The global optic neuropathy management market is anticipated to achieve significant growth, expected to expand from US$ 4.3 billion in 2023 to US$ 7 billion by 2033, progressing at a compound annual growth rate (CAGR) of 5%. This marks a notable increase from the 3.2% CAGR observed from 2018 to 2022.
Optic neuropathy, a debilitating condition that can result from various causes including diabetes, multiple sclerosis, glaucoma, trauma, infection, and genetic factors, is witnessing a surge in prevalence. This increase is closely linked to the rising incidence of these underlying health conditions, particularly in the aging global population. The expanding demographic of older individuals is a key driver of demand for innovative and effective optic neuropathy treatments.
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Recent advancements in medical technology and research are also catalyzing market growth. Breakthroughs in gene therapy, stem cell therapy, and the development of neuroprotective agents are paving the way for new treatment avenues, potentially revolutionizing outcomes for patients suffering from optic neuropathy.
In addition to technological advancements, there is an increasing level of awareness and understanding of optic neuropathy among healthcare providers and the general public. This heightened awareness is contributing to higher diagnosis rates and more effective management of the condition, thereby improving patient outcomes.
As the market continues to evolve, stakeholders in the healthcare sector, including healthcare providers, researchers, and pharmaceutical companies, are expected to benefit from the growing opportunities in the development and application of new diagnostic tools and treatment modalities.
Key Takeaways from the Market Study:
- From 2018 to 2022, the optic neuropathy management market grew at a CAGR of 3.2%.
- The global optic neuropathy management market is expected to grow with a 5% CAGR from 2023 to 2033.
- As of 2033, the optic neuropathy management market is expected to reach US$ 7 Billion.
- According to the FMI analysis, the hospital pharmacies segment accounts for the largest market share.
- North America is expected to possess a 40% market share with respect to optic neuropathy management
- East & South Asia to collectively account for 1/5th of all optic neuropathy management procedures
“A series of international level collaborations involving healthcare stakeholders across various institutional settings are fuelling further clinical trials and research studies dedicated to discovering optic neuropathy management,” says an FMI analyst
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Market Competition:
Key players in the market include companies such as Competition Deep Dive, AbbVie Inc., Eli Lily Company, GlaxoSmithKline, Pfizer Inc., Teva Pharmaceuticals, Bausch Health Companies Inc., F. Hoffmann-La Roche AG, Bayer AG, Sanofi A.S., Bristol-Myers Squibb and Company, along with healthcare providers and technology companies among other global players.
- In March 2023, Horizon Therapeutics plc released the findings of a study analyzing the real-world use of teprotumumab-trbw (Tepezza, Horizon Therapeutics) in treating Thyroid Eye Disease (TED) patients with dysthyroid optic neuropathy (DON).
- The study included a majority of patients who had previously not responded to other treatments. DON is a complication of TED that can result in vision loss due to the impairment of visual function caused by thyroid-related optic nerve compression. Teprotumumab-trbw is the only FDA-approved medication for treating TED, which is a rare autoimmune disease that is serious, progressive, and potentially vision-threatening.
Key Segments Profiled in the Optic Neuropathy Management Industry Survey:
Drug Class:
- Corticosteroids
- Antimetabolites
- Anticoagulants
- Serotonin and Norepinephrine Reuptake Inhibitors
- Nonsteroidal Anti-Inflammatory Drugs
Route of Administration:
- Oral
- Injectable
Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Drug Stores
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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