New York, United States, July 14, 2022 (GLOBE NEWSWIRE) -- The fungal keratitis treatment market is driven by the increasing prevalence of such diseases worldwide, rising awareness of the potential risks posed by fungal keratitis, and advances in its therapeutics. Aspergillus species are the most common causal agent of fungal keratitis, a condition that is becoming increasingly prevalent. Risk factors for fungal keratitis include trauma, contact lens wear, topical corticosteroid use, diabetes mellitus, and low socioeconomic status.
Increasing research activities to develop novel therapeutics and rising sales volume of ophthalmic drugs for fungal keratitis disorders are anticipated to be one of the most significant market drivers over the forecast period. Government initiatives, such as awareness campaigns may also contribute to the expansion of the market for fungal keratitis treatment.
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Growing Burden of Fungal Keratitis Disease and Increase in Research and Development Activities Proving to be the Key Drivers for the Fungal Keratitis Treatment Market Growth
Infection of the cornea, a transparent dome covering the colored portion of the eye, is a fungus-caused keratitis. Fusarium, Aspergillus, and Candida species are some fungi known to cause fungal infections frequently. This condition can result in eye pain, redness, blurred vision, sensitivity to light, excessive tearing, and eye discharge. In addition, the increasing prevalence of fungal keratitis around the world has a positive impact on the market's growth as a whole. The highest ratio of fungi to bacteria as a cause of microbial keratitis is observed in subtropical and tropical countries, primarily among male agricultural workers.
As the number of contact lens wearers rise, the prevalence of fungal keratitis increases. The most prevalent predisposing risk factors for infection are the use of contact lenses, associated poor hygiene, and exposure to water sources containing amoebas. Consequently, the increasing number of contact lens wearers exposed to the risk of fungal keratitis drives the expansion of the market. Consequently, based on the aforementioned factors, it is evident that the burden of fungal keratitis is increasing, thereby contributing to the expansion of the studied market.
Increased Research and Development Activities Contribute to the Market Expansion
The development and discovery of new antifungal treatments for fungal keratitis is the subject of numerous efforts. In addition, the research institutes will likely initiate the next phase of trials in the near future. Thus, the positive outcomes of such trials may result in the creation of a new treatment, which could stimulate market growth in the coming years. Nanoparticle-based product development is likely to facilitate market expansion.
Researchers reportedly developed a nanoparticle-based drug delivery system that increases the drug residence time by anchoring the cornea, reducing inflammation, and releasing the antifungal medication in response to environmental conditions. Significantly increased corneal retention decreased inflammation, and resolution of infection is observed in infected eyes. Numerous breakthrough innovations of highly effective drugs against various fungal keratitis diseases have resulted from these research advancements, leading the majority of investors to favor investing in R&D and contributing to market expansion. As a result of the aforementioned factors, the market is likely to expand at a faster rate in the coming years.
Report Scope
| Report Metric | Details |
| Market Size | USD 1.32 Billion by 2030 |
| CAGR | 6% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Route of Administration, By Distribution Channel, By Region |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Alvogen, Bausch health Companies Inc, Gilead Biosciences Inc, Glenmark Pharmaceuticals, Leadiant Biosciences, Merck & Co. Inc., Aurolab, Eyevance Pharmaceuticals LLC, Pfizer Inc |
| Key Market Opportunities | Increase in Research and Development Activities to Boost Fungal Keratitis Treatment Market |
| Key Market Drivers | Growing Burden of Fungal Keratitis Disease and Increase in Research and Development Activities Proving to be the Key Drivers for the Fungal Keratitis Treatment Market Growth |
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Impact of Covid-19 on the Global Market Fungal Keratitis Treatment Market -
A stringently monitored public health policy consisting of travel restrictions and general closures was implemented on a massive scale during the initial period. Nonetheless, numerous repercussions were inevitable. Two of the most prevalent methods for preventing the spread of COVID-19 are avoiding non-essential doctor visits and subsequently reducing prescriptions.
Despite the fact that a number of drugs have been approved for sale, it is anticipated that their production will be slowed during pandemic times due to a labor shortage. Clinical trials of approved drugs for other indications and new drugs are being slowed because many companies have delayed the majority of new studies in a number of countries. The shortage of both resources and patients is the primary cause.
Furthermore, biopharmaceutical companies cannot add to the burden of clinical trials and the production of approved drugs because healthcare facilities are already overburdened with saving the lives of COVID patients. Consequently, the impact of COVID-19 on the market's growth may become apparent this year due to a decline in eye care consultations. In the near future, the market may also experience normal growth.
Regional Analysis of the Global Fungal Keratitis Treatment Market –
The global fungal keratitis treatment market is primarily divided into three regions, North America, Europe, and Asia. Out of which, North America has a dominance in the market, with the market valued at USD 274 million in 2021 and expected to reach at USD 440 million in 2030 at a CAGR of 5%. Asia-Pacific is the second dominant region that accounts for a market value of USD 198 million in 2021 and reaching at USD 367 million by 2030 at a CAGR of 7%. Among these three regions, the least contributing region is Europe, which accounts for USD 187 million in 2021 and is expected to grow to USD 300 million in 2030 at a CAGR of 5%.
Key Highlights –
- The global fungal keratitis treatment market to grow at USD 1323 million in 2030 at a CAGR of 6.1% from the early market figures of USD 777 million in 2021.
- Based on route of administration, the global fungal keratitis treatment market is dominated by the topical route segment, which accounts for a market value of USD 376 million in 2021 and expected to reach at USD 651 million by 2030 at a CAGR of 6%.
