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Ocular Steroid Market Segmented By Eye Drops and Gels/Ointments type for Hospital Pharmacies, Retail Pharmacies, e-commerce distribution channel
Developments in the pharmaceutical industry with new formulations have led to a reevaluation of a steroid for numerous ocular conditions. The ocular steroid is generally used to prevent permanent damage to the eye, which may arise from certain eye problems.
Ocular steroid treats inflammation and relieves symptoms such as swelling, pain, redness, or irritation. In addition, ocular steroids are also used to prevent a number of complications associated with postoperative ocular inflammation. However, the two most common side effects associated with the ocular steroid are increased intraocular pressure (IOP) and cataract formation.
Rising geriatric population with the increasing incidence of eye diseases globally is expected to be the prime factor driving the growth of global ocular steroid market. In addition, growing incidences of ophthalmic diseases like cataracts are further expected to drive the growth of the global ocular steroid market. According to WHO, it is reported that cataract is the most common eye ailment which has caused blindness in 23 million individuals.
Thus it is estimated that there is the vast population to serve ocular steroid. However, low emphasis on ophthalmology compared to other specialties due to lack of awareness is expected to hamper the growth of the global ocular steroids market. These factors are majorly responsible for driving and hampering the growth of the global ocular steroid market.
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The global ocular steroid market is expected to grow with a moderately increasing CAGR due to the increasing adoption and demand for an ocular steroid. Based on the distribution channel, the global ocular steroid market is segregated into hospital pharmacies, e-commerce, retail pharmacies, and others.
It is analyzed that, hospital pharmacies and retail pharmacies collectively will hold the maximum market share in the global ocular steroid market. One of the most common uses of ocular steroid is to control the postoperative inflammation.
On the basis of geography, the global ocular steroid market is segmented into six key regions viz. North America, Latin America, Europe, the Asia Pacific excluding China, China, and the Middle East & Africa. The North America ocular steroid market is projected to contribute maximum market share in the global ocular steroid market.
This is further followed by Europe ocular steroid market. The Asia Pacific ocular steroid market is expected to grow with a maximum CAGR over the forecast period due to growing investments from both public and private bodies.
However, the Latin America ocular steroid market and the Middle East and Africa ocular steroid market is expected to show slow growth over the forecast period. This is majorly due to the lack of skilled physicians and low awareness among the population.
It is estimated that the Middle East and Africa market is to be dominated by the countries namely Turkey, Saudi Arabia, Israel, Egypt, UAE, and Kuwait. The lower adoption of medical devices in the region is majorly responsible for hampering the growth of the market. The total market demand is truly dependent on the country's population and individuals need.
Some of the key players present in the global ocular steroid market are Bausch Health Companies Inc., Allergan plc, Novartis International AG, and others. It is observed that the leading market players are majorly focusing on increasing their market presence by adopting various strategic activities like collaborations, mergers, acquisitions, agreements, and others.
In addition, the local and small players are focusing on product expansion in order to increase their market share in the global ocular steroid market.