Otic medicines are medications that are used to treat ear infections. Otitis media is an inflammation of the middle ear that causes eustachian tube dysfunction after a viral upper respiratory tract infection. The eustachian tube is a tube that connects the middle ear to the throat and the ear. It causes a fluid build-up behind the eardrum by preventing fluid drainage from the middle ear. When the fluid in the ear does not drain, an infection develops in the ear, resulting in acute otitis media.
Data Bridge Market Research analyses that the otic drugs market was valued at USD 1.47 billion in 2021 and is expected to reach USD 2.42 billion by 2029, registering a CAGR of 6.45 % during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Otic Drugs Market Dynamics
Drivers
- Rising prevalence rate of ear infection
The rising prevalence of ear infection across the globe is estimated to expand the market’s growth rate. Due to inflammation and fluid build-up behind the eardrum, ear infections can sometimes cause hearing loss. According to the World Health Organization (WHO), nearly 2.5 billion people will suffer hearing loss by 2050, with at least 700 million requiring hearing rehabilitation.
- Increasing investment for healthcare infrastructure
Another significant factor influencing the growth rate of otic drugs market is the rising healthcare expenditure which helps in improving its infrastructure. Also, various government organizations aims to improve the healthcare infrastructure by increasing funding and this will further influence the market dynamics.
Furthermore, rising use of external objects such as cotton swabs and hairpins that cause ear infections and growing addiction of smoking will expand the otic drugs market. Additionally, growing incidence of viral infections and increasing number of government initiatives to spread awareness are estimated to enhance the market’s growth rate.
Opportunities
- Increase in the number of research and development activities
The otic drugs market’s growth is fueled by an increase in the number of research and development activities. This will provide beneficial opportunities for the otic drugs market growth. For instance, Sandoz Inc. introduced Ciprofloxacin 0.3 percent + Dexamethasone 0.1 percent otic solution 7.5mL ear drops in the United States in August 2020 to treat bacterial infections in the middle ear outer ear canal. As a result, product releases like these may positively impact market growth over the predicted period. Smith+Nephew will introduce the first commercial procedure of the Tula System, an in-office option for the installation of tympanostomy tubes in patients with ear infections, in May 2020, bolstering the market.
Moreover, an increase in the number of emerging markets and new product launches will further provide beneficial opportunities for the otic drugs market growth during the forecast period.
Global Otic Drugs Market Scope
The otic drugs market is segmented on the basis of type, indication, drug class, route of administration, end-users and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Acute Otitis Media
- Otitis Media with Effusion
- Chronic Otitis Media with Effusion
Indication
- Otitis
- Middle Ear Infections
- Others
Drug Class
- Cerumenolytics
- Otic Anesthetics
- Otic Anti-Infectives
- Otic Steroids
- Others
Route of Administration
- Oral
- Topical
- Others
End-Users
- Hospitals
- Specialty Clinics
- Homecare
- Others
Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
- Others
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Otic Drugs Market Regional Analysis/Insights
The otic drugs market is analysed and market size insights and trends are provided by country, type, type, indication, drug class, route of administration, end-users and distribution channel as referenced above. The countries covered in the otic drugs market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
North America dominates the otic drugs market because of the presence of key manufacturers of the novel technology and rising healthcare expenditure in this region. Additionally, high research and development expenditure and the presence of skilled professionals will further propel the market’s growth rate in this region. Asia-Pacific is expected to grow during the forecast period due to the increasing prevalence of ear infections and rising healthcare expenditure. Also, the growing number of generic drugs will further cushion the market’s growth rate in this region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Otic Drugs Market Share Analysis
The otic drugs market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to otic drugs market.
Some of the major players operating in the otic drugs market are:
- Eli Lilly and Company (U.S.)
- AstraZeneca (U.K.)
- Novartis AG (Switzerland)
- Johnson & Johnson Private Limited (U.S.)
- Teva Pharmaceutical Industries Ltd. (Ireland)
- Merck & Co., Inc. (U.S.)
- Allergan (Ireland)
- Bausch Health Companies Inc. (Canada)
- Abbott (U.S.)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Pfizer Inc. (U.S.)
- GlaxoSmithKline plc (U.K.)
- Sanofi (France)
- Merck KGaA (Germany)
- Dr. Reddy’s Laboratories Ltd. (India)
- Zydus Cadila (India)
- Sun Pharmaceutical Industries Ltd. (India)
- Aurobindo Pharma (India)
- Lupin (India)
- Hikma Pharmaceuticals PLC (U.K.)
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