The fungal keratitis treatment market is driven by the increasing prevalence of such diseases worldwide, rising awareness of the potential risks posed by fungal keratitis, and advances in its therapeutics. Aspergillus species are the most common causal agent of fungal keratitis, a condition that is becoming increasingly prevalent. Risk factors for fungal keratitis include trauma, contact lens wear, topical corticosteroid use, diabetes mellitus, and low socioeconomic status.
Increasing research activities to develop novel therapeutics and rising sales volume of ophthalmic drugs for fungal keratitis disorders are anticipated to be one of the most significant market drivers over the forecast period. Government initiatives, such as awareness campaigns may also contribute to the expansion of the market for fungal keratitis treatment.
Infection of the cornea, a transparent dome covering the colored portion of the eye, is fungus-caused keratitis. Fusarium, Aspergillus, and Candida species are some fungi known to cause fungal infections frequently. This condition can result in eye pain, redness, blurred vision, sensitivity to light, excessive tearing, and eye discharge. In addition, the increasing prevalence of fungal keratitis around the world has a positive impact on the market's growth as a whole. The highest ratio of fungi to bacteria as a cause of microbial keratitis is observed in subtropical and tropical countries, primarily among male agricultural workers.
As the number of contact lens wearers rises, the prevalence of fungal keratitis increases. The most prevalent predisposing risk factors for infection are the use of contact lenses, associated poor hygiene, and exposure to water sources containing amoebas. Consequently, the increasing number of contact lens wearers exposed to the risk of fungal keratitis drives the expansion of the market. Consequently, based on the aforementioned factors, it is evident that the burden of fungal keratitis is increasing, thereby contributing to the expansion of the studied market.
The development and discovery of new antifungal treatments for fungal keratitis are the subject of numerous efforts. In addition, the research institutes will likely initiate the next phase of trials in the near future. Thus, the positive outcomes of such trials may result in the creation of a new treatment, which could stimulate market growth in the coming years. Nanoparticle-based product development is likely to facilitate market expansion.
Researchers reportedly developed a nanoparticle-based drug delivery system that increases the drug residence time by anchoring the cornea, reducing inflammation, and releasing the antifungal medication in response to environmental conditions. Significantly increased corneal retention decreased inflammation, and resolution of infection is observed in infected eyes. Numerous breakthrough innovations of highly effective drugs against various fungal keratitis diseases have resulted from these research advancements, leading the majority of investors to favor investing in R&D and contributing to market expansion. As a result of the aforementioned factors, the market is likely to expand at a faster rate in the coming years.
A stringently monitored public health policy consisting of travel restrictions and general closures was implemented on a massive scale during the initial period. Nonetheless, numerous repercussions were inevitable. Two of the most prevalent methods for preventing the spread of COVID-19 are avoiding non-essential doctor visits and subsequently reducing prescriptions.
Despite the fact that a number of drugs have been approved for sale, it is anticipated that their production will be slowed during pandemic times due to a labor shortage. Clinical trials of approved drugs for other indications and new drugs are being slowed because many companies have delayed the majority of new studies in a number of countries. The shortage of both resources and patients is the primary cause.
Furthermore, biopharmaceutical companies cannot add to the burden of clinical trials and the production of approved drugs because healthcare facilities are already overburdened with saving the lives of COVID patients. Consequently, the impact of COVID-19 on the market's growth may become apparent this year due to a decline in eye care consultations. In the near future, the market may also experience normal growth.
The global fungal keratitis treatment market is primarily divided into three regions, North America, Europe, and Asia. Which, North America has dominance in the market, with the market valued at USD 274 million in 2021 and expected to reach at USD 440 million in 2030 at a CAGR of 5%. Asia-Pacific is the second dominant region that accounts for a market value of USD 198 million in 2021 and reaching at USD 367 million by 2030 at a CAGR of 7%. Among these three regions, the least contributing region is Europe, which accounts for USD 187 million in 2021 and is expected to grow to USD 300 million in 2030 at a CAGR of 5%.
The major players in the global fungal keratitis treatment market are