Market Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Glaucoma & Rising Awareness
The Glaucoma Eye Drops Market is estimated to be valued at US$ 1,666.3 Mn or billion in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Glaucoma eye drops are used to lower the pressure inside the eye and help slow the progress of glaucoma. They work by either reducing the amount of fluid produced in the eye or improving drainage of fluid from the eye. The most common classes of glaucoma eye drops are prostaglandin analogs, beta blockers, alpha agonists, and carbonic anhydrase inhibitors.
Market Dynamics:
The Glaucoma Eye Drops Market is driven by the increasing prevalence of glaucoma around the world. As per the World Glaucoma Association, glaucoma is the leading cause of irreversible blindness globally and it is estimated that over 100 million people worldwide are living with glaucoma. The risk of glaucoma increases with age and the number of people over 60 is expected to double from 12% to 22% between 2015 and 2050. The other factor fueling the market growth is the rising awareness about early diagnosis and treatment of glaucoma. Various government and non-government organizations are undertaking initiatives to spread awareness especially in developing countries where majority of glaucoma cases go undetected and untreated. This has led to a rise in demand for low-cost glaucoma screening and management programs as well as effective drug treatments such as eye drops.
SWOT Analysis
Strengths:
- Growing geriatric population prone to glaucoma augments the market growth.
- Increasing prevalence of glaucoma acts as a major driver.
- Advanced treatment options boost the adoption of glaucoma eye drops.
Weaknesses:
- Requirement of lifelong medication compliance poses challenges.
- Side effects associated with long term use of eye drops.
Opportunities:
- Emergence of novel drug delivery technologies provides lucrative opportunities.
- Strong product pipeline expected to enter the market in coming years.
- Expanding healthcare infrastructure and rising medical expenditure in developing nations.
Threats:
- Patent expiries of blockbuster drugs opening market for generics.
- Stringent regulatory approvals delay market entry of new products.
Key Takeaways
The Global Glaucoma Eye Drops Market is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing geriatric population prone to glaucoma.
Regional analysis:
North America dominates the global market and is estimated to account for around 50% market share in 2023, owing to several product approvals and growing prevalence of glaucoma in the US. Asia Pacific exhibits the fastest growth over the forecast period with a CAGR of around 9%, due to expanding healthcare infrastructure and rising medical expenditures in China and India.
Key players:
Key players operating in the Glaucoma Eye Drops market are Merck KGaA, Allergan plc ( A subsidiary of AbbVie Inc.), Novartis AG, Teva Pharmaceutical Industries Ltd., Pfizer, Inc., Bausch & Lomb, Inotek, Jadran-galenski laboratorij d.d. JGL d.d, Aerie Pharmaceutical (A subsidiary of Alcon Management S. A) and Mylan N.V (A subsidiary of Viatris Inc.).
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