UK.
Key Takeaways from the Market Study:
- From 2017-2022, the Vernal Keratoconjunctivitis market grew at CAGR of 4%.
- The global Vernal Keratoconjunctivitis market is expected to grow with a 6% CAGR during 2023-2033.
- As of 2033, the Vernal Keratoconjunctivitis market is expected to reach US$ 782.42 Million.
- According to the FMI analysis, Hospital pharmacies account for the largest market share.
- Tablets are expected to show the highest CAGR owing to the increasing demand for new approaches.
- North America is expected to possess 20% market share for the Vernal Keratoconjunctivitis market.
- The Asia Pacific market is predicted to increase significantly throughout the forecast period, with a CAGR of 5% during the forecast period.
“With the increasing prevalence and awareness of ocular allergies has significantly increased owing to several factors such as faster urbanization and a growing number of allergens.” says an FMI analyst
Market Competition:
Key players in the Vernal Keratoconjunctivitis market are
- Allakos
- iCo Therapeutics
- Akari Therapeutics
- Santen
In March 2022, Visus Therapeutics Inc. announced the launch of the first of two pivotal phases 3 trials (BRIO-I and BRIO-II) for its lead asset, BRIMOCHOL PF, a topical preservative-free ophthalmic solution for treating presbyopia.
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Key Segments Profiled in the Vernal Keratoconjunctivitis Industry Survey:
Treatment:
- Mast Cell Stabilizers
- Antihistamines
- Nonsteroidal Anti-inflammatory Drugs – NSAIDs
- Topical Corticosteroids
- Cyclosporine
- Tacrolimus
- Others
Drug Type:
- Bertilimumab
- Verkazia
- Lodoxamide
- Tacrolimus
- Antolimab
- Nomacopan
- Others
Dosage form:
- Ointment
- Gel
- Tablets
- Others
Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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