The treatment of fungal infections is limited by lack of innovative therapies due to the low rate of antifungal and antibiotic drug development and costly clinical trials. Thus, the government had changed the regulations and started to support the research development of antifungal drugs. The new regulatory norms have included priority review and regulatory guidance enabling smaller clinical trials. The Generating Antibiotics Incentives Now Act (GAIN Act), by the Food and Drug Administration Safety and Innovation Act, in July 2012 provided incentives, including an extension for the development of new products, fast-track designation, and expedited FDA review for approval.
Global Fungal Eye infection market is expected to grow at a CAGR of 5.3% during the forecasted period.
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The global fungal eye infections market is majorly driven by increasing prevalence of fungal infection, continuously increasing geriatric population and increasing number of patients suffering from a various fungal infection. However, the growth of the market is restricted due to side-effects of the treatment. For instance, in contrast to the remedial effects, antifungal treatment can have many side effects as well. Some of them include irritation, itching, headache, diarrhea, and anemia. In some cases, they are also responsible for causing kidney and liver damage.
The Americas dominate the global fungal eye infection market owing to the presence of population suffering from a fungal and bacterial infection and increasing number of surgical procedures in the hospitals. The Americas is further segmented into North America and South America. North America holds the largest market owing to extensive use of advanced technology and developed pharmaceutical sector.
Europe accounts for the second largest market due to increasing funds, government support and increasing healthcare expenditure. Germany, France, and the U.K hold a significant share in the market owing to increasing demand for technologically advanced devices for the surgical procedures overall growth of medical device industry.
Asia Pacific is the fastest growing market for the fungal eye infection, whose growth is attributed to rising geriatric population, increasing prevalence of people suffering from fungal and bacterial infections, and rapidly developing economies. Additionally, increasing healthcare expenditure and demand for new treatment options for rare diseases fuel the market growth. India and China are the major contributors to the market growth due to the rapid development of healthcare sector in these regions and increasing demand for diagnostic services.
On the other hand, the Middle East Africa is expected to witness limited growth due to limited access to the healthcare resources and lack of awareness about rare diseases. In the Middle East, the growth of the market is driven by increasing availability new diagnostic and treatment methods for various chronic and fungal infections.
Some of the key players in fungal eye infection market are Allergan Inc., Abbott, Merck Co., Inc., Bayer AG, Astellas Pharma, Inc., GlaxoSmithKline plc, Sigma-Aldrich, Novartis AG, Pfizer, Inc., Enzon Pharmaceuticals, Alcon Laboratories Inc., Johnson Johnson Ltd. and others.