Peracetic Acid Market
The U.S. has the largest peracetic acid market share with over 39% of total sales in 2021. According to American Academy of Ophthalmology, an estimated 6.3 million individuals are living with glaucoma in the United States. This is nearly one and half times more than those diagnosed with diabetes.
Glaucoma occurs due to abnormal amounts of pressure inside the eye or between the retina and the optic nerve (Nordin, 2015).
Market Dynamics
The global peracetic acid market consists of three main categories. These include therapeutic categories, food category, and non-food category. In the first four groups, there are several types of products.
However, it would be unfair to categorize these as distinct brands because some manufacturers focus only on certain products in each group. There are many companies involved in the manufacturing of therapeutic products.
Many companies focus mainly on producing such products as anti-inflammatory ingredients, antioxidants, skin care, moisturizers, enzyme catalase inhibitors, and others. Food category includes different kinds of ocular creams. Such ingredients may also be used for topical applications.
These components are mostly concentrated on eye health such as retinal lubrication, artificial tears, serum and ophthalmic supplements. Non-food category includes nutritional drinks and dietary supplements. They have various functions such as improving liver function, protecting against heart diseases, promoting hair growth.
Moreover, they have potential anti-aging properties (Hudson & Weisburd, 2018)
Top Players:
The list below provides information about prominent players operating in the industry. Some of them include Amyris Plc; Bausch Health Companies Inc.; Bayer AG; Coopervision Group Ltd.; Fuhn Shandong Pharmaceutical, Inc; Flutterfly Pharma GmbH; Novartis AG; Sun Pharmaceutical Industries Ltd.; Teijin Limited; Takeda Pharmaceutical Company Ltd.; Unilever plc ; and ViiV Healthcare International Ltd.
Some companies produce allergen free versions of their product. Others manufacture them under different names for their promotional purposes. For instance, Glutarix is produced under its brand name. Another example would be Imvanex BioTherapeutics Ltd. or Surgical Vision Limited.
These companies are well known and trusted by customers as well as other pharmaceuticals. A number of new entrants are emerging every year to compete with established firms. Thus, it will be difficult for the existing companies to sustain themselves in the market.
Other factors such as technological advancements and rising consumer awareness are forcing incumbents to develop effective strategies to remain competitive. New products that meet customer preferences will continue penetrating into the markets, especially among developing countries.
Besides this, increasing research activities and growing usage of modern technologies have created lucrative opportunities for players across regional boundaries particularly in Asia Pacific and LATAM regions. To understand the present competitive strength of the industry, Porter’s 5 Forces Analysis is helpful. The analysis illustrates five forces that affect the business environment of the industry.
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