Glaucoma Eye Drops Market 7.0% CAGR Find Out Growth Potential Through Demand Forecast 2027 | CMI
SEATTLE, April 29, 2021, (PHARMIWEB) — Overview:
Glaucoma is a category of diseases marked by optic nerve injury, visual field loss, and secondary retinal ganglion cell damage, both of which can result in death.
Glaucoma is the world’s second leading cause of blindness and the leading cause of permanent blindness globally, according to the International Agency for the Prevention of Blindness. Primary open angle glaucoma (POAG) and primary angle closure glaucoma (PACG) are the two most common forms of glaucoma. The chance of developing glaucoma rises with age, increased intraocular pressure, a favorable family history of glaucoma, and ethnicity.
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For instance, according to the American Academy of Ophthalmology’s 2016 report, the global prevalence of glaucoma is estimated to rise to 76 million in 2020 and 111.8 million in 2040.
Covid-19 impact analysis:
The coronavirus pandemic has dramatically changed the lives of glaucoma patients all over the world, and everyone is dealing with changes in their fitness, everyday habits, and glaucoma treatment as a result of the pandemic. For instance, according to the World Health Organization Coronavirus Disease (COVID-19) Dashboard (WHO), the manifestation of the coronavirus has resulted in around 7 million infected individuals globally since June 2020.
Moreover, on April 15, 2020, according to the Bright Focus Foundation’s data, African Americans are more likely to have glaucoma. African Americans are also more likely to have diabetes and hypertension, making them more resistant to COVID-19 infection.
The WHO has advised ophthalmic drug makers to take precautionary and prudent action to prevent the transmission of coronavirus. For instance, to minimize potential contamination, restrict the number of workers in one location at a time, change workstation arrangements, and minimize cross-flow of people between shifts, as well as improve cleaning and sanitization of facilities.
To save much-needed resources, the American Academy of Ophthalmology has wisely released a statement to suspend all non-urgent treatment in the office and all elective procedures in the operating room.
Patients contaminated with COVID-19 may need the services of healthcare professionals, particularly ophthalmologists, who may be called upon and deployed to the front lines. Clinics are taking action to ensure give supreme treatment for their patients.
The Glaucoma Eye Drops Market is expected to be valued around US$ 1,360.1 million in 2020 and is estimated to register a CAGR of 7.0% over the forecast period (2020-2027).
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Rise in product offerings and approvals, are expected to propel the growth of global glaucoma eye drops market over the forecast product.
Regulatory bodies in numerous countries have licensed many novel glaucoma eye drops, and major market players have introduced a variety of novel and advanced glaucoma eye drops. Rapid approvals and market introductions of new products are expected to be a major driver for expansion of the global glaucoma eye drops market.
For instance, in March 2019, the U.S. Food and Drug Administration (FDA) approved Aerie Pharmaceuticals’ Rocklatan (netarsudil and latanoprost ophthalmic solution) for treatment of open-angle glaucoma or ocular hypertension. Rocklatan is a once-daily eye drop that contains a fixed-dose mixture of latanoprost, the most commonly used PGA, and netarsudil, the active ingredient in Rhopressa (netarsudil ophthalmic solution) 0.02 percent. It’s a first-in-class Rho kinase (ROCK) inhibitor targeted directly at the trabecular meshwork.
The global glaucoma eye drops market is expected to witness growth and is estimated to generate high revenue due to new product offerings for the glaucoma treatment over the forecast period. For instance, in June 16 2020, Senju Pharmaceutical Co., Ltd. and Otsuka Pharmaceutical Co., Ltd. announced that a new combination ophthalmic solution for the treatment of glaucoma and ocular hypertension, AILAMIDE Combination Ophthalmic Suspension (generic name: brimonidine tartrate/brinzolamid), has been launched in Japan. Senju Pharmaceutical Co., Ltd. (marketing authorization holder) and Otsuka Pharmaceutical Co., Ltd. (collaborator) will conduct activities related to the provision of drug information for this drug.
Glaucoma is an illness that cannot be cured, although it can be managed. To avoid or delay further injury, eye drops, medications, laser treatments, and surgical operations are used. Glaucoma is an irreversible condition, and the drug’s extensive research and development costs make treatment prohibitively costly, which is expected to hinder the global glaucoma eye drops market growth over the forecast period. For instance, according to data published by the National Center for Biotechnology Information, yearly cost of prostaglandin analogs ranged from US$ 427.69 for Travatan (Alcon) to US$ 577.62 for Lumigan (Allergan). Alphagan P 0.15% had yearly calculated costs of US$ 559.08 for twice-daily dosing per eye. Cosopt (Merck & Co.) costs as high as US$ 697.42 to US$ 873.98.
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North America accounted for the largest share in the global glaucoma eye drops market in 2019, due to the rising number of novel product approvals and launches of glaucoma eye drops by regulatory authorities. For instance, in November 2017, Bausch + Lomb, a subsidiary of Valeant Pharmaceuticals International, Inc., and Nicox S.A., received U.S. Food and Drug Administration’s approval of the New Drug Disease Indication (NDA) for VYZULTA, indicated for the treatment of open-angle glaucoma.
Moreover, Asia Pacific is expected to witness significant growth in the global glaucoma eye drops market over the forecast period. Major market players are concentrating on various inorganic strategies include mergers and acquisitions. For instance, in December 2018, Nicox SA entered an exclusive license agreement with Ocumension Therapeutics for the development and commercialization of NCX 470, an ophthalmic solution, in China, Hong Kong, Macau, and Taiwan.
- By Drug Type: Prostaglandin analogs, Beta-blockers, Alpha agonists, Carbonic Anhydrase Inhibitors (CAIs), Combined Medications, Others (Rho-kinase inhibitor, cholinergic agonist).
- By Disease Indication: Angle-closure Glaucoma, Open-angle Glaucoma.
- By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy.
- By Composition: Preservative Free, BAK-Based, Non-BAK-Based Preservatives.
Major players are dominating in the global glaucoma eye drops market such as Allergan Plc., Merck & Co., Inc., Teva Pharmaceutical Industry, Novartis AG., Pfizer, Inc., Inotek Pharmaceutical, Bausch & Lomb Inc., Mylan N.V., Aerie Pharmaceutical, and Jadran-galenski laboratorij d.d.About Us:
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