Global Glaucoma Therapeutics Market: Market Growth Reliant on Promising Pipeline, notes TMR
According to Transparency Market Research, almost 85% of the global glaucoma therapeutics market was taken up by a handful of leading entities in 2015. The strong dominance shown by Santen Pharmaceuticals, Merck & Co., Pfizer Inc., Novartis AG, and Allergan Plc., has left little space for newer entrants to the market. Players such as Novartis hold an early entry into the market, coupled with strong research and development efforts and massive funding avenues.
In the recently released research report, TMR states that most of the leaders in the global glaucoma therapeutics market possess high-value brand lines with respect to age and public trust, and an even more promising lineup of glaucoma treatments in the pipeline. Over time, however, the loss of older patents is likely to hamper the growth rate of these players, due to the scope of entry for smaller players through the production and distribution of cheaper generics.
The global glaucoma therapeutics market is expected to reach US$7.6 bn in value by the end of 2024. It is expanding at a steady CAGR of 3.4% within a forecast period from 2016 to 2024, and was calculated to have reached US$5.7 bn at the end of 2015.
Socioeconomic Improvements Bolster Demand for Glaucoma Treatments Globally
“One of the leading drivers for the global glaucoma therapeutics market at the present is the growing demand from a well-informed and financially equipped patient pool. With the awareness rate of glaucoma and its available treatments growing at a fast pace across the world – especially in emerging economies – the players in the global glaucoma therapeutics market can look to these regions for expansion of business. These regions are additionally supplementing the growth rate of the global glaucoma therapeutics market through a patient pool that holds a growing amount of disposable income,” states a TMR analyst.
Advancements in technology, especially those coming from the highly touted glaucoma treatment pipeline, are further boosting the success rate of the related players in the global glaucoma therapeutics market. Eye drops have been the primary method of delivering drugs to the affected area so far. However, changes in drug delivery, including the use of combination drugs in alternative delivery modes, are showing stronger results, thereby increasing the rate of treatment success for the market.
Lack of Reimbursement Policies Threatens Growth of Global Glaucoma Therapeutics Market
One of the key factors hindering the overall growth of the global glaucoma therapeutics market is the lack of reimbursement policies that patients can avail, especially in developed economies. The high cost of medical treatments can make certain forms of glaucoma treatments unaffordable for large economic strata in these countries, thereby reducing the overall demand in the market that actually gets met. In the case of some economies from the MEA and Latin America, the unavailability of cheaper medical options is stifling the growth of players from the global glaucoma therapeutics market.
“The overall scope of growth of the global glaucoma therapeutics market can rise over the coming years through improvements in medical reimbursement policies, as well as the distribution of eye drops across more expansive regions,” adds the analyst.
The information presented in this review is based on a Transparency Market Research report, titled, “Glaucoma Therapeutics Market (Drug Class - Prostaglandins, Beta Blockers, Combined Medication, Alpha Agonist, Carbonic Anhydrase Inhibitors, and Cholinergic; End User - Hospitals, Ophthalmic Clinics, and Ambulatory Surgical Centers) - Global Industry Analysis, Size, Share, Volume, Growth, Trends, and Forecast 2016 - 2024.”
Key segments of the Global Glaucoma Therapeutics Market
Glaucoma Therapeutics Market, by Drug Class
- Alpha Agonist
- Beta Blockers
- Prostaglandin Analogs
- Carbonic Anhydrase Inhibitor
- Combined Medication
Glaucoma Therapeutics Market, by End Users
- Ophthalmic clinic
- Ambulatory Surgical Centers
Glaucoma Therapeutics Market, by Geography
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- New Zealand
- Rest of Asia Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- Rest of MEA
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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