Stye Drug Market: Introduction
- Stye, also known as hordeolum, is a painful and acute infection on the upper or lower eyelid. Majority of the cases of hordeolum are due to Staphylococcus aureus followed by Staphylococcus epidermidis. All age groups can be affected, although there is a slight increase in prevalence of stye in patients aged between 30 years and 50 years.
- Stye can be treated with topical ointment or sometimes oral antibiotics. However, in some cases, surgeries are performed. Typically, the size of the swelling is a direct indicator of the severity of the infection. Recurrent of hordeolum is usually due to failure to eliminate the bacteria completely.
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Key Drivers and Restraints of Global Stye Drug Market
- Prevalence of indoor as well as outdoor allergens is driving the global stye drug market. Environmental factors play a major role in the occurrence of allergic conditions. The bacteria of stye i.e. staphylococcal, is often found in the nose. This can easily be transferred from nose to eye.
- Hordeolum has no correlation between race, sex, or gender for the occurrence of Stye. Due to increased viscosity of the sebum, adults are prone to this disease. Sometimes, blepharitis, seborrheic dermatitis, rosacea, diabetes, and elevated lipids offer an additional risk to the development of hordeola.
- Patent expiry of several companies and introduction of generic drugs are expected to restrain the growth of the global market. Expiration of patent can have a major impact on the market leading to decline in net price.
External Hordeolum Segment to Witness High Demand
- In terms of type, the global stye drug market can be segmented into external hordeolum and internal hordeolum
- External stye or hordeolum emerge at the outer edge of the eyelid, while in internal hordeolum, the swelling develops inside the eyelid
- External hordeolum is common. Most hordeola are external and result from obstruction and infection of an eyelash follicle and adjacent glands of Zeis or Moll glands. Follicle obstruction may be associated with blepharitis. However, an internal hordeolum is very rare and a result of infection in the meibomian gland.
Antibiotic Segment has Significant Growth Potential
- Based on drug class, the global stye drug market can be divided into antibiotic and ophthalmic steroids
- Oral antibiotics are majorly prescribed for external hordeolum treatment. This drug class can also be useful for internal hordeolum. However, antibiotics having topical route of administration are usually ineffective.
- Steroids injections are sometimes administered by ophthalmologists for early recovery. Steroid injection carries the risk of bleeding, thinning of the skin, scar, pain, and in very rare cases, loss of vision. Thus, this drug class is not preferred for the treatment of stye.
Hospital Pharmacy Segment to Grow at High Rate
- On the basis of distribution channel, the global stye drug market can be classified into hospital pharmacy, online, and pharmacy
- Drugs used for stye treatment are majorly prescription-based. Hospital pharmacy deals with storage, procurement, dispensing, and distribution of drugs to in-patient as well as outpatient.
- However, online distribution channel may grow in the near future due to delivery of drugs at home. Online pharmacy is an internet-based vendor. Population-based surveys exhibited that 72% of the online population in the U.S. and 71% in Europe searched for health related information, at least, once in 12 months.
Asia Pacific Stye Drug Market to Expand Rapidly
- In terms of region, the global stye drug market can be divided into: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is likely to witness maximum demand for stye drugs from 2019 to 2027. Major manufacturers are continuously investing in emerging economies to leverage growth opportunities in the market.
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Key Manufacturers Operating in Global Market
The global stye drug market was highly fragmented in 2018. Key manufacturers operating in the global market are:
- Bausch and Lomb
- Johnson & Johnson
- Novartis AG
- DAIICHI SANKYO COMPANY, LIMITED
- AbbVie Inc.
Global Stye Drug Market: Research Scope
Global Stye Drug Market, by Type
- External Hordeolum
- Internal Hordeolum
Global Stye Drug Market, by Drug Class
- Ophthalmic Steroids
Global Stye Drug Market, by Route of Administration
Global Stye Drug Market, by Prescription Mode
Global Stye Drug Market, by Distribution Channel
- Hospital Pharmacy
Global Stye Drug Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.