The global market for viral conjunctivitis pipeline drugs is competitive in nature and is expected to observe a substantial rise in the level of competition in the next few years, thanks to the rising number of players projected to enter the market, states a new market intelligence study by Transparency Market Research. The leading players are investing heavily in the research and development activities in order to find a perfect cure for viral conjunctivitis.
Some of the key players operating in the viral conjunctivitis pipeline drugs market across the globe are Panoptes Pharma GES.M.B.H., NicOx S.A., Shire Plc., NovaBay Pharmaceuticals Inc., Novartis AG, Adenovir Pharma AB, Allergan Plc., and NanoViricides Inc. The increasing number of trials is likely to generate promising growth opportunities for the market players in the coming few years. The rise in the number of local players who are estimated to undergo several changes after the new drugs are invented.
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According to the market research study by Transparency Market Research, the global market for viral conjunctivitis pipeline drugs is projected to reach a value of US$462.4 mn by the end of 2023. The market is predicted to register a whopping 69.60% CAGR between 2020 and 2023.
North America to Witness High Growth in Coming Years
The global market for viral conjunctivitis pipeline drugs has been categorized on the basis of geography into Europe, Latin America, North America, the Middle East and Africa, and Asia Pacific. Among these, North America is predicted to witness high growth in the next few years, thanks to the rising contribution from the U.S.
The rising research and development activities and the growing focus on innovations are some of the key factors that are estimated to encourage the growth of the North America market in the next few years. Furthermore, Europe is likely to register a healthy growth rate throughout the forecast period, followed by Asia Pacific. The rising awareness among people related to the eye-disorders is considered as one of the key factors predicted to enhance the growth of the Europe market in the coming years.
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The global market for viral conjunctivitis pipeline drugs has been segmented on the basis of drugs into APD-209 and FST-100. Among these, FST-100 is expected to hold a major share of the overall market in the next few years. The development of this drug was being developed by Foresight Biotherapeutics Inc., a key drug development company and was further acquired by Shire Plc. Furthermore, after the drug is approved, it will be considered as one of the premium medication for the treatment of bacterial and viral eye infection. This is projected to offer potential growth opportunities throughout the forecast period.
High Development of Research and Development Activities to Encourage Growth
At present, the global market for viral conjunctivitis pipeline drugs is at a developmental stage and is estimated to grow at a healthy pace in the next few years. As there is no proper medication for viral eye infection, the leading players are making notable efforts to introduce new drugs in the coming few years. This is predicted to encourage the growth of the overall market in the next few years.
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The increasing awareness among people and the rising research and development activities are projected to enhance the growth of the global viral conjunctivitis pipeline drugs market throughout the forecast period. In addition to this, the rapid development of the healthcare infrastructure, especially in developing economies are some of the other key factors that are predicted to generate promising growth opportunities for the market players in the near future.
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