NEW YORK, Nov. 12, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the global Glaucoma Therapeutics Market is experiencing significant growth owing to the surging incidence of glaucoma. The report runs an in-depth analysis of market trends, key players, and future opportunities. The glaucoma therapeutics market is analyzed on the basis of drug type, indication, and distribution channel.
The report from The Insight Partners provides several stakeholders-including manufacturers, physicians and other end users-with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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Overview of Report Findings
- Market Growth: The global glaucoma therapeutics market is expected to reach a value of US$ 8,020.0 million by 2031 from US$ 6,240.0 million in 2023; it is expected to record a CAGR of 3.20% during the forecast period. Glaucoma is a chronic and progressive condition of the eyes, usually caused by damage to the optic nerve, resulting in loss of visual field. An increase in intraocular pressure in the eye is one of the significant risk factors for this condition. The failure of the drainage system of the eye results in fluid build-up, resulting in overpressure that damages the optic nerve.
- Increasing Incidence of Glaucoma: The growing incidence of glaucoma propels the growth of the global glaucoma therapeutics market. Family history, physical eye injuries, increased intraocular pressure, aging, acute eye infection, etc., are the common risk factors for glaucoma. The population of elderly individuals is on the rise in developed economies due to the increased life expectancy in these nations. According to Glaucoma Research Foundation, in 2023, approximately there were 80 million people with glaucoma globally.
This demographic shift calls for more significant management and treatment options, thus compelling pharmaceutical companies to invest more in the development of novel therapeutic agents, devices, and so on. - Significant Focus on Research and Development: Investments in the R&D related to glaucoma treatment fuel the glaucoma therapeutics market growth. As the knowledge base on the pathophysiology of glaucoma continues to evolve, researchers are focusing on new treatment areas, going beyond traditional therapies. These efforts include developing new pharmacological agents, such as neuroprotective drugs and sustained-release formulations, to enhance patient compliance and therapeutic efficacy. This reflects a high level of commitment to improving care for glaucoma. Moreover, pharmaceutical companies, academic institutions, and regulatory agencies are creating conducive environments to encourage innovation to allow the sharing of knowledge and resources, thereby speeding the emergence of new treatment methods. The introduction of new products in the market results in better outcomes for patients and encourages beneficial competition among medical and drug companies. These aspects collectively underline the role of R&D in the future of the glaucoma therapeutics market.
- Geographic Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific, respectively. Further, Asia Pacific is expected to record the highest CAGR during the forecast period.
Read full market research report, "Glaucoma Therapeutics Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Drug Class (Beta Blockers, Alpha Adrenergic Agonists, Prostaglandins Analogues, Carbonic Anhydrase Inhibitors, Combination Drugs, and Others), Indication (Open Angle Glaucoma, Angle Closure Glaucoma, and Others), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy), and Geography", published by The Insight Partners.
Market Segmentation
- Based on drug class, the glaucoma therapeutics market is segmented into beta blockers, alpha-adrenergic agonists, prostaglandins analogs, carbonic anhydrase inhibitors, combination drugs, and others. The beta blockers segment held the largest share of the market in 2023.
- In terms of indication, the glaucoma therapeutics market is segmented into open-angle glaucoma, angle closure glaucoma, and others. The open-angle glaucoma segment led the market in 2023.
- By distribution channel, the glaucoma therapeutics market is segmented into hospital pharmacy, retail pharmacy, and online pharmacy. In 2023, the hospital pharmacy segment dominated the market with the largest share.
- The glaucoma therapeutics market is segmented into five major regions: North America, Europe, APAC, the Middle East & Africa, and South & Central America.
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Competitive Strategy and Development
- Key Players: A few of the major companies operating in the glaucoma therapeutics market include Alcon AG, AbbVie Inc, Bausch Lomb Inc, Fera Pharmaceuticals LLC, Viatris Inc, Novartis AG, Sun Pharmaceutical Industries Ltd, Teva Pharmaceutical Industries Ltd, Thea Pharma Inc, and Santen Pharmaceutical Co Ltd.
- Trending Topics: Beta blockers, alpha-adrenergic agonists, prostaglandins analogs, carbonic anhydrase inhibitors, open-angle glaucoma, and angle closure glaucoma
Global Headlines on Glaucoma Therapeutics Market
- Ripple Therapeutics Announces Collaboration and Option-to-License Agreement with AbbVie to Develop Next-Generation Therapies for Glaucoma Management
- Glaukos Announces FDA Approval of iDoseTR (Travoprost Intracameral Implant)
- Alcon Completes Acquisition of BELKIN Vision, Expanding Glaucoma Portfolio with Direct Selective Laser Trabeculoplasty (DSLT) Device
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Conclusion
The increased prevalence of glaucoma, and significant focus on research and development are driving the growth of the glaucoma therapeutics market. An upsurge in the cases of glaucoma with population aging, and rising awareness of the importance of early diagnosis and treatment are fueling the demand for these therapeutics. The market has benefited from the development of innovative therapies such as new drug formulations and delivery systems that enhance patient compliance and therapeutic efficacy. The neuroprotective agents and combinations are likely to diversify treatment options in the glaucoma therapeutics market in the coming years. Major players in the market are investing in R&D and strategic partnerships with an aim to accelerate the development of new therapeutics. Simultaneously, growing interest in personalized and tailor-made approaches toward treatment will also favor the market progress. Thus, the glaucoma therapeutics market is well-positioned on a promising growth trajectory with a robust pipeline of products and the market players' intent to provide improved patient care solutions.
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