The global viral conjunctivitis pipeline drugs market is anticipated to witness a robust growth in coming years owing to continuous advancement in the technology, says Transparency Market Research (TMR) in its research report. The viral conjunctivitis drugs are under transition phase, as there is no accurate solution and drugs available for the treatment of the disease. Several companies and research centers are conducting trials and experiments to find an accurate medicine for the treatment of viral conjunctivitis. Several leading firms are regressively working on creating a productive and efficient solution for the treatment of disease, along with better diagnostic abilities. NanoViricides Inc., Panoptes Pharma GES.M.B.H., Allergan Plc., NovaBay Pharmaceuticals Inc., Adenovir Pharma AB, Novartis AG, NicOx S.A., and Shire Plc., are some of the major players in the industry that are likely to dominate the global market of viral conjunctivitis pipeline drugs. As per the report, the newer organizations are advised to form a partnership or collaborations with local vendors to boost their distribution networks. Owing to rise in the requirement for the targeted therapeutics several drug makers are now investing in the market.
According to a TMR analyst, the market scenario is anticipated to witness a monumental growth with a strong CAGR of 69.60% during its forecast period from 2020 to 2023. The market value is expected to reach up to US%462.4 mn within this time span. Based on the variety of drugs, FST-100 is expected to dominate the market with the largest amount of shares in its account. It is likely to hold a potential CAGR of 27.40% during 2020 to 2023. Whereas, the APD-209 drug market stood second in with a CAGR of 55.0% in the estimated time frame. As per the geographical regions, North America region is expected to rule with a healthy CAGR of 46.50% in the predicted time period.
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Increased Expenditure on Healthcare Facilities to Fuel the Market Growth
In the recent past several big and small firms are investing in the manufacturing of ophthalmic drug, in order to create an efficient solution for the treatment of viral conjunctivitis. These firms also intend to spread awareness among the masses about the precautions that are likely to prevent them from the disease. Moreover, rise in disposable income and increased expenditure on healthcare facilities are some of the major factors contributing in the swelling of the global market for viral conjunctivitis pipeline drugs. There have been a rise in awareness about the eye care since a few years, accompanied by successful trials of the pipeline drugs being manufactured in various regions. These are some of the major factors that are positively affecting the growth of global viral conjunctivitis pipeline drugs market.
Lower Diagnostic Rate of the Disease Likely to Hamper Demand for Viral Conjunctivitis Pipeline Drugs
However, the diagnosis rate of viral conjunctivitis, also known as ‘pink eye’ is not up to the mark. This lower diagnostic efficiency is anticipated to obstruct the market growth of viral conjunctivitis pipeline drug to some extent. However, the research centers and drug makers are under taking combative strategies to improve the efficiency of the existing drugs, and to develop the new ones. Several companies are entering into partnerships, acquisitions, and mergers in order come up with efficient result regarding the viral conjunctivitis. They are working on more accurate diagnostics and exact treatment as well. Due to unavailability of exact treatment of the disease, there is a desperate need of spreading awareness about it and speed up the commercialization programs, more than ever. It is anticipated that in the coming times, a drug that is easy and effective on body and less toxic properties will rule the global viral conjunctivitis pipeline drugs market.
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