Some of the leading companies in the global market for viral conjunctivitis pipeline drugs are Shire, Inc., Adenovir Pharma AB, NovaBay Pharmaceuticals, Inc., Bausch & Lomb Inc., Panoptes Pharma GES.M.B.H., Allergan Plc, Novartis AG, NicOx S.A., and NanoViricides Inc. As a result of an increase in demand for targeted drugs for viral conjunctivitis, these leading organizations are focusing aggressively on research activities to develop efficient treatments as well as diagnostic tests for vial conjunctivitis. New players in this market are recommended to enhance their distribution networks via strategic partnerships with local distributors to enhance their presence.
Transparency Market Research reports that the global market for viral conjunctivitis pipeline drugs is estimated to expand at a remarkable CAGR of 69.60% between 2020 and 2023 and reach a global valuation of US$462.4 mn by the end of the forecast period.
U.S. Likely to Account for the Most Prominent Market Share Due to Ongoing Clinical Trials
Due to ongoing clinical trials and increase in awareness among physicians and patients, the market for viral conjunctivitis pipeline drugs in the U.S. is projected to expand at an incredible CAGR of 46.5% from 2020 to 2023, reaching a valuation of US$286 mn in 2023. Moreover, the high cost of drugs and the availability of diagnostic tests is projected to fuel the market in the U.S. An estimated 6 million people are affected by acute conjunctivitis in the U.S. each year, especially in summer. However, no single drug for the treatment of viral conjunctivitis has been approved by the U.S. FDA to date.
FST-100 and APD-209 are the major pipeline drugs in phase II clinical trial for the treatment of viral conjunctivitis. FST-100 is expected to account for the dominant share of the viral conjunctivitis market in terms of revenue in 2020 due to its first-in-market advantage. APD-209 is likely to witness strong growth during the forecast period from 2021 to 2023 as it is safer than FST-100.
Large Untapped Infected Population to Sustain Demand for Viral Conjunctivitis Drugs
Viral conjunctivitis affects many people globally and imposes a social and economic burden. It is the most common cause of infectious conjunctivitis which as a result raises the demand for viral conjunctivitis pipeline drugs. A study published by the American Journal of Infection Control stated that over 3 million school days are missed annually in public schools in the U.S. due to acute conjunctivitis. Prevalence and incidence rate of viral conjunctivitis is high in other regions such as Japan, Brazil, and countries in Europe. Despite such a large patient pool, there are no effective approved drugs, which is a factor likely to drive the viral conjunctivitis pipeline drugs market.
Moreover, three drug molecules are in phase II and about two molecules in pre-clinical trial that specifically target viral conjunctivitis. This factor, along with increasing awareness, availability of diagnostic test, and rising healthcare expenditure is expected to boost the market.
Low Diagnosis Rate and Self-limiting Conditions Limiting Market Growth
Less than 50% of millions of people who are suffering from viral conjunctivitis are correctly diagnosed with the condition as examination is still the most preferred way rather than laboratory and point-of-care tests. Low awareness about advanced technologies, high cost and time constraints also act as a restraint on the growth of the market for viral conjunctivitis pipeline drugs market. Additionally, most conjunctivitis cases result from adenoviruses and enteroviruses that are self-limiting in most cases and symptoms are resolved within seven to ten days. According to the American Academy of Otolaryngology, the condition is self-limiting in adults and should not be treated with antibiotics.
According to the author of the report, “Companies operating in this market need to undertake strong initiatives in R&D to develop better and efficient therapy as well as strengthen commercialization activities to establish their stronghold.”
The information presented in this review is based on a Transparency Market Research report, titled, “Viral Conjunctivitis Pipeline Drugs Market - Global Industry Analysis, Pipeline Review, Patent Analysis, and Forecast 2020 - 2023.”
Key Segments of the Viral Conjunctivitis Pipeline Drugs Market
- Viral Conjunctivitis Pipeline Drugs Market, by Drug
- Viral Conjunctivitis Pipeline Drugs Market, by Country
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