The global neurotrophic keratitis treatment market is expected to achieve a valuation of USD 5 billion in 2023 and is projected to grow significantly at a compound annual growth rate (CAGR) of 7.17% until 2033, reaching approximately USD 10 billion.
This growth can be attributed to the rising incidence of neurotrophic keratitis, a debilitating condition characterized by a loss of corneal sensation, which can lead to serious complications if left untreated. As awareness of this condition increases and more effective therapies are developed, the demand for neurotrophic keratitis treatments is anticipated to rise.
The expansion of this market presents substantial opportunities for pharmaceutical companies, healthcare providers, and researchers focused on advancing treatment options and improving patient outcomes in eye care. As innovation continues to shape the landscape of neurotrophic keratitis management, the market is poised for significant growth over the next decade.
Strategic collaborations and licensing deals among the major players for the development of therapeutics, emerging new markets, and the launch of new products and personal disposable income are some other indirect determinants that will create lucrative market growth opportunities.
However, the non-favorable reimbursement scenarios the developing and underdeveloped economies will pose a major challenge to market growth. Treatment of this disease results in either altering the eye or its functioning or this will further challenge the market growth rate. High expenses associated with the chronic use of topical eye gels, and drops will further derail the market growth rate.
Out-of-pocket expenses associated with chronic use of topical eye gels and drops and challenges with autologous serum drops production affect the treatment approach and sequence as well as access to treatment of neurotrophic keratitis thus restraining the growth of the global neurotrophic keratitis treatment market.
Prominent Growth Drivers Influencing Neurotrophic Keratitis Treatment Market
The growing prevalence of neurotrophic keratitis and product development propelling the growth of the market
The increase in the prevalence of neurotrophic keratitis and product innovation are predicted to propel the expansion of the neurotrophic keratitis treatment market.
Scientists have also found the average worldwide prevalence of neurotrophic keratitis to be around one million cases with 8% to 11% losing their eye based on the article ‘Global Epidemiology of Fungal Keratitis and its Outcomes’.
Rise in the infection of the Keratitis
According to the New York Eye and Ear Infirmary, keratitis results from an infection and is considered to be among the leading causes of preventable blindness across the world where the incidence of the disease is quite high in developing countries estimated at 500,000 per year.
What could be the Challenges for the Neurotrophic Keratitis Treatment Market?
Poor reimbursement scenarios and high costs hamper the growth market
Non-favorable reimbursement scenarios in emerging and underdeveloped economies, on the other hand, pose a significant threat to the growth of the industry.
Treatments for this ailment thus alter the eye or its operation or increases the rate of market expansion, where the high costs incurred with the prolonged usage of topical eye gels and drops might further lead to deter the overall growth.
How Competitive is the Market for neurotrophic keratitis market treatment?
Some of the prominent players in the global market are
- Dompé Farmaceutici
- Allergan
- Bausch Health Companies Inc.
- CONTACARE
- OHTO Pharmaceutical Co., Ltd.
- Pfizer, Inc.
- Neuroptika
- Santen Pharmaceutical Co., Ltd.
- Johnson & Johnson
- Grand Pharma Co., Ltd.
- Zhejiang CONBA Pharmaceutical Co., Ltd.
Some of the important developments of the key players in the market are
- In May 2017, Santen Pharmaceutical Co., Ltd., and Singapore Eye Research Institute announced a strategic, five-year extended collaboration designed to develop new technologies for unmet medical needs in key ophthalmology domains.
- In August 2016, Allergen plc agreed to acquire ForSight VISIONS, a privately held, clinical-stage biotechnology company focused on eye care, for a US$ 95 million upfront payment
Key Companies Profiled
Dompé Farmaceutici; Allergan; Bausch Health Companies Inc.; CONTACARE; OHTO Pharmaceutical Co., Ltd. Pfizer, Inc.; Neuroptika; Santen Pharmaceutical Co., Ltd.; Johnson & Johnson; Grand Pharma Co., Ltd.; Zhejiang CONBA Pharmaceutical Co., Ltd.
Key Segments Profiled in the Neurotrophic Keratitis Market Treatment Report
By Treatment Type:
- Drugs
- Artificial Tear
- Recombinant Human Nerve Growth Factor Eye Drop
- Antibiotics
- Bandage Contact Lenses
- Surgical Intervention
- Tarsorrhophy
- Amniotic Membrane Transplantation
By Application:
- Stage I
- Stage II
- Stage III
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube