The global glaucoma therapeutics market is a highly consolidated one. Novartis AG, Pfizer Inc., Merck & Co., Allergan plc, and Santen Pharmaceuticals are the leading five players who collectively accounted for an 85.0% market share in 2015. Valeant Pharmaceuticals, Fera Pharmaceuticals, Aristo Pharmaceuticals, Teva Pharmaceuticals, and Aerie Pharmaceuticals are some of the other leading players operating in the market.
The prominent vendors are able to uphold their position in the market due to their well-established brands and a strong pipeline of drugs for the treatment of glaucoma. Another strategic step taken by the leading players to continue their dominance is mergers and acquisitions. A case in point would be Allergan plc. This company, in October 2015, acquired AqueSys Inc., a clinical stage medical device company focused on developing ocular implants to reduce intraocular pressure associated with glaucoma. In August 2106, Allergan acquired eye care company ForSight VISION5 in order to add periocular ring technology to the company’s product portfolio for innovative eye care.
However, patent expiry will negatively impact the market shares of the leading players, thereby changing the dynamics of the competitive landscape.
According to the TMR report, the global glaucoma therapeutics market is likely to rise from its initial value of US$5.7 bn in 2015 to US$7.6 bn by 2024 and is projected to progress at a CAGR of 3.4% within the forecast period of 2016 to 2024.
Favorable Reimbursement Polices to Boost Market in North America
North America and Europe collectively accounted for a share of 75% in the global glaucoma therapeutics market in 2015. On account of escalating geriatric population and the availability of several treatment options, this region is expected to grow during the forecast period as well. Moreover, introduction of favorable reimbursement policies and growing awareness among patients regarding glaucoma are some of the key factors projected to drive the growth of the North America glaucoma therapeutics market over the said period.
Europe is expected to fall second in line in terms of regional market growth owing to the estimated launch of combined medication products and rising demand for topical eye drops. Asia Pacific is projected to progress at a significant rate in the coming years thanks to booming medical tourism.
In terms of end user, the hospital segment is estimated to lead the global glaucoma therapeutics market and account for a major share in the overall market in the near future. The growing preference of patients for visiting hospitals as the cost of therapies is relatively lower is one of the primary factors anticipated to fuel the hospital segment during the forecast period.
Escalating Geriatric Population to Propel Demand for Glaucoma Therapeutics
The growth of the global glaucoma therapeutics market can be attributed to various factors such as easy availability of medical insurance coverage for treatment and diagnosis and increasing pool of geriatric population. Moreover, improved socio-economic conditions of people in developing economies has increased their disposable income, which has not only resulted in rise in healthcare expenditure, but has also encouraged people to lead a healthy lifestyle. In addition to this, rise in the number of cases of glaucoma and the augmenting demand for combination glaucoma drugs are some of the vital factors likely to encourage the growth of the global market over the forecast period.
Strict government policies concerning marketing and approvals and the side effects of glaucoma medications are the factors that are likely to limit the development of the global glaucoma therapeutics market during the said period.
This review is based on the findings of a TMR 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.’
Global Glaucoma Therapeutics Market, by Drug Class
Global Glaucoma Therapeutics Market, by End Users
Global Glaucoma Therapeutics Market, by Geography
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