Availability of Options to Treat Debilitating Eye Conditions Improves Scope for Glaucoma Treatment Market
Rise in prevalence of glaucoma disease and wide array of treatment and therapeutic interventions has boosted the growth of global glaucoma treatment market. Ever increasing geriatric population, increased life span and growing awareness regarding glaucoma has burgeoned the growth of glaucoma treatment market. Glaucoma is the second major cause of blindness globally after cataract in the U.S., which is the largest market for Glaucoma treatment market reported to have more than 2.7 million people being affected with Glaucoma. According to the social security benefits in the U.S., glaucoma treatment reported a cost of US$1.5 Bn annually to the U.S. Government which included healthcare expenditure and lost income on tax revenues.
According to National Library of Medicine (NIH) in 2020, it was estimated that approximately 76 million people worldwide were living with glaucoma and this number is expected to reach 111.8 million by 2040. The global glaucoma market was valued to be US$4.6 Bn in 2020 and is expected to reach US$7.2 Bn by 2028, surging ahead at a CAGR of 4.2% from 2020-2028.
There are mainly two types of glaucoma, open angle glaucoma, which accounts for 90% of all the glaucoma cases, and closed angle glaucoma. The open angle glaucoma is primarily caused due to clogging of the drainage canals of the eye thereby resulting in increased intraocular eye pressure. While the closed angle glaucoma is caused due to sudden blockage of the drainage canals resulting in sudden rise in intraocular pressure. There are other types of glaucoma such as congenital glaucoma and multiple variants of open and closed angle glaucoma’s such as pigmentary glaucoma, uveitis glaucoma, traumatic glaucoma, and others.
The treatment options for glaucoma includes medications, laser surgery or a surgical procedure. Eye drops and pills help to reduce the intra ocular hypertension (IOH) in glaucoma. Understanding the market needs many pharmaceutical manufacturers have entered this lucrative market and have launched numerous drugs such as beta blockers (betaxolol, timolol), alpha adrenergic agonists (apraclonidine and brimonidine), carbonic anhydrase (brinzolamide and dorzolamide), and combinations (timolol and dorzolamide, brimonidine and timolol, brimonidine and brinzolamide).
The major players in the therapeutic market include Novartis, AbbVie Inc., Bausch and Lomb, Pfizer. As many drugs have approached and passed the patent expiry threshold, numerous generic players have entered this lucrative market. Drug delivery ports technology have opened new avenues and have revived this market growth though currently not commercially available pipeline analysis shows developments such as intracameral.
Implants for drug delivery (by Ocular Therapeutics Inc.), Micro-Fluidic delivery system (Glaukos Corporation), and biodegradable drug delivery platforms, which is being developed by Re-Vana Therapeutics, incorporates a biopolymer for drug delivery. Companies in this market are not only focusing on treatment but also early diagnosis of glaucoma and eye care through use of artificial intelligence.
The surgical and other therapies segment for treatment of glaucoma include laser therapy, filtering surgery, drainage tube intervention, and minimally invasive surgery. In November 2021, Alcon announced acquisition of Ivantis Inc. and its hydra micro-stent for surgical glaucoma treatment and has thus fortified its ophthalmology portfolio in MIGS (minimally invasive glaucoma surgery) segment.
Rise In Geriatric Population Coupled With Growing Glaucoma Awareness to Drive Market Growth
Rise in ageing population has led to rise in demand for ophthalmic health. The prevalence of glaucoma reported was 0.9% in age group of 40-45 years whereas, the prevalence rate has been studied to increase to 3.5% in age group of 60-65 years. Thus, rise in ageing coupled with increase in longevity of life is expected to propel the demand for glaucoma drugs (eye drops and oral medications) and also for other treatments such as laser surgery and MIGS.
North America Dominates Market Currently; However Asia Pacific Expected to Register Higher Growth Rate
North America accounted for the largest share which is followed by Europe. Rise in number of patents, research publications coupled with investor funding, government support, reimbursements and presence of robust R&D infrastructure has helped North America to account for the largest market share in Global Glaucoma Treatment Market. Asia Pacific is expected to have the highest growth rate during the forecast period owing to rise in generic and biosimilar drugs and loss of patent exclusivity.
Competitive Landscape: Global Glaucoma Treatment Market
Strong pipeline drugs and existing market presence has flared the competition in glaucoma treatments market. Moreover, newer approaches such as introduction of AI for early diagnosis carves a niche segment for new entrants in this market. The major players of this market include AbbVie Inc., Bausch Health Companies Inc., Pfizer, Novartis and Aerie Pharmaceutical. Akron which used to be one of the leading players in this market recently announced its completion acquisition of branded glaucoma drugs to Thea Pharma Inc. in March 2022. The major players in interventional glaucoma market includes Lumenis, Novartis (Alcon Inc.), Glaukos Corporation and Santen Pharmaceuticals
Glaucoma Treatment Market is Segmented as Below:
By Drug Class
By Surgery Type
By Surgery Product Type
Key Elements Included In The Study: Global Glaucoma Treatment Market
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