- By distribution channel, the drug stores dominates the overall market share with the figures of USD 393 million in 2021 and anticipated to grow at USD 659 million by 2030 at a CAGR of 6%.
- The global fungal keratitis treatment market is dominated by North America, which had a market value of USD 274 million in 2021 and expected to reach at USD 440 million in 2030 at a CAGR of 5%.
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Top Market Key Companies in the Global Fungal Keratitis Treatment Market
- Alvogen
- Bausch health Companies Inc
- Gilead Biosciences Inc
- Glenmark Pharmaceuticals
- Leadiant Biosciences
- Merck & Co. Inc.
- Aurolab
- Eyevance Pharmaceuticals LLC
- Pfizer Inc
Global Fungal Keratitis Treatment Market: Segmentation
By Route of Administration
- Oral
- Injection
- Topical
By Distribution Channel
- Hospitals
- Drug stores
By Region
- North America
- Europe
- Asia-Pacific
TABLE OF CONTENT
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Executive Summary
4 Market Overview
4.1 Report Segmentation & Scope
4.2 Value Chain Analysis: Fungal Keratitis Treatment Market
4.2.1 Vendor Matrix
4.3 Key Market Trends
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Environment & Regulatory Landscape
4.6 Forecast Factors & Relevance of Impact
4.7 Macro-Economic & Geopolitical Scenario
4.8 Parent Market Overview
4.9 Technology Landscape
4.10 Market Share Analysis
4.11 Potential Venture Analysis
4.12 Regional Price Trends
4.13 Raw Material Trends
4.14 Cost Structure Analysis
4.14.1 Labor Cost
4.14.2 Consumables
4.14.3 Maintenance Cost
4.15 Covid-19 Impact Analysis:
4.15.1 Pre and Post Covid-19 Market Scenario Analysis
4.15.2 Market Recovery Timeline and Challenge
4.15.3 Measures Taken by Top Players
4.15.4 Quarterly Market Revenue and Growth Forecast till 2021
4.15.4.1 North America
4.15.4.2 Europe
4.15.4.3 Asia-Pacific
4.15.4.4 Central and South America and the Caribbean
4.15.4.5 The Middle East and Africa
5 Route of Administration Overview
5.1 Introduction
5.1.1 Market Size & Forecast (Value & Volume)
5.2 Oral
5.2.1 Market Size & Forecast (Value & Volume)
5.3 Injection
5.3.1 Market Size & Forecast (Value & Volume)
5.4 Topical
5.4.1 Market Size & Forecast (Value & Volume)
6 Distribution Channel Overview
6.1 Introduction
6.1.1 Market Size & Forecast (Value & Volume)
6.2 Hospitals
6.2.1 Market Size & Forecast (Value & Volume)
6.3 Drug stores
6.3.1 Market Size & Forecast (Value & Volume)
7 Regional Overview
7.1 Introduction
7.1.1 Market Size & Forecast (Value & Volume)
7.2 North America
7.2.1 Economic Overview
7.2.2 Market Scenario
7.2.3 U.S.
7.2.4 Canada
7.2.5 Mexico
7.3 Central and South America and the Caribbean
7.3.1 Economic Overview
7.3.2 Market Scenario
7.3.3 Brazil
7.3.4 Argentina
7.3.5 Colombia
7.3.6 Rest of Central and South America and the Caribbean
7.4 Europe
7.4.1 Economic Overview
7.4.2 Market Scenario
7.4.3 Germany
7.4.4 France
7.4.5 The U.K.
7.4.6 Italy
7.4.7 The Rest Of Europe
7.5 Asia-Pacific (APAC)
7.5.1 Economic Overview
7.5.2 Market Scenario
7.5.3 China
7.5.4 Japan
7.5.5 India
7.5.6 Australia
7.5.7 South Korea
7.5.8 Rest Of APAC
7.6 Middle East
7.6.1 Economic Overview
7.6.2 Market Scenario
7.6.3 South Arabia
7.6.4 The UAE
7.6.5 Qatar
7.6.6 Oman
7.6.7 Turkey
7.6.8 The Rest Of Middle East
7.7 Africa
7.7.1 Economic Overview
7.7.2 Market Scenario
7.7.3 Nigeria
7.7.4 South Africa
7.7.5 The Rest Of Africa
8 Competitive Landscape — Manufacturers & Suppliers
8.1 Competition Dashboard
8.2 Industry Structure
8.3 Alvogen
8.3.1 Business Overview
8.3.2 Financial Performance
8.3.3 Recent Developments
8.3.4 Portfolio
8.4 Bausch Health Companies Inc
8.5 Gilead Biosciences Inc
8.6 Glenmark Pharmaceuticals
8.7 Leadiant Biosciences
8.8 Merck & Co. Inc.
8.9 Aurolab
8.10 Eyevance Pharmaceuticals LLC
8.11 Pfizer Inc
9 Conclusion & Recommendation
10 Acronyms & Abbreviations
Table of Content and Figure @https://straitsresearch.com/report/fungal-keratitis-treatment-market/toc
Market News
- In April 2020, Alvogen partnered with Yas holding and announced their license and distribution agreement to commercialize generics portfolio.
- In March 2019, Bausch health companies Inc. completed acquisition of certain assets of Synergy pharmaceuticals of about USD 195 million.
- In July 2019, Merck & Co. Inc acquired Peloton Therapeutics for a value of USD 1.01 billion.
- In October 2019, Eyevance Pharmaceuticals LLC acquired Tobradex ST for their future expansion in various regions of the world.
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