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The global fungal keratitis treatment market size is estimated to grow by USD 189.44 million at a CAGR of 4.39% between 2022 and 2027.
Fungal keratitis is one of the most common eye infections caused by fungi. Early detection and appropriate treatment can decrease symptoms of fungal keratitis and control additional damage to the eye. This is why governments and non-profit organizations conduct awareness programs about eye diseases, including fungal keratitis. The National Eye Health Education Program part of National Diabetes Month (November), stimulates people to be aware of how people with diabetes can protect their vision. Therefore, growing awareness about eye diseases including fungal keratitis is expected to drive market growth during the forecast period.
Technavio has segmented the market into Route Of Administration, Distribution Channel and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
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The market share growth by the oral segment will be significant during the forecast period. Oral administration is to deliver the drug through the mouth and into the digestive tract. Different forms of oral antifungal medications include solutions, suspensions, syrups, powders, and granules or tablets.
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The oral segment was valued at USD 303.90 million in 2017. Some medications to treat fungal keratitis that can be taken orally include natamycin, amphotericin B, voriconazole, and fluconazole. The advantage of oral administration is that it can provide a more stable concentration of drug at the site of infection. Therefore, these benefits of oral administration will have a positive impact on the growth of the segment and thereby drive the growth of the market during the forecast period.
In the global fungal keratitis treatment market, the position of hospitals as end users is steadily improving. In the diagnosis and treatment of various eye diseases, such as fungal keratitis, confocal microscopy, a basic diagnostic technique for measuring corneal thickness, is becoming increasingly important. The growing demand for hospital-based ophthalmic diagnostic services is influenced by the increasing incidence of eye diseases, including fungal keratitis, and an aging population. Additionally, technological developments have created more accurate and efficient devices, which has further accelerated the adoption of corneal thickness measurement in hospitals worldwide, which in turn will drive the growth of the market during the forecast period.
The drugs found in drug stores include therapeutic and critical care medications. These drugs have applications in fungal keratitis. The main purpose of drug stores is to buy, store, and sell drugs to patients in hospitals. Drug stores, including hospital pharmacies, are provided to individuals during hospital treatment. A growing number of hospitals are consolidating into larger health systems, which may include payers, specialty services, outpatient clinics, long-term care facilities, and physician practices. Therefore, the segment and market are expected to grow significantly during the forecast period.
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North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. The US is the primary contributor to the fungal keratitis treatment market in North America, driven by rising healthcare costs for eye diseases, such as fungal keratitis treatment, and the adoption of devices for Non-invasive diagnosis with advanced technology.
Moreover. the availability of widespread health insurance such as Medicare and Mediclaim and the presence of several fungal keratitis treatment market players in the region contribute to the growth of the fungal keratitis treatment market. Additionally, the American Academy of Ophthalmology (AAO), founded in 1979, is the nation's largest association of ophthalmologists and surgeons, dedicated to preventing blindness by providing ophthalmic education for patients. Thus, these factors will drive the growth of the market during the forecast period.
The outbreak of COVID-19 in 2020 had a negative impact on the fungal keratitis treatment market in North America. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the rising demand for eye disease treatment. The substantial growth of the fungal keratitis treatment market in North America during the forecast period can be attributed to factors including continued technical growth, increasing eye condition prevalence, growing healthcare spending, and boosting public awareness of the need for earlier diagnosis and treatment.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Aravind Eye Care System: The company offers fungal keratitis treatment such as Voriconozole for eye drops through its subsidiary Aurolab.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
The presence of online sites selling fungal keratitis treatment drugs is the key factor driving the growth of the market. The growing penetration and high usage of the Internet have led to increased awareness of buying products online. Sales of drugs for fungal keratitis through online digital channels like IndiaMART are gradually increasing and gaining popularity among end users due to the ease of purchasing products by comparing the features and prices of both of them.
In addition, the companies provide additional supporting materials for fungal keratitis medications in the form of training videos, documents, and brochures in portable document format (PDF), as well as such as interactive YouTube videos that explain diagnostic techniques and product features. as a user. information. Therefore, the increasing trend of promoting and selling drugs for fungal keratitis through online websites will drive the growth of the market during the forecast period.
Rising demand for non-invasive fungal keratitis tests is the primary trend in the market. End users such as ophthalmology clinics, hospitals, and diagnostic centers in both developed and developing countries often prefer non-invasive corneal tests because they allow for rapid and accurate diagnosis of glaucoma and refractive errors in the early stages with minimal incisions on the cornea. Non-invasive corneal diagnostic testing is a painless technique that provides detailed images of the cornea and corneal epithelium for diagnostic purposes.
Moreover, the non-invasive diagnostic produces images of the cornea with a resolution of one micrometer, enough to image microorganisms larger than one micrometer, such as Acanthamoeba cysts and fungal hyphae. Therefore, the growing demand and preference for non-invasive tests for fungal keratin treatment will drive the growth of the global fungal keratitis treatment market during the forecast period.
Stringent regulations related to fungal keratitis drugs is a challenge that affects the growth of the market. Regulatory agencies have strict regulations to permit the marketing of therapeutic products developed to treat fungal keratitis. The applicant must provide all information relevant to the medicinal product, including the results of studies conducted in animal models, the pharmacodynamics and pharmacokinetics of the medicinal product, and the safety profile of the medicinal product in clinical studies performed on humans.
Furthermore, many applications are rejected because the drug performs poorly or because the drug information submitted to the FDA is unsatisfactory. As a result, such stringent government regulations may lead to delays in drug approvals, which in turn will impede the growth of the global fungal keratitis treatment market during the forecast period.
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The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Fungal Keratitis Treatment Market Customer Landscape
The fungal keratitis treatment market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Fungal Keratitis Treatment Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.39% |
Market growth 2023-2027 |
USD 189.44 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.87 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 36% |
Key countries |
US, Germany, China, Japan, and India |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
A.S. Lifesciences, Alvogen Iceland ehf, Aravind Eye Care System, Astellas Pharma Inc., Bayer AG, Cipla Ltd., Gilead Sciences Inc., Glenmark Pharmaceuticals Ltd., Goldfield Healthcare, Grevis Pharmaceuticals Pvt. Ltd., ISKON REMEDIES and GMT, Merck and Co. Inc., Novartis AG, Novo Holdings AS, Omicron Pharma, Pfizer Inc., Santen Pharmaceutical Co. Ltd., Taj Pharmaceutical Ltd., Viatris Inc., and Wellona Pharma |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Route of Administration
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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