Glaucoma therapeutics market is projected to reach US$ 6.6 Bn in 2021. The market is expected to grow at a rate of 1.5x over the next decade, reaching US$ 10 Bn by 2031. The demand for beta-blockers drug class is expected to increase, with a CAGR of 4.7% from 2021-2031.
The global glaucoma therapeutics market is witnessing significant growth as the prevalence of glaucoma, a chronic eye condition that can lead to irreversible blindness, continues to rise. Glaucoma is characterized by increased intraocular pressure (IOP), which damages the optic nerve over time. This condition is often asymptomatic in its early stages, making regular screening and early intervention crucial. The glaucoma therapeutics market encompasses a range of medications, surgical procedures, and devices designed to manage and treat this condition.
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Market Opportunity:
The glaucoma therapeutics market presents a substantial growth opportunity due to several factors. Firstly, the aging population is a significant driver, as glaucoma becomes more prevalent with age. Additionally, increasing awareness about eye health, technological advancements in diagnosis and treatment, and expanding access to healthcare in emerging economies contribute to the market's growth. Moreover, the rising adoption of combination therapies and minimally invasive surgical procedures is opening new avenues for market expansion.
Market Challenges:
Despite the promising growth prospects, the glaucoma therapeutics market faces several challenges. One major obstacle is the underdiagnosis and undertreatment of glaucoma, especially in developing regions, where access to healthcare resources may be limited. Additionally, patient adherence to treatment regimens, which often involve daily eye drops, can be poor, impacting treatment efficacy. The high cost of some glaucoma medications and surgical procedures may also limit access to care for some patients.
Key Players:
- Allergan Plc.
- Merck & Co. Inc.
- Novartis AG
- Pfizer Inc.
- Santen Pharmaceuticals Co. Ltd.
- Valeant Pharmaceuticals Inc.
- Aerie Pharmaceuticals Inc.
Competitive Landscape:
Strategic collaborations between manufacturers have proven to be instrumental in boosting production capacity and meeting the ever-growing demands of consumers. This, in turn, leads to a significant increase in revenue and market share. Moreover, the introduction of innovative products and cutting-edge technologies not only caters to the needs of end-users but also ensures that these products are environmentally friendly.
In a noteworthy development, the U.S Food & Drug Administration granted approval to Allergan Plc.'s DURYSTATM (bimatoprost implant) New Drug Application in May 2020. This groundbreaking drug represents one of the first intracameral, sustained-release implants designed to effectively reduce intraocular pressure (IOP) in patients suffering from open-angle glaucoma or ocular hypertension.
Furthermore, in a commendable move, Novartis AG has made a commitment to collaborate with partners worldwide to combat preventable visual impairment and blindness. By reimagining access to eye care, the company aims to make a significant impact in eliminating these conditions. As part of this initiative, Novartis AG has joined forces with the International Agency for the Prevention of Blindness during the World Sight Day to launch the impactful #LoveYourEyes campaign.
Key Segments Covered
- Drug Class
- Prostaglandins
- Beta Blockers
- Alpha Agonists
- Carbonic Anhydrase Inhibitors
- Combination Medications
- Cholinergic Medications
- End User
- Hospitals
- Ophthalmic Clinics
- Ambulatory Surgical Centers
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