The global glaucoma therapeutics market accounted for 7.0 billion in 2020 and is estimated to be US$ 12.0 billion by 2029 and is anticipated to register a CAGR of 6.2%.
The report "Global Glaucoma Therapeutics Market, By Drug Class (Alpha adrenergic Agonist, Beta Blockers, Prostaglandin Analogs, Carbonic Anhydrase Inhibitor, Cholinergic, Combined Medication, and Fixed-dose Combinations), By Disease Type (Primary Open Angle Glaucoma (POAG) and Primary Angle Closure Glaucoma (PACG)), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
Key Highlights:
· In December 2019, Senju Pharmaceutical Co., Ltd. announced the launched of its product AIBETA, a combination of drug to manage glaucoma and hypertension in Japan.
· In May 2020, AbbVie Inc. completed the strategic acquisition of Allergan plc. This acquisition has enabled AbbVie Inc. to establish itself as a leader in the glaucoma market.
Analyst View:
Glaucoma may occur among the people with or without diabetes. Moreover, people with diabetic retinopathy have an increased risk of glaucoma. The condition is related to abnormal vessel growth, which may end in retinopathy and results in blockage of natural drainage of the attention. Rapidly increasing geriatric population is one among the important factors for the increasing prevalence of glaucoma, which successively is projected to drive the expansion of the glaucoma therapeutics market in near future. For instance, per the International Diabetes Foundation (IDF) 2017 statistics, the number of individuals with diabetes aged between 20 to 79 years is increasing worldwide. Among which, Africa (156%) is accounted to register the highest diabetic population, followed by Middle East (110%), South East Asia (84%), Latin and Central America(62%), North America (35%), Europe (16%), and Western Pacific (15%).
The increasing prevalence of glaucoma among the geriatric population is one of the major factors to drive the market growth. The increasing use of screen gadgets like laptops and smart phones are the main cause for rising incidence of glaucoma. According to the International Agency for the Prevention of Blindness: 2017, glaucoma is second leading cause of blindness and leading cause of irreversible blindness worldwide. The most common types of glaucoma are Primary Open Angle Glaucoma (POAG) and Primary Angle Closure Glaucoma (PACG). Moreover, PACG is most common in South-East Asian population while POAG is most common in white Caucasians and individuals of African origin. PACG is associated with a high risk of blindness as compared to POAG.
Key Market Insights from the report:
The global glaucoma therapeutics market accounted for 7.0 billion in 2020 and is estimated to be US$ 12.0 billion by 2029 and is anticipated to register a CAGR of 6.2%. The market report has been segmented on the basis of drug class, disease type, distribution channel and region.
· Depending upon drug class, the prostaglandin analogs segment is projected to grow at highest CAGR over the forecast period owing to its efficacy to reduce intraocular pressure (IOP) and other side effect as compared to other therapies.
· Depending disease type, the primary open angle glaucoma (POAG) segment is projected to grow at highest CAGR over the forecast period. This is attributed to the high prevalence of disorder, as compare to other type of glaucoma. Additionally the majority type of drug present in the market for POAG which will consider driving the market growth.
· Depending distribution channel, the hospital pharmacy segment is projected to grow at highest CAGR over the forecast period. However, the highest growth is estimated to record by the retail pharmacy segments. An increasing preference of treatments in outpatient settings among the elderly population is anticipated to drive the growth of targeted market.
· By region, North America holds dominant position in glaucoma therapeutics market, followed by Asia Pacific. Increasing prevalence of diabetes, increasing ocular disorders, and increasing number of blind and visually impaired people in turn opting for glaucoma treatment are expected to drive growth of the glaucoma therapeutic market in this region.
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Competitive Landscape:
The prominent player operating in the global glaucoma therapeutics market includes Valeant Pharmaceuticals International, Inc., Allergan Inc., Merck KGaA, Fera Pharmaceuticals, LLC, Teva Pharmaceutical Industries Ltd., Pfizer Inc., Aristo Pharmaceuticals Pvt. Ltd., Santen Pharmaceutical Co., Ltd., Aerie Pharmaceuticals, and Novartis AG.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
