Glaucoma Treatment Market size is set to surpass USD 7 billion by 2028, according to a new research report by Global Market Insights Inc.
Rising pool of geriatric population worldwide is one of the prominent factors offering enormous growth opportunities to the glaucoma treatment industry. Increasing aging population in numerous countries that are prone to systemic ocular hypertension, sleep apnea, migraine will enhance the glaucoma disease burden thereby, accelerating overall market growth. Also, older adults are more likely to develop glaucoma after age 60, thus increasing the demand for glaucoma treatment.
Furthermore, the glaucoma treatment market is expected to grow due to various development of advanced therapies for glaucoma. There has been a massive demand in the diagnostics and treatments due to rising awareness of glaucoma. The integration of advanced technologies in glaucoma treatment such as combination therapy, novel IOP-lowering medications, etc. will drive market expansion.
The COVID-19 pandemic showed slightly negative impact on the demand for glaucoma treatment market owing to sudden disruption in supply chain. Also, preventive lockdown in several economies also hampered the overall market. Healthcare facilities delayed elective procedures and treatments which resulted in the fall in follow-ups of glaucoma. However, amid pandemic, increasing awareness regarding teleophthalmology in developing countries is expected to propel overall market growth in forthcoming years.
Growing awareness campaigns regarding glaucoma will enhance the glaucoma treatment industry progression
Growing awareness initiatives regarding glaucoma and associated treatment across the globe in recent years will drive the market statistics in the upcoming timeline. For instance, the World Glaucoma Association (WGA) organized world glaucoma week in the month of March for glaucoma awareness and early screening, diagnosis and treatments for glaucoma disease. Additionally, several countries are participating in these awareness campaigns thereby stimulating patient awareness towards glaucoma treatment.
Moreover, market participants are involved in several awareness campaigns and surveys related to glaucoma. For instance, in February 2022, Bausch & Lomb collaborated with Glaucoma Research Foundation to conduct a survey for awareness of hyperemia and its social and emotional impact on the glaucoma patients. Such initiatives are expected to bolster the industry growth in upcoming years.
Rising number of patients with acute angle closure glaucoma will fuel the industry demand for glaucoma treatment
On the basis of disease type, the glaucoma treatment market is divided into open angle glaucoma, angle closure glaucoma, and others. The angle closure glaucoma segment accounted for more than USD 580 million revenue size in 2021. The segmental growth is attributed to growing incidence of angle closure glaucoma patients. For instance, as per the reports, in 2020, primary angle closure glaucoma affected more than 17 million individuals worldwide, with high disease burden especially in Asian countries. Also, increasing research and development activities for innovative drug development to fulfil demand of affordable medications in low-income economies will fortify the segment outlook.
High adoption of combination therapy will proliferate the industry expansion
On the basis of drug class, the glaucoma treatment market is divided into prostaglandin analogs, beta blockers, adrenergic agonists, carbonic anhydrase, and others. The beta blocker segment held more than 10% revenue share in 2021. Beta blockers are most common drugs that are used to reduce intraocular pressure as a first line therapy for glaucoma treatment. The segmental growth trend will grow substantially owing to growing demand for treatment of glaucoma by geriatric population. Also, high adoption of combination therapy such as travoprost and timolol among patients will spur segmental demand.
Browse key industry insights spread across 160 pages with 92 market data tables & 13 figures & charts from the report, “Glaucoma Treatment Market Statistics By Disease Type (Open Angle Glaucoma, Angle Closure Glaucoma), Drug Class (Prostaglandin Analogs, Beta Blockers, Adrenergic Agonists, Carbonic Anhydrase Inhibitors), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
Expanding pharmacy network in remote areas among developing nations will boost the segmental expansion
Retail pharmacy segment is projected to exhibit 3.3% CAGR during 2022 to 2028. The segmental growth is primarily attributable to expanding network of retail pharmacies in rural areas among developing and underdeveloped nations. Moreover, high accessibility and availability of desired medicines in the facilities will bolster segment growth and thereby increasing revenue size.
Strong presence of market players in the European region will fortify the glaucoma treatment business landscape
Europe glaucoma treatment market is predicted to grow at 2.9% CAGR over the analysed period. Upsurge in prevalence of primary open angle glaucoma will proliferate the demand for glaucoma treatment. Additionally, growing aging population base in the region that are prone to glaucoma is expected to propel demand for glaucoma treatment. Also, high awareness related to glaucoma in developed nations is contributing to impel overall market demand. Furthermore, increase in R&D activities and ongoing clinical trials for new product development will accelerate the market progression in the region over the forecast period.
Strategic collaboration and acquisitions by several industry players will offer competitive advantage
Some of the prominent market players operating in the glaucoma treatment business include Novartis AG, AERIE Pharmaceuticals, Inc., Akorn operating company LLC, Teva Pharmaceutical Industries Ltd., Cipla Inc., Merck & Co., Inc., AbbVie, Bausch & Lomb Incorporated, Inotek Pharmaceuticals, Pfizer Inc., and Santen Pharmaceutical Co., Ltd. among others.
These market participants are undertaking numerous growth strategies including collaboration, acquisition, and product launch to strengthen market share in glaucoma treatment industry. For instance, in April 2021, Alcon has announced acquisition of U.S. commercialization rights for Simbrinza from Novartis. Such acquisition has strengthened company’s product offerings in the U.S. market.