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Rising demand for novel therapeutics among aging population will enable growth in the global glaucoma therapeutics market. Recently Fortune Business Insights has published a report, titled “Glaucoma Therapeutics: Global Market Analysis, Insights and Forecast, 2019-2026.” According to the report, in 2018 the global glaucoma therapeutics market was worth US$ 6273.5 Mn. However, the global market is anticipated to expand at a CAGR of 6.1% and reach US$ 10,091 Mn by the end of 2026. The report also classifies the global glaucoma therapeutics market on the basis of various segments.
According to the report glaucoma therapeutics market in North America was worth US$ 2405.9 Mn in 2018. The region is expected to dominate the global market during the forecast period 2019-2026. The growth predicted in North America is attribute to its constantly improving healthcare facilities and adoption of recent advances in glaucoma diagnosis, treatment, and medication. These factors also are expected to bode well for the global glaucoma therapeutics market. Meanwhile, the increasing number of glaucoma cases in nations such as China and India is projected to enable growth in Asia Pacific. Additionally, the region is anticipated to progress at a relatively high CAGR.
“Public authorities and governments are adoption several initiatives to create awareness about glaucoma and aid in the cure and prevention of glaucoma. This is projected to generate demand in the global glaucoma therapeutics market,” said a lead analyst at Fortune Business Insights.
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Prostaglandins to Remain Dominant among Drug Class Through Forecast Period
In terms of drug class, prostaglandins are the most widely used medication. Additionally, in 2018 the prostaglandins segment was dominating the global glaucoma therapeutics market. The segment accounted for 40.2% of the global market in 2018. Prostaglandins are forecast to dominate the global market during the forecast period as well. Higher efficiency to reduce intraocular pressure (IOP) and minimal risk of side effects associated with the drugs are a few factors aiding the expansion of the prostaglandins segment.
In the coming years, the global glaucoma therapeutics market during is forecast to exhibit a steady growth rate. The report finds that factors such as increasing number of glaucoma cases and technological advancements in diagnostic kits will enable the market gain momentum in the coming years. Additionally, recent innovations by market players for glaucoma’s treatment and increasing purchasing power are major factors expected to boost the global market.
However, high cost associated with glaucoma’s medication and treatment is a key factor that may hamper the growth rate in the global glaucoma therapeutics market.
Allergan and Novartis AG, Together Leading the Global Market Since 2018
The global glaucoma therapeutics market is witnessing an influx of new players. Allergan and Novartis AG, are currently leading players in the global market. The companies are involved in manufacturing and marketing of prostaglandin analogues. Among, prostaglandin analogues Lumigan and Travatan are the two most preferred medications for the treatment of glaucoma. Quality production and marketing of these drugs have enabled the organizations establish a stronghold in the global glaucoma therapeutics market. Besides this, other companies operating in the global glaucoma therapeutics market are Pfizer, Inc., Merck and Co., Inc., Bausch and Lomb Incorporated, Teva Pharmaceutical Industry, Aerie Pharmaceuticals, Pfizer, Inc., and Inotek Pharmaceuticals.
In December 2017, Aerie Pharmaceuticals Inc. introduced new eye drops called Rhopressa. The eye drop is specially designed for faster treatment of glaucoma. This may also positively impact the organization’s current position in the market and enable it gain higher share in the global glaucoma therapeutics market.
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Glaucoma Therapeutics Market 2019 – Industry Size, Growth Factors, Top Leaders, Development Strategy, Future Trends, Historical Analysis, Competitive Landscape and Regional Forecast 2026