PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1437512
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1437512
Fungal Keratitis Treatment Market size was valued at USD 856.48 Million in 2023, expanding at a CAGR of 7.2% from 2024 to 2032.
A fungal infection of the cornea called fungal keratitis can cause blindness. Usually, it manifests as blurry vision and a red, irritated eye. It is an infection process of the cornea brought on by any of the many pathogenic fungi that may penetrate the surface of the eye. It is often a slow-moving, unrelenting illness that has to be distinguished from other corneal disorders that appear similarly, particularly its bacterial cousin, which causes most microbial corneal infections. The two most prevalent Aspergillus species that cause fungal keratitis are A. fumigatus and A. flavus.
Fungal Keratitis Treatment Market- Market Dynamics
Increasing R&D drives the market growth
There are several initiatives underway to research and find novel antifungal therapies for fungal keratitis. Furthermore, the research institutes will probably start the next round of testing soon. As a consequence, if these studies are successful, a novel therapy may be developed, which might propel the market's expansion in the upcoming years. Product development based on nanoparticles is probably going to help expand the market. Scientists created a drug delivery system based on nanoparticles that anchors the cornea, lowers inflammation, and releases the antifungal medicine in reaction to environmental factors, thereby lengthening the drug residence duration. Infected eyes show signs of infection resolution with much higher corneal retention and lower inflammation. These research advances have produced a number of ground-breaking discoveries of very effective medications against various fungal keratitis conditions, which has led most investors to prefer investing in R&D and supporting market development. The market will probably grow more quickly in years to come as a result of the above-mentioned aspects.
Fungal Keratitis Treatment Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.2% over the forecast period (2024-2032)
Based on route of administration segmentation, oral segment dominates the market
Based on distribution channel segmentation, the hospitals segment is expected to hold the largest market share during the forecast period
Based on region, North America was the leading revenue generator in 2023
The Global Fungal Keratitis Treatment Market is segmented based on route of administration, distribution channel and Region.
The market is divided into three categories based on route of administration: Injection, Oral and Topical. The oral segment dominates the market and is likely to maintain its dominance during the forecast period. According to an April 2023 American Academy of Ophthalmology publication, Aspergillus spp. (10.5%), Fusarium spp. (67%), and Candida spp. (10%) were the most common isolates for fungal keratitis in Brazil. In addition, traumatic experiences were connected to almost 40% of these illnesses. Consequently, the oral mode of administration is important in the fungal keratitis treatment market because of factors including convenience, compliance, effectiveness, and safety.
The market is divided into four categories based on distribution channel: Hospitals and Drug stores. The hospitals segment is expected to hold the largest market share during the forecast period. Supplying and distributing antifungal drugs and associated therapies as a specialized, consolidated location. Because they offer a wide range of medical services, such as diagnosis, prescription writing, and medicine delivery, hospitals are essential to the management of instances of fungal keratitis. The hospital environment makes sure that patients with fungal keratitis receive the right medical attention and have access to the essential medications, such as antifungal medications.
Fungal Keratitis Treatment Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to hold a maximum market share in 2023 and is expected to continue the same pattern during the forecast period due to an increase in fungal keratitis cases and new developments in the disease's management. Due to the growing number of patients with fungal keratitis and other chronic eye disorders, as well as rising research and development costs, the United States is anticipated to lead the overall fungal keratitis treatment market in the North American region throughout the projected period. In humid and warm areas of the United States, fungal keratitis is rather frequent. The southern United States has a greater frequency of fungal keratitis than other locations, according to research titled "The global incidence and diagnosis of fungal keratitis," which was published in October 2020.
The key players in the Fungal Keratitis Treatment market continually adopted various types of strategies such as merger and acquisition, product launch, expansion, collaboration and others to remain competitive in the market. The major players are Glenmark Pharmaceuticals, Bausch Health, Alvogen, Gilead Biosciences, Inc., Leadiant Biosciences, Merck & Co. Inc., Aurolab, Eyevance Pharmaceuticals LLC, Novo Holdings A/S (Xellia Pharmaceuticals) and Pfizer Inc. among others.
In February 2024, to jointly develop a novel ophthalmic formulation for fungal keratitis, Cipla Limited announced that it has entered into a collaborative research agreement with CSIR-Central Drug Research Institute (CSIR-CDRI), a constituent laboratory of the Council of Scientific and Industrial Research, Government of India. The goal of the partnership is to create a fungal keratitis medication that is both safe and effective by utilizing the combined knowledge and resources of the two companies.
GLOBAL FUNGAL KERATITIS TREATMENT MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Glenmark Pharmaceuticals
Bausch Health
Alvogen
Gilead Biosciences, Inc.
Leadiant Biosciences
Merck & Co. Inc.
Aurolab
Eyevance Pharmaceuticals LLC
Novo Holdings A/S (Xellia Pharmaceuticals)
Pfizer Inc.