The global glaucoma treatment market was valued at approximately USD 5.7 billion at the end of 2022, and it is expected to exhibit robust growth over the next decade. According to recent market analysis, the market is projected to expand at a compound annual growth rate (CAGR) of 3.2% during the forecast period from 2023 to 2033, ultimately reaching an estimated value of around USD 8.0 billion by the end of 2033.
Glaucoma, a leading cause of irreversible blindness worldwide, necessitates effective treatment solutions to manage intraocular pressure and prevent vision loss. The rising prevalence of this eye condition, coupled with an aging population, is expected to drive demand for innovative treatment options in the coming years.
Key factors contributing to the market growth include increased awareness of glaucoma and its treatment options, advancements in pharmaceutical formulations, and the development of new therapeutic approaches. Moreover, the growing number of eye care professionals and enhanced access to healthcare services are expected to further facilitate market expansion.
The elderly population is more into getting infected by glaucoma these days. Additionally, it has been observed that the screen time of the geriatric population concerning smartphones and laptops has increased on a tremendous count in the last few years. This is evident from the fact that the International Agency for the Prevention of Blindness states that the year 2018 witnessed 1.9% of the population of the US aged 40 and above suffering from glaucoma. This figure surpassed 80 Million in 2020; especially after lockdowns being enforced all across.
The glaucoma treatment market is also subject to certain restraints. For instance – drug recalls about these therapeutics have become a common thing now. For example – Allergan had to recall 7 lots of Combigan and a lot of Lumigan as it failed to meet the regulatory standards. Such activities are likely to render the end-users skeptical regarding the usage of drugs for treating glaucoma. The likelihood of them opting for glaucoma surgeries would be higher then. However, the American Academy of Ophthalmology states that glaucoma, along with non-critical ophthalmic surgeries, should be avoided, especially the ones with comorbidities.
Future Market Insights has entailed these facts with future perspectives in its latest market study entitled ‘Glaucoma Treatment Market’. It has a dedicated team of analysts and consultants to execute with a 360-degree view along its line of macros and micros.
“With benevolence regarding a slow progressing eye disorder called ‘glaucoma’, the global glaucoma treatment market is expected to grow at a noticeable rate shortly”, says an analyst from Future Market Insights.
Key Takeaways from the Glaucoma Treatment Market
- North America holds a sizable market share with the US being subject to growing awareness about the importance of eye care/associated treatments and diagnoses. As per the BrightFocus Foundation, over 3 Million Americans have contracted glaucoma, that too, with open-angle glaucoma being amongst the frequent types.
- Europe stands second with Germany leading from the front. This could be reasoned with close to 500K people in Germany suffering from intraocular pressure. Plus, 10% of them hold the risk of going blind. It needs to be noted that acute glaucoma could strike any age group, but, with time, women turn out to be all the more vulnerable as compared to men.
- The Asia-Pacific is expected to grow at a rapid pace in the glaucoma treatment market shortly with India witnessing the development of micro-invasive glaucoma drainage implants; which do offer a less intrusive and safer means to reduce IOP (intraocular pressure) in comparison with standard glaucoma surgery devices.
Competitive Analysis
- Senju Pharmaceutical Co., Ltd., in December 2019, announced the launch of AIBETA, a combination drug for managing hypertension and glaucoma in Japan.
- AbbVie Inc., in May 2020, did complete Allergan plc’s strategic acquisition. It has facilitated the former to portray itself as a leader in the glaucoma treatment market.
- Aerie Pharmaceuticals, in December 2021, inked a partnership with Santen Pharmaceuticals for developing and marketing Rocklatan/Roclanda and Rhopressa/Rhokiinsa all over Oceania, India, Europe, China, and LATAM.
- Teva Pharmaceuticals, in March 2021, did announce the very first generic version of AZOPT (brinzolamide ophthalmic suspension) 1% for treating open-angle glaucoma along with ocular hypertension.
Key Companies Profiled:
- AERIE Pharmaceuticals, Inc.
- Cipla Inc.
- Akorn Operating Company LLC
- AbbVie
- Bausch & Lomb Incorporated
- Inoteck Pharmaceuticals
- Merck & Co., Inc.
- Novartis AG
- Pfizer Inc.
- Santen Pharmaceutical Co., Ltd.
- Teva Pharmaceutical Industries Ltd.
What does the Report treat?
- The research study is based on disease type (open-angle glaucoma, angle closure glaucoma, and others), by drug class (prostaglandin analog, beta-blockers, adrenergic agonist, carbonic anhydrase inhibitors, and likewise), and by distribution channel (hospital pharmacy, retail pharmacy, and online pharmacy).
- With glaucoma resulting in one of the most commonly occurring ophthalmic disorders, the global glaucoma treatment market is bound to grow on a remarkable note shortly.
Key Market Segments Covered in Glaucoma Treatment Market Research
By Disease Type:
- Open Angle Glaucoma
- Angle Closure Glaucoma
- Other
By Drug Class:
- Prostaglandin Analog
- Beta Blockers
- Adrenergic Agonist
- Carbonic Anhydrase Inhibitors
- Others
By Distribution Channel:
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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