According to Future Market Insights (FMI), the glaucoma treatment market is forecasted to reach a net worth of US$ 7.6 Bn in 2032 from US$ 5.5 Bn in 2021 by registering a moderate CAGR of 3%.
With the increasing proportion of the geriatric population in different geographic regions, glaucoma has emerged as a prevalent ailment.
Though there are some instances of successful glaucoma treatment in homeopathy, drugs and surgery are the prominent methods adopted by healthcare institutes. The requirement for various combinations of drugs has provided the necessary traction for the growth of the global glaucoma treatment market in recent years.
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During the Covid-19 pandemic years, the global glaucoma treatment market experienced a slowdown in market expansion and revenue generation, giving some way for a natural cure for glaucoma available in the locality. However, with the subsidence of Covid-19 cases, non-emergency medical services are pacing up with sufficient opportunities for growth of the glaucoma treatment market.
Higher demand for advanced surgical procedures supported by superior drug combinations for glaucoma remedies will propel the market growth for glaucoma treatment in the Asia Pacific, Latin America and the Middle East and Africa (MEA) countries during the forecast years.
“The growing concern for the maintenance of eye health has increased demand for glaucoma and eye pressure treatment services worldwide. This increase in demand is fuelling the further technological advancements for the best treatment for glaucoma, opening up new opportunities for glaucoma treatment market expansion.”—opines an FMI analyst.
Key Takeaways
- The global glaucoma treatment market is poised to reach a value of US$ 6.86 Bn by 2028.
- POAG or primary open-angle Glaucoma Segment will be the dominant service providing holistic treatment for glaucoma, withholding a net worth of more than US$ 4.5 Bn alone in 2021.
- For drugs available for treatment for glaucoma and cataracts, the pharmacy segment will experience the highest growth rate than the other distribution channels by recording a CAGR of 3.3%.
- Among all the types of drug classes for glaucoma remedies, the prostaglandin analogs segment held a significant share of the global glaucoma treatment market by more than 30% in 2021.
- The growth prospects of North America in the glaucoma treatment market are more than the global average at nearly 3.4%.
- Europe will experience more moderate growth in the glaucoma treatment market with a CAGR of about 2.7% during the forecast period.
Competitive Landscape
Major global glaucoma treatment market players include Cilla Inc., Akorn Operating Company LLC, Abb Vie, Bausch & Lomb Incorporated, Inotek Pharmaceuticals, Merck & Co., Inc., Novartis AG, Pfizer Inc., and Santen Pharmaceutical Co., Ltd.
Most of the major players are more focused on investing in research and testing for the development of new drug combinations for providing better options than natural remedies for glaucoma.
Analogs and eye drops for glaucoma are some of the major products for glaucoma drug manufacturers generating the highest revenue from the market. Following the strict regulations set by healthcare sectors in different parts of the world can hamper the pace of business expansion of most of the players operating in the glaucoma treatment market.
- Teva Pharmaceuticals strengthened its product portfolio by launching a generic version of AZOPT in March 2021. It was the first of its kind generic version of AZOPT (Brinzolamide Ophthalmic Suspension) 1% reducing the glaucoma treatment costin the United States.
- Aerie Pharmaceuticals, Inc. and Santen Pharmaceutical Co., Ltd collaborated in December 2021 for commercializing their newly developed product Rhopressa/Rhokiinsa and Rocklatan/Roclanda in the Asia Pacific and Latin America countries. This business expansion of two major players will provide more glaucoma treatment options for the citizens of Latin America and Asia Pacific regions, particularly in China, India and Oceania.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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