New York, United States, Nov. 23, 2023 (GLOBE NEWSWIRE) -- The Global Glaucoma Treatment Market Size is to grow from USD 6.4 Billion in 2022 to USD 10.5 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.0% during the forecast period.
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The progressive optic neuropathies known as glaucoma are defined by changes in the optical nerve head brought on by the degradation of the retinal nerve fiber layers and retinal ganglion cells. High intraocular pressure (IOP) is the greatest risk factor since it might damage the optic nerve. If this component is continually damaged, it could lead to blindness, irreversible vision field anomalies, and visual impairment. Glaucoma is the main cause of blindness that is permanent over the world. Risk factors include age, frailty, myopia, family history, genetics, smoking, systemic hypotension, systemic hypertension, obstructive sleep apnea syndrome, migraine, steroid use, and increased IOP. Consumer interest in the market for glaucoma treatments will rise as a result of these factors.
Glaucoma's increasing prevalence has a direct impact on the need for glaucoma medications. The industry is likely to expand as more people with glaucoma seek out alternative therapies. This covers a range of glaucoma pharmaceutical treatments, surgeries, and medical gear. According to the World Health Organization (WHO), glaucoma affects 78 million people globally. It is projected that the number would rise significantly due to the aging population and the development of risk conditions like diabetes and hypertension. Older people are more likely to get glaucoma, in part due to their increased use of technology like computers and cell phones. Furthermore, the glaucoma drug approval process is rigorous, and on occasion it may be necessary to withdraw or reject a product from the market because of concerns about safety as well as for a number of other reasons, including bioavailability, drug performance, efficacy, PH characteristics, and toxicity.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the “Global Glaucoma Treatment Market, By Disease Type (Open Angle Glaucoma and Angle Closure Glaucoma), By Drug Class (Prostaglandin Analogs, Beta Blockers, Adrenergic Agonists, Carbonic Anhydrase Inhibitors), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, & Online Pharmacy), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022– 2032.”
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The open angle glaucoma segment is dominating the largest market share during the forecast period.
The global market for glaucoma treatments is divided into many divisions based on the type of disease, including open angle glaucoma and angle closure glaucoma. Among them, the open angle glaucoma category is anticipated to have the most potential for growth over the projection period. Due of open angle glaucoma's high prevalence worldwide, the market has been expanding. As an illustration, according to the British Journal of Ophthalmology, POAG is the most prevalent form of glaucoma in the UK, affecting 2% of those over the age of 40 and 10% of those over the age of 75. In addition, the widespread use of hypotensive eye medications to lower intraocular pressure is a factor in the segmental growth overall.
The prostaglandin analogs segment is influencing the market with the largest market share during the forecast period.
The global market for treating glaucoma is divided into many sectors based on the drug class, including prostaglandin analogs, beta blockers, adrenergic agonists, and carbonic anhydrase inhibitors. Due to the growing accessibility and availability of ophthalmic drugs around the world, the prostaglandin analogs category is dominating the market with the biggest revenue share over the projection period. Due to the increased usage of prostaglandin analogs, which have a lot of benefits including once-daily dosing effectiveness, to treat glaucoma and lower intraocular pressure, segmental demand will rise. Due to the increased demand for prostaglandin drugs used in combination therapy, there are also anticipated to be considerable prospective chances in the market.
The hospital pharmacy segment is dominating the largest market share during the forecast period.
The global market for glaucoma treatments is segmented based on the distribution method into several categories, including hospital pharmacies, retail pharmacies, and online pharmacies. Because it offers glaucoma drugs through pharmacies based within hospitals or other healthcare facilities, the hospital pharmacy segment is leading the market with the biggest revenue share over the forecast period. Patients who are having treatment for glaucoma as inpatients or outpatients can get their medications from the hospital pharmacy. Hospital pharmacists make sure that glaucoma drugs are accessible for patients seeking treatment in a hospital setting. Throughout their hospital stay, glaucoma patients rely on these pharmacies for rapid access to their prescriptions.
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North America led the market with the largest market share over the forecast period
Asia Pacific is expected to lead substantial market expansion during the forecast period due to its excellent hospital diagnosis and treatment foundation. As the illness progressively worsens, accurate diagnostic procedures allow for early identification. An increase in the number of FDA approvals and drug launches for the therapy is fueling the region's growth. The US will likely constitute the greatest market due to increased incidence and improving healthcare infrastructure.
Europe is predicted to experience strong revenue market growth throughout the forecast period due to the good reimbursement environment in Europe has increased the demand for glaucoma therapies. Glaucoma medications are now available to UK residents through the National Health Service (NHS), who has a list of authorized, subsidized therapeutic goods. Germany is the country with the biggest market share in Europe.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Glaucoma Treatment Market include Merck & Co. Inc., Novartis AG, AERIE Pharmaceuticals, Inc., Akorn Operating Company LLC, Cipla Inc., AbbVie, Bausch & Lomb Incorporated, Inotek Pharmaceuticals, Pfizer Inc., Teva Pharmaceutical Industries Ltd., Santen Pharmaceutical Co., Ltd. and Others.
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Recent Development
- In February 2022, CircumFix Solutions, a Tennessee-based firm that created a sternal closure device to enhance patient recovery following open chest surgery, has received financing from Evonik Venture Capital, according to a press release. A polyetheretherketone (PEEK) of implant-grade quality from Evonik was employed in the device for better outcomes.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Glaucoma Treatment Market based on the below-mentioned segments:
Global Glaucoma Treatment Market, By Disease Type
- Open Angle Glaucoma
- Angle Closure Glaucoma
Global Glaucoma Treatment Market, By Drug Class
- Prostaglandin Analogs
- Beta Blockers
- Adrenergic Agonists
- Carbonic Anhydrase Inhibitors
Global Glaucoma Treatment Market, By Distribution Channel
- Hospital pharmacy
- Retail pharmacy
- Online Pharmacy
Glaucoma Treatment Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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