NEWARK, Del, Aug. 22, 2024 (GLOBE NEWSWIRE) -- As per Future Market Insights’ latest industry analysis, the contact-lens induced infections market was valued at around USD 463.1 million in 2023 and is anticipated to exhibit a CAGR of 4.9% over the forecast period (2024-2034).
With a better healthcare infrastructure, specifically in the emerging markets, more people are able to avail medical services and treatments. It is invaluable because it will go a long way in working itself toward the eliminating of contact lens-induced infections, for the most part, since most of these people will be in a position to get timely treatment for their eye diseases. In places where there has been limited healthcare, this has effectively led to higher markets for drugs designed toward treating such kinds of infections.
Moreover, it helps in early detection of infections, which is being revolutionized in eye care through advancements in diagnostic technologies. With the new diagnostics in line, health providers get much detailed information on where an infection has attacked at the beginning of the complications and hence offer prompt and effective treatment. This boosts the demand for specialized drugs because timely intervention will help complications and improve patient outcomes.
Apart from this, contact lens-related infections are on the rise due to urbanization, particularly in developing countries, and the lifestyle changes that use them for visual and cosmetic purposes. In developing and third-world countries today, millions of people use contact lenses for both visual and other cosmetic reasons. This rise demands drugs developed to handle such infections, given that more of the population have started using contact lenses and face problems associated with the lenses.
Key Takeaways from the Contact-lens Induced Infections Market Study:
- In drug type, the antibiotics segment has market share value of 44.2% in the year 2023. The antibiotics segment accounts for the leading share, as they are useful for bacterial infections, which form the most common infection caused by contact lenses.
- By route of administration, ophthalmic eye drop held 34.7% market share in the year 2023. As the eye drops administered directly into the infected eye, eye drops ensure fast and targeted absorption and action.
- By sales channel, largest market share was contributed by ophthalmology clinics accounting for 39.8%. The ophthalmology clinics has higher patient footfall compare to any other sales channel which led to their dominance in the industry.
- U.S. emerges as the significant market, holding a dominant market share in 2023, and is expected to grow at a CAGR of 3.9%. The dominance is attributed to the increased number of cases associated with keratitis.
“Increasing Contact Lens Usage and Infection Risks Drive Sales Growth Over the Forecast Period for Contact-lens Induced Infections Market” Says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Browse full Report: https://www.futuremarketinsights.com/reports/contact-lens-induced-infections-market
Market Competition
Market player are deploying various strategies to increase their market presence. The prominent strategies used by companies is acquisition to strengthens existing portfolio of company. Dominating player are acquiring the new emerging companies to reduce competition and leverage the full potential of the intellectual property of the acquired company. Huge emphasis is also being placed over research and development to achieve the necessary end point in the clinical trial and to eventually get the drug product approved:
- In July 2023, the Bausch + Lomb announced that they are entered into an agreement to acquire Xiidra (liftegrast ophthalmic solution 5%) from Novartis which will strengthens companies eye care portfolio.
- In June 2022, the Johnson & Johnson received approval from United States Food and Drugs Administration for their new contact lens, Acuvue. The Acuvue daily disposable lenses which helps in reducing pain from itchy eyes from allergies by releasing the antihistamine Ketotifen during use.
Key Players of Contact-lens Induced Infections Market:
- Alcon, Inc.
- Bausch + Lomb Inc.
- Allergan plc
- Novartis International AG
- Pfizer Inc.
- Merck & Co., Inc.
- Santen Pharmaceutical Co., Ltd.
- Teva Pharmaceutical Industries Ltd.
- Roche Holding AG.
- Shionogi & Co., Ltd.
- Kowa Company, Ltd.
- Otsuka Pharmaceutical Co., Ltd.
- Sandoz International GmbH
- Hikma Pharmaceuticals PLC
- Dr. Reddy’s Laboratories Ltd.
- AstraZeneca plc
- Tarsus Pharmaceuticals, Inc.
Contact-lens Induced Infections Market Segmentation:
By Drug Class:
In terms of drug class, the industry is segregated into antibiotics, corticosteroids, Anti-inflammatory drugs and NSAIDs.
By Route of Administration:
In terms of route of administration, the industry is segmented into oral, topical, ophthalmic eye drops and injectable.
By Sales Channel:
In terms of sales channel, the industry is segmented into Hospitals, ophthalmology clinics, retail pharmacy chain, drug store and online sales
By Region:
Key countries of North America, Latin America, Western Europe, Eastern Europe, South Asia, East Asia, Middle East, and Africa have been covered in the report.
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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