The manufacturers of viral conjunctivitis pipeline drugs market are undertaking extensive research studies to fulfill the demand for targeted drugs that can efficiently and accurately treat conjunctivitis. Players are also striving hard to develop viral conjunctivitis detection tests that are affordable, Transparency Market Research observes in a new study. Companies in the market are strengthening their research and development power by participating in partnerships and agreements, which is helping them power up for expanding their product portfolios. It is estimated that the drug with less toxicity and irritation properties will outperform all others in the viral conjunctivitis pipeline drugs market. Players in the market need to develop innovative products and upgrade existing ones at reasonable price to ensure competitive edge.
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According to TMR, the global viral conjunctivitis pipeline drugs market is expected to witness a massive growth in the market, expanding at a stupendous 69.60% CAGR from 2020 to 2023. The market is expected to reach an evaluation of US$462.4 mn by 2023. By drug type, FST-100 is estimated to hold the largest share in the market by 2020, expanding at a CAGR of 27.40% from 2020 to 2023. However, APD-209 segment is expected to expand at the fastest rate, displaying CAGR of 55.0% between 2020 and 2023.
Availability of Efficient Detection Tests to Drive U.S. Market
On the basis of geography, North America is expected to lead in the market with the U.S. proving to be the most promising market for viral conjunctivitis drugs. The U.S. viral conjunctivitis pipeline drugs market is expected to be worth US$91.1 mn by 2020. The increasing awareness and availability of conjunctivitis detection tests that are effective are some of the reasons behind the growth of the U.S. conjunctivitis pipeline drugs market. Brazil is expected to be the second most lucrative market for viral conjunctivitis drugs on account of the launch of FST-100. Germany and the U.K. are expected to follow suit.
High Spending on Medicine Research to Bode Well for Viral Conjunctivitis Pipeline Drugs Market
As per research studies, around 6 mn people are suffering from acute conjunctivitis every year. The prevalence of conjunctivitis is increasing across nations in Europe, Asia Pacific, and North America, which is boosting the growth of the conjunctivitis pipeline drugs market. In the U.S., the emergence of AdenoPlus, which is a conjunctivitis detection test, has led to a positive development in the field, despite its high cost. The high expenditure on medicine research and healthcare is ensuring the growth of this market in developed nations.
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Shortage of Efficient Drugs to Impede Market’s Growth
Although the global conjunctivitis pipeline drugs market is witnessing an exponential growth, the patient pool is much larger and thus, there is a shortage of efficient drugs. There are unmet needs to be fulfilled for the patient population across nations. This in turn is expected to challenge the global conjunctivitis pipeline drugs market. The absence of any drug in the late stage pipeline is also a challenge, hampering the growth of the conjunctivitis pipeline drugs market. The presence of pipeline drugs such as FST-100 and APD-209 in the second phase of clinical trials is a bright opportunity for growth in the market. However, many other drugs for the treatment of conjunctivitis are still in the preclinical trials stage.
This study is based on the findings of a TMR report titled “Viral Conjunctivitis Pipeline Drugs Market (Drug Type – FST-100 and APD-209) – Global Industry Analysis, Pipeline Review, Patent Analysis, and Forecast 2020 – 2023.”