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17 Aug, 2022, 12:30 BST
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Rise in patient population of allergic conjunctivitis across the globe and rise in demand for healthcare services have boosted the growth of the global allergic conjunctivitis market.
PORTLAND, Ore., Aug. 17, 2022 /PRNewswire/ — Allied Market Research recently published a report, titled, "Allergic Conjunctivitis Market by Drug Class (Antihistamines & Mast Cell Stabilizers, Corticosteroids, Others), by Disease Type (Seasonal Allergic Conjunctivitis (SAC), Perennial Allergic Conjunctivitis (PAC)), by Distribution Channel (Hospital Pharmacies, Drug stores & Retail Pharmacies, Online providers): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global allergic conjunctivitis industry was accounted for $1.93 billion in 2021, and is expected to reach $2.95 billion by 2031, growing at a CAGR of 4.28% from 2022 to 2031.
Major determinants of the market growth
Rise in patient population of allergic conjunctivitis across the globe and rise in demand for healthcare services have boosted the growth of the global allergic conjunctivitis market. In addition, increase in focus on major market players on R&D activities to develop drugs for allergic conjunctivitis supplemented the market growth. However, adverse reaction of allergic conjunctivitis medication hinder the market growth. On the contrary, surge in awareness regarding the disease would open new opportunities in the future.
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The antihistamines & mast cell stabilizers segment dominated the market
By drug class, the antihistamines & mast cell stabilizers segment held the largest share in 2021, accounting for around three-fifths of the global allergic conjunctivitis market, and is projected to continue its dominance during the forecast period. In addition, the segment is estimated to register the highest CAGR of 4.81% during the forecast period, owing to new product launches by various key market players. The report includes analysis of the corticosteroids and others segments.
The seasonal allergic conjunctivitis (SAC) segment to portray the highest CAGR through 2030
By disease type, the seasonal allergic conjunctivitis (SAC) segment is projected to manifest the highest CAGR of 4.66% from 2022 to 2031. In addition, the segment held the largest share in 2021, contributing to nearly two-thirds of the global allergic conjunctivitis market, due to prevalence of seasonal allergic conjunctivitis. The report includes analysis of the perennial allergic conjunctivitis (PAC) segment.
The drug stores & retail pharmacies segment dominated the market
By distribution channel, the drug store & retail pharmacies segment held the largest share in 2021, accounting for around three-fifths of the global allergic conjunctivitis market, and is expected to continue its dominance throughout the forecast period. This is due to its presence in commercial areas of a community. However, the online providers segment is projected to manifest the highest CAGR of 6.23% during the forecast period, due to popular medium for purchase of medicines.
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North America held the lion’s share
By region, the global allergic conjunctivitis market across North America dominated the market in terms of revenue in 2021, accounting for more than two-fifths of the market, and is projected to dominate the market during the forecast period. This is due to technological advancements in allergic conjunctivitis treatment, and presence of key and robust hospital infrastructure in the region. However, the market across Asia-Pacific is expected to register the highest CAGR of 5.36% during the forecast period, due to rise in patient population, development of healthcare infrastructure, and increase in investments projects in the region.
Major market players
The report analyzes these key players of the global allergic conjunctivitis market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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