Global Optic Atrophy Management Market to surpass US$ 15 billion by 2033, growing at a 4.9% CAGR: FMI Study
According to Future Market Insights, the optic atrophy management market is slated to experience a CAGR of 4.9% from 2023 to 2033, anticipated to reach a valuation of US$ 15.63 billion. An existing medical study in gene replacement therapy found a satisfactory safety record but poor medicinal result durability. The findings of the study are encouraging, and a better understanding of the pathophysiology of neuropathies should and will facilitate the development of prospective viable strategies for vision preservation. As a result, the market for optic atrophy management will experience rapid growth.
The progression of atrophy is slow. According to a Bookinghealth.com report, the disease results in irrevocable blindness in 21% of cases and disability in 68% of cases. The increased prevalence of optic nerve atrophy will be a key driver, resulting in a growing market. The rising cost of healthcare is yet another factor influencing the rate of growth in the optic nerve atrophy treatment market.
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North America dominates the optic atrophy management market due to a large number of influential stakeholders, substantial disposable income, and well-developed advanced health services in this region. Due to high incidence rates, increasing medical expenditure, and enhanced government subsidies, Asia-Pacific is expected to grow over the forecast period of 2023-2033. The progression of atrophy is slow.
Key Takeaways from the Market Study
- From 2018 to 2022, sales increased significantly at a CAGR of 3%.
- In the United States, the yearly incidence of optic neuritis is associated with 5/1,000,000, with an estimated incidence of 115/1,000,000.
- With a profit share of more than 64.9% in 2022, the retail pharmacy segment dominated the industry.
- The global optic atrophy management market is expected to be worth US$ 8 billion by 2023 end.
“Companies that offer drugs for the treatment of optic atrophy hope to lessen precorneal drug loss and boost drug delivery to the anterior cells by using improved drug formulations. Mucoadhesive formulas are being incorporated into the development of new drugs in the goal of increasing ocular penetration.” says FMI’s analyst
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Key Market Players
Key players in the Optic Atrophy Management market are AbbVie Inc., Eli Lily Company, GlaxoSmithKline, Pfizer Inc., Teva Pharmaceuticals, F. Hoffmann-La Roche AG, Bayer AG, Sanofi A.S., Bristol-Myers Squibb and Company, Bausch Health Companies Inc. Some of the latest developments by key players are below
- In May 2022, Pfizer agreed to acquire Biohaven Pharmaceutical Holding Company, a clinical-stage biotechnology company. Given the company’s size and capabilities, including performed field force involvement with Primary Healthcare Physicians, professionals, and health systems supplying the right data at the right time, Pfizer would be uniquely positioned to help the portfolio reach its full potential through this acquisition.
- In July 2021, Pfizer announced a collaboration with AbbVie, an American publicly traded Biopharmaceutical Corporation. Pfizer would evaluate how medical application data at this massive scale is best utilized through the acquisition on a regular basis, with the goal of speeding up the path from genetic discoveries to new therapeutics.
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global optic atrophy treatment market, providing historical data for 2018-2022 and forecast statistics from 2023-2033.
To understand opportunities in the optic atrophy treatment market, the market is segmented on the basis of Drug Type (Disulfiram, Amebicides, Ethambutol, Isoniazid, Chloramphenicol, Vincristine, Ciclosporin, Cimetidine), By Route of Administration (Oral, Injectable), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Key Segments Profiled in the Optic Atrophy Management Market Survey
By Drug Type:
By Route of Administration:
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 8-years.
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