Wilmington, Delaware, United States, Dec. 15, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global glaucoma therapeutics market was projected to attain US$ 8.3 billion in 2022. It is anticipated to garner a 5.5% CAGR from 2023 to 2031 and by 2031, the market is likely to attain US$ 13.5 billion by 2031.
Increases in glaucoma cases, which are a major cause of permanent blindness, are driving the global market for glaucoma therapeutics. Aging populations and increased awareness and early diagnosis support market expansion. Demand is also fueled by new treatment alternatives such prostaglandin analogs, combination medicines, as well as technological developments in diagnostic technologies.
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Current research and development endeavors concentrate on innovative medications and distribution methods, promoting market growth. The market is still being driven by the search for efficient ways to control intraocular pressure, which is a major component in the development of glaucoma.
Key Findings of Market Report
- It is common for diabetics to get glaucoma. Glaucoma risk can be raised by diabetic retinopathy, the most prevalent kind of diabetic eye disease and a consequence of diabetes.
- In the United States, diabetes affects around 29 million individuals. The small blood vessels in the retina are harmed by retinopathy.
- About 7.7 million Americans who are 40 years of age or older are impacted by it.
- The National Diabetes Statistics Report for 2022 from the Centers for Disease Control states that 37.3 million Americans have diabetes.
- Providers in the global therapeutics market are carrying out carefully planned and exacting clinical studies to prove the security and effectiveness of their medications.
Market Trends for Glaucoma Therapeutics
- In 2022, the hospital end-user category accounted for the majority of share. Since therapy at hospitals is less expensive than at specialist clinics, a considerable portion of the public prefers to receive treatment there first. Hospitals provide sophisticated diagnostic equipment and methods for tracking intraocular pressure and other glaucoma-related factors. This aids in the efficient and focused therapy of the disease.
- Current glaucoma drugs work by increasing the outflow of aqueous humor, which lowers intraocular pressure. A more recent type of drug called netarsudil lowers intraocular pressure and increases aqueous fluid outflow. The United States Food and Drug Administration granted Alembic Pharmaceuticals final clearance in March 2023 for its shortened new drug application for Brimonidine Tartrate Ophthalmic Solution, 0.15%.
- Patients with open-angle glaucoma or ocular hypertension may benefit from using this medication to lower their excessive intraocular pressure.
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Global Market for Glaucoma Therapeutics: Regional Outlook
Various reasons are propelling the growth of the glaucoma therapeutics market throughout the region. These are:
- In 2022, North America held the majority of the share, with Europe following closely behind. The regional market dynamics are being driven by a growth in glaucoma awareness and an aging population. The Glaucoma Research Foundation estimates that three million Americans suffer from glaucoma. Glaucoma in older persons is six times more common beyond the age of 60. The prevalence of a well-established healthcare infrastructure and the availability of reimbursements are contributing to the increased demand for glaucoma therapies in North America.
- Asia Pacific market is anticipated to grow at a rapid rate of growth throughout the projection period. The regional glaucoma treatments market statistics are driven by an increase in the prevalence of glaucoma.
- In Jiangxi, China, a cross-sectional research titled "The Prevalence of Glaucoma and Its Related Factors in Rural Residents" found that 1.4% of the 5385 participants had glaucoma. Factors as such are anticipated to push the market during the forecast period.
Global Glaucoma Therapeutics Market: Key Players
To enhance their market position in glaucoma therapeutics and diversify their product offerings, significant businesses are making substantial investments in research and development. The following companies are well-known participants in the global glaucoma therapeutics market:
- AbbVie Inc.
- Merck & Co. Inc.
- Pfizer Inc.
- Novartis AG
- Santen Pharmaceutical Co. Ltd.
- Bausch Health Companies Inc.
- Alcon
Some key developments by the players in this market are:
| Company name | Key Developments |
| Stuart Therapeutics |
|
| Alcon |
|
Global Glaucoma Therapeutics Market Segmentation
Drug Class
- Prostaglandins
- Beta Blockers
- Alpha Agonists
- Carbonic Anhydrase Inhibitors
- Combination Medications
- Cholinergics
End User
- Hospitals
- Ophthalmic Clinics
- Ambulatory Surgical Centers
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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