Optic Neuritis Treatment Market is Anticipated to Witness High Growth Owing to Increasing Prevalence of Optic Neuritis Disease
The optic neuritis treatment market offers therapeutic products and services for the treatment of optic neuritis disease. Optic neuritis is an inflammatory condition of the optic nerve that affects vision. Common symptoms include blurring or loss of vision, eye pain with eye movement, and pain with eye movement. Steroid therapies, immunomodulatory drugs, and surgical decompression are used in the treatment of optic neuritis. The increasing prevalence of autoimmune disorders such as multiple sclerosis, lupus, neuromyelitis optica spectrum disorder (NMOSD) which increases the risk of optic neuritis is driving market growth.
The Global optic neuritis treatment market is estimated to be valued at US$ 216.6 million in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024-2032.
Key Takeaways
Key players operating in the optic neuritis treatment market are Pfizer Inc., Novartis, Cadila Pharmaceuticals, Cardinal Health Inc., and Sanofi S.A. This players offer a wide range of therapeutics and services to treat optic neuritis.
The key opportunities in the market include rising healthcare expenditures and increasing research & development activities for development of novel drugs with improved efficacy and safety. Companies are also exploring opportunities in developing countries owing to increasing patient pool and unmet medical needs.
Globally, companies are expanding their operations across countries such as China, India, Brazil, and Mexico. This is attributed to growing burden of autoimmune and neurological disorders, improving healthcare infrastructures, and rising medical expenditures in these countries. Collaboration with local players will help companies to strengthen their distribution networks and market presence.
Market Drivers
- Increasing prevalence of autoimmune disorders such as multiple sclerosis and neuromyelitis optica spectrum disorder which increases the risk of optic neuritis.
- Rising healthcare expenditures and improving reimbursement scenario in developing countries.
Market Restrains
- Stringent regulatory requirements for approval of new drugs.
- High costs associated with drug development and market entry of generic competitors eroding brand values.
Segment Analysis
The global optic neuritis treatment market is segmented based on product, treatment type, distribution channel, and geography. The product segment is further divided into corticosteroids and other treatments. Among them, corticosteroids dominate the market as they are widely used in the initial treatment of acute optic neuritis. They reduce inflammation and risk of multiple sclerosis development.
Based on treatment type, the market is bifurcated into drug treatment and rehabilitation. Drug treatment holds the larger share owing to rising nerve damage cases. Rehabilitation helps in improving vision in patients through visual training exercises.
The distribution channel segment consists of hospital pharmacies, retail pharmacies, online pharmacies. Hospital pharmacies dominate being the primary source for patients to obtain prescribed medications.
Regional Analysis
North America holds the major share in the global optic neuritis market and is expected to continue its dominance over the forecast period. This is attributed to the increasing cases of optic neuritis, rising healthcare expenditure, availability of advanced treatment options. The U.S. alone accounts for the largest revenue among all North American countries. Europe also captures a significant market share due to growing healthcare infrastructure and availability of reimbursements. However, Asia Pacific region will witness the fastest growth rate owing to rising awareness, improving healthcare facilities in emerging countries like India and China.
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What Are The Key Data Covered In This Optic Neuritis Treatment Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Optic Neuritis Treatment 's growth between 2024 and 2031.
:- Accurate calculation of the size of the Optic Neuritis Treatment and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Optic Neuritis Treatment Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Optic Neuritis Treatment vendors
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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