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Eye flu, also known as conjunctivitis, is an inflammation or infection of the transparent membrane (conjunctiva) that coats the part of the eyeball and lines the lids. It is a common eye condition that affects people of all ages and causes symptoms like eyes appearing red, eyes feeling irritated, and discharge from one or both eyes. Eye flu is most commonly caused by bacteria, viruses, or allergens. Bacterial and viral types are highly contagious but self-limiting, usually clearing within one to two weeks. However, recurrent or chronic cases may require medical treatment. The global eye flu drugs market comprises antibiotics and antiviral drugs that help eliminate the causative organisms and relieve symptoms. Some eye drops containing steroids also help reduce inflammation.
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 Key Trends:
Allergies have been on the rise due to changing environmental conditions like increased air pollution levels and warmer weather caused by climate change. Allergic conjunctivitis accounts for the majority of cases and symptoms worsen during seasonal periods when respective allergens like pollen are prevalent in the air. According to a recent study, over 50 million Americans suffer from some form of allergy each year. This is a key factor driving the demand for prescription eye flu drugs as well as over-the-counter treatments. Companies are developing new and improved formulations that provide 24-hour relief from symptoms to attract this growing patient pool. Product line extensions with multi-dose eyedrop bottles and co-packs containing antihistamines are also gaining traction in the market.
Porter’s Analysis
Threat of new entrants: Low, as it requires lot of capital investment for R&D and production facilities. Also, major players have established brand names.
Bargaining power of buyers: Moderate, as buyers have multiple product options but demand for innovative products is high.
Bargaining power of suppliers: Moderate to high as suppliers have control over raw material prices and supply quantities.
Threat of new substitutes: Low, as few medicine options available for treatment.
Competitive rivalry: High, as major players compete on product quality, innovation, and pricing.
Key Takeaways
The global Eye Flu (Conjunctivitis) market is expected to witness high growth. The market size for 2024 is expected to be US$ 4.54 Bn, registering a CAGR of 8.0% during 2023-2030 forecast period.
Regional analysis: North America dominated with over 35% share in 2023 owing to high healthcare expenditure and awareness. Asia Pacific is expected to witness fastest growth over 12% CAGR during the forecast period due to large patient pool and increasing healthcare investments in developing countries.
Key players: Key players operating in the Eye Flu (Conjunctivitis) market include Novartis AG. The company actively focuses on new product launches and partnerships to strengthen its market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
