DIFLUPREDNATE MARKET REPORT OVERVIEW
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The global difluprednate market size is anticipated to be USD 301.6 million in 2021 and is expected to reach USD 824.8 million in 2028, exhibiting a CAGR of 15.5% during the forecast period.
The sudden rise in CAGR is attributable to the difluprednate market growth and demand returning to pre-pandemic levels once the pandemic is over. The global COVID-19 pandemic has been unprecedented and staggering, with the difluprednate market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Difluprednate is a medicine that is prescribed to patients after eye surgeries. They are used to treat eye swelling and pain that could be common side effects after eye surgery. Difluprednate works by stopping the release of those natural substances in the body that are known to cause pain or swelling. Difluprednate belongs to the medicinal class called corticosteroids.
Difluprednate is available in a liquid form which is then applied to the eye. The usage starts one day after the surgery and is to be continued thoroughly until the doctor prescribes so. It is very important to use difluprednate exactly as per the prescriptions, in terms of dosage, and how many times to use per day.
COVID-19 Impact: Halt of Operations to Impede Growth
The COVID-19 pandemic has disrupted all areas of business and production. The lockdowns which were imposed halted production activities of difluprednate. The major manufacturers and users of difluprednate, North America and the Asia Pacific, suffered enormously due to COVID-19, whether in terms of the number of people infected or the regression of the economy. The supply chain was completely disrupted and exports and imports were harder to manage. This led to reduced usage of difluprednate in other parts of the world as well. People started receiving only the essential treatments and postponed the others. This was because of the poor financial position of people during the pandemic. Many people lost their employment, a lot of businesses failed and families lost their breadwinners. So, any expensive treatments were put on the backburner during the pandemic. So, the COVID-19 pandemic negatively impacted the difluprednate market growth.
Latest Trends
"Rise in E-Commerce to Create a New Sales Route for Difluprednate"
E-commerce activities are rising at an exponential rate around the world. People are buying more and more online, owing to its convenience and reduced comparative costs. Many online stores and applications are gaining prominence these days that sell medicines and medicinal components. These are used by the ordinary population to get their medicinal needs faster, cheaper, and at their own convenience. Difluprednate is also sold online at these e-commerce platforms, which has opened up a new sales route for the medicine. The reduced price of online stores and the overhead discounts and coupons provided at such platforms can give rise to the growth of the difluprednate market.
DIFLUPREDNATE MARKET SEGMENTATION
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- By Type Analysis
According to type, the difluprednate market can be segmented into patented drugs and generic drugs. The patented drugs segment will capture the major market share through 2028.
- By Application Analysis
Based on application, the difluprednate market can be bifurcated into hospitals, drug stores, online, and others. the hospitals segment will hold the dominant market share during 2022-2028.
Driving Factors
"Increasing Cases of Glaucoma to Stimulate Growth in the Market"
The wave of digitization has swept up all industries across the world. All work today is done on computers, mobiles, or some type of electronic, digital device. The more people use electronic devices; the more strain it puts on their eyes. Excessive pressure on the eyes can be the cause of glaucoma. Glaucoma is a disease that can even cause permanent vision loss and blindness. Difluprednate is used after the treatment of glaucoma. As the number of people suffering from eye-related issues increases, the prostaglandin market is also anticipated to see an increase. The prostaglandin market size is expected to augment greatly due to an increasing population suffering from ophthalmologic diseases.
"Aging Population to Stimulate Demand"
As the healthcare facilities have been constantly improving, the average lifetime of the population is also increasing. People are living longer. But with age comes the need for a lot of medical procedures. People above the age of 65 suffer from diseases such as cataracts and diabetic retinopathy. This is where difluprednate comes into play. With an increase in the population, more people need to receive treatments for their ailments. The number of cases for such diseases is rising every year. The treatment requires the use of difluprednate to control swelling and pain. As the number of patients for these diseases is increasing, it is going to boost the demand for difluprednate.
Restraining Factors
"Expensiveness of the Drug to Challenge Growth"
Difluprednate is used after eye surgeries to prevent pain and swelling. Difluprednate is the most expensive out of all the alternatives that are used for similar purposes. This can challenge the growth of the difluprednate market as people might start shifting to other alternatives for their use. Difluprednate also requires a higher dosage in some cases than its alternatives like prednisolone. People are suffering from huge financial losses after the COVID-19 pandemic. So, difluprednate proves to be costlier than its alternatives.
DIFLUPREDNATE MARKET REGIONAL INSIGHTS
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North America dominates the composite difluprednate market. North America has one of the most well-developed healthcare systems in the world. People from all around the world travel to the North American region for treatment of their ailments. North America is seeing a rise in its geriatric, diabetic, and obese population. These diseases are associated with ophthalmologic diseases. There is an increasing number of ophthalmic patients in the region which is giving rise to the difluprednate market. North America also has a high number of glaucoma cases. This region is one of the most industrially developed regions. There is a high rate of digitization and since most work is done online; it puts a lot of strain on the eyes. So, the difluprednate market share is the highest in this region.
The Asia Pacific region follows North America in terms of market share. A large proportion of the Asian population suffers from eye-related diseases. A lot of Asians are also patients of diabetes, which can cause serious ophthalmic diseases. There is a rise in the aging population in the Asia Pacific that further increases the difluprednate market size.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- Novartis (Switzerland)
- Ajanta Pharma (India)
- Sun Pharmaceutical (India)
- General Pharmaceutical (Bangladesh)
- Orchidia (Egypt)
- Innovative Pharmaceutical (India)
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
| Market Size Value In | US$ 301.6 Million in 2021 |
| Market Size Value By | US$ 824.8 Million by 2028 |
| Growth Rate | CAGR of 15.5% from 2021 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| Historical Data Available | Yes |
| Segments Covered | Types & Application |
| Regional Scope | Global |
Frequently Asked Questions
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What value is the global difluprednate market expected to touch by 2028?
The global difluprednate market is expected to touch 824.8 million by 2028.
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What CAGR is the difluprednate market expected to exhibit by 2028?
The difluprednate market is expected to exhibit a CAGR of 15.5% by 2028.
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Which are the driving factors of the difluprednate market?
The driving factors of the difluprednate market are the growth of the electronics industry and the increased use of photovoltaics.
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Which are the top companies operating in the difluprednate market?
Novartis, Ajanta Pharma, Sun Pharmaceutical, General Pharmaceuticals, Orchidia, and Innovative Pharmaceuticals are some of the key companies operating in the difluprednate market.
