Glaucoma Treatment Market: North America and Europe to Prevail as Fast-expanding Market, Notes TMR
ALBANY, New York, February 19, 2018 /PRNewswire/ --
According to a new report by Transparency Market Research, the global glaucoma treatment market is being crowded with branded drugs in tandem with rising number of generics, thereby creating significant competition among leading players in the market. This is further setting limits to the introduction of novel therapies, and several products are closing in on losing exclusivity. Late-stage pipeline drugs for glaucoma, however, hold promise for its treatment, as they are deemed to impart novel mechanism of action, which in turn will create opportunities for the market growth.
The report profiled key players underpinning expansion of the global market for glaucoma treatment, which include Allergan, Novartis AG, Merck & Co., Inc., Bausch & Lomb Incorporated, Akorn, Inc., Teva Pharmaceuticals, Santen, Pfizer, Inotek Pharmaceuticals, and Aerie Pharmaceuticals. According to the report, the global market for glaucoma treatment is expected to ride on a modest CAGR throughout the forecast period, 2017 to 2026. Revenues from treatment of glaucoma across the globe are estimated to close in nearly US$ 3,400 Mn by 2026-end.
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Governments & Healthcare Institutions Taking Initiatives for Spreading Awareness about Glaucoma Therapeutic Options
Prevalence of glaucoma has been rising in tandem with growing geriatric population around the world, as older population is relatively more prone to glaucoma. Mounting number of patients with diabetes along with those having hereditary traits of glaucoma further contribute to the disease prevalence significantly. Several healthcare institutions and governments are taking initiatives for spreading the awareness of treatment options for patients with glaucoma. According to WHO, glaucoma is deemed to be the second largest cause for vision loss globally. Glaucoma, a leading reason for the preventable blindness, is linked with the chronic progressive optic neuropathy that results into irreversible vision loss by damaging the optic nerve.
No treatments exist in the market currently for direct prevention of glaucoma. Several commercially available therapies, however, concentrate on curtailing increased level of intraocular pressure, a well-known risk factor associated with the development & progression of glaucoma. Product development strategies in the recent past have been impressive with surgery options, with several effective additions such as photodynamic therapy and laser therapy. However, excellent efficiency and efficacy of currently available drugs, particularly carbonic anhydrase inhibitors and prostaglandin analogs, have set barriers to the development of new therapy options.
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Revenues to Remain Largest from North America's Glaucoma Treatment Market
Revenues from the glaucoma treatment market in North America are expected to remain the largest, followed by those from the market in Europe. These two regions are projected to hold roughly two-third revenue share of the global glaucoma treatment market during the forecast period. In addition, North America and Europe are also forecast to prevail as fast-expanding markets for glaucoma treatment. Revenues from the market in Asia-Pacific excluding Japan (APEJ) will also remain significant, accounting for over 20% share of the market through the forecast period.
On the basis of product type, prostaglandin analogs (PGAs) will continue to spearhead the global market for glaucoma treatment, in terms of revenues as well as sales expansion. Revenues from sales of prostaglandin for glaucoma treatment worldwide will latch onto more than 30% share of the market by 2026-end. Although alpha agonist currently accounts for a significant share of the market, demand for the product will record a slight decline over the forecast period.
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ACG to Remain Largest Indication Segment in the Market
Based on indication, revenues from treatment of angle closure glaucoma (ACG) are anticipated to remain significantly larger than those combined from all the other indications of glaucoma. ACG has also been slated to prevail as the fast-expanding indication segment in the global glaucoma treatment market.
Hospital pharmacies are expected to hold their position of being the largest sales channel for glaucoma treatment drugs through the forecast period. In addition, revenues from sales of glaucoma treatment drugs in hospital pharmacies and online sales are expected to witness a parallel increase through 2026.
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