The global vernal keratoconjunctivitis market is on the cusp of remarkable expansion, with a projected market value of US$ 436.9 Million in 2023, poised to escalate to US$ 782.42 Million by 2033. This growth trajectory is fueled by a Compound Annual Growth Rate (CAGR) of 6% expected during the forecast period from 2023 to 2033.
Vernal keratoconjunctivitis, a condition characterized by inflammation of the conjunctiva and cornea, is witnessing a surge in demand for treatments worldwide. A primary driving force behind this growth is the escalating incidence of conjunctivitis in emerging nations. Over the historical period from 2017 to 2022, the market for Vernal Keratoconjunctivitis showcased a Compound Annual Growth Rate (CAGR) of 4%, laying a robust foundation for the anticipated expansion in the coming decade.
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This anticipated growth signifies a growing awareness and concern for ocular health globally. As more individuals seek treatment and management options for vernal keratoconjunctivitis, the market responds with innovative solutions and therapies to meet the rising demand.
The surge in the Vernal Keratoconjunctivitis market is intricately linked to the increasing prevalence of ophthalmic allergies. A study published in the World Allergy Organization Journal in December 2020 revealed that 10 medical centers reported a prevalence of allergic rhinoconjunctivitis in children at 11.6%, while adolescents reported 15.4%. These findings underscore the significant role of allergies in the expansion of the conjunctivitis market.
Furthermore, heightened awareness among the medical community, patients, and individuals associated with patients is identified as a key market-driving factor. This increased awareness contributes to early diagnosis, prompt intervention, and effective management of vernal keratoconjunctivitis, further propelling market growth.
In light of these compelling factors, the global vernal keratoconjunctivitis market is expected to witness substantial expansion in the years to come. Industry stakeholders, healthcare professionals, and investors are encouraged to stay abreast of these developments as the market evolves, offering promising opportunities in the ophthalmic space.
Key Takeaways from the Market Study:
- From 2017-2022, the Vernal Keratoconjunctivitis market grew at CAGR of 4%.
- The global Vernal Keratoconjunctivitis market is expected to grow with a 6% CAGR during 2023-2033.
- As of 2033, the Vernal Keratoconjunctivitis market is expected to reach US$ 782.42 Million.
- According to the FMI analysis, Hospital pharmacies account for the largest market share.
- Tablets are expected to show the highest CAGR owing to the increasing demand for new approaches.
- North America is expected to possess 20% market share for the Vernal Keratoconjunctivitis market.
- The Asia Pacific market is predicted to increase significantly throughout the forecast period, with a CAGR of 5% during the forecast period.
“With the increasing prevalence and awareness of ocular allergies has significantly increased owing to several factors such as faster urbanization and a growing number of allergens.” says an FMI analyst
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Market Competition:
Key players in the Vernal Keratoconjunctivitis market are
- Allakos
- iCo Therapeutics
- Akari Therapeutics
- Santen
In March 2022, Visus Therapeutics Inc. announced the launch of the first of two pivotal phases 3 trials (BRIO-I and BRIO-II) for its lead asset, BRIMOCHOL PF, a topical preservative-free ophthalmic solution for treating presbyopia.
Key Segments Profiled in the Vernal Keratoconjunctivitis Industry Survey:
Treatment:
- Mast Cell Stabilizers
- Antihistamines
- Nonsteroidal Anti-inflammatory Drugs – NSAIDs
- Topical Corticosteroids
- Cyclosporine
- Tacrolimus
- Others
Drug Type:
- Bertilimumab
- Verkazia
- Lodoxamide
- Tacrolimus
- Antolimab
- Nomacopan
- Others
Dosage form:
- Ointment
- Gel
- Tablets
- Others
Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
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