The global optic atrophy management market is poised for significant growth, with a projected valuation of USD 8 billion in 2023 and an anticipated compound annual growth rate (CAGR) of 4.9% from 2023 to 2033. By the end of this forecast period, the market is expected to reach a remarkable USD 15.63 billion.
Recent advancements in gene replacement therapy have demonstrated a satisfactory safety profile, though medicinal outcomes have shown poor durability. Encouraging research findings and a deeper understanding of the pathophysiology of neuropathies are expected to facilitate the development of viable strategies for vision preservation. This progress is predicted to significantly boost the optic atrophy management market.
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The progression of optic atrophy is incremental, and its impact is profound. According to a report by Bookinghealth.com, optic atrophy leads to irreversible blindness in 21% of cases and disability in 68% of cases. Globally, approximately 1 in 35,000 individuals suffer from optic atrophy type 1. In Denmark, this condition is more prevalent, affecting about 1 in 10,000 people, as reported by the Optography Organization.
The rising incidence of optic nerve atrophy is a primary driver of market growth. Increased healthcare spending, advancements in medical technology, and heightened awareness activities by individuals and organizations are significant factors contributing to market expansion. Furthermore, increased federal funding, a growing geriatric population, and a heightened demand for effective therapies are expected to boost the market’s growth rate. Additionally, rising disposable incomes and increasing incidences of diabetes, glaucoma, and brain tumors will further stimulate the development of the optic nerve atrophy treatment market.
The global amebicide drugs segment is also experiencing growth due to the increasing prevalence of parasitic infections worldwide. The rising number of individuals afflicted by amebic infections and the high cost of new drugs are expected to dramatically boost this market in the coming years. The hospital pharmacies segment, under the distribution channel category, held the largest market share in 2021 and is projected to register the highest CAGR from 2023 to 2033.
Key Takeaways from the Market Study:
- From 2018 to 2022, sales increased significantly at a CAGR of 3%.
- In the United States, the yearly incidence of optic neuritis is associated with 5/1,000,000, with an estimated incidence of 115/1,000,000.
- With a profit share of more than 64.9% in 2022, the retail pharmacy segment dominated the industry.
- The global optic atrophy management market is expected to be worth USD 8 billion by 2023 end.
“Companies that offer drugs for the treatment of optic atrophy hope to lessen precorneal drug loss and boost drug delivery to the anterior cells by using improved drug formulations. Mucoadhesive formulas are being incorporated into the development of new drugs in the goal of increasing ocular penetration.” says FMI’s analyst
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Key Market Players:
Key players in the Optic Atrophy Management market are AbbVie Inc., Eli Lily Company, GlaxoSmithKline, Pfizer Inc., Teva Pharmaceuticals, F. Hoffmann-La Roche AG, Bayer AG, Sanofi A.S., Bristol-Myers Squibb and Company, Bausch Health Companies Inc. Some of the latest developments by key players are below
- In May 2022, Pfizer agreed to acquire Biohaven Pharmaceutical Holding Company, a clinical-stage biotechnology company. Given the company’s size and capabilities, including performed field force involvement with Primary Healthcare Physicians, professionals, and health systems supplying the right data at the right time, Pfizer would be uniquely positioned to help the portfolio reach its full potential through this acquisition.
- In July 2021, Pfizer announced a collaboration with AbbVie, an American publicly traded Biopharmaceutical Corporation. Pfizer would evaluate how medical application data at this massive scale is best utilized through the acquisition on a regular basis, with the goal of speeding up the path from genetic discoveries to new therapeutics.
Key Segments Profiled in the Optic Atrophy Management Market Survey:
By Drug Type:
- Disulfiram
- Amebicides
- Ethambutol
- Isoniazid
- Chloramphenicol
- Vincristine
- Ciclosporin
- Cimetidine
By Route of Administration:
- Oral
- Injectable
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
By Region:
- North America
- Europe
- East Asia
- South Asia
- Oceania
- Latin America
- Middle East and Africa (MEA)
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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