Glaucoma Therapeutics Market is expected to grow at a CAGR of 3.40% from 2016 - 2024
Based on drug class, the glaucoma therapeutics market is led by the combination segment, which is projected to account for a share of 25.8% by 2024. Expanding at an 8.8% CAGR from 2016 to 2024, the segment is fueled by the cost-effective nature of these drugs as compared to individual drugs. On the basis of end use, hospitals formed the leading segment of the glaucoma therapeutics market in 2015. The maximum opportunity was also presented by this segment. Hospitals provide healthcare services at an affordable cost to citizens across the U.S., Canada, the U.K., and several other countries in Europe. This has ensured the dominance of the hospitals segment.
Geographically, North America is expected to account for a large share in the glaucoma therapeutics market in terms of revenue owing to the rising usage of highly priced prostaglandins. The region accounted for almost half the market in 2015. Exhibiting a 4.2% CAGR from 2016 to 2024, Asia Pacific presents immense scope for growth. India holds a major share in the APAC market in terms of revenue owing to the rising prevalence of glaucoma in the country and a comparatively lower cost of treatment.
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The growing need to offer improved eye care and preserve the vision of the patients among healthcare providers has resulted in the development of enhanced therapeutic options for the treatment of glaucoma. “Although eye drops have, until recent years, been the primary method of treatment, the market has been witnessing an evident shift toward combination drugs,” the author notes. The strong pipeline of combination drugs for the treatment of glaucoma therefore ensures steady growth of this market. Aerie Pharmaceuticals’ pipeline of combination drugs such as Rho Kinase Inhibitor (ROCKi) and norepinephrine transport inhibitor (NETi) is a key example of this development.
In addition to this, an improvement in the socio-economic conditions of people in developing countries has increased spending capacity, which has not only resulted in a rise in healthcare expenditure but also led a surge in awareness about living a healthy lifestyle. This has, in turn, upped the early detection of glaucoma and spurred the demand for glaucoma therapeutics.
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The global glaucoma therapeutics market is immensely consolidated and the top five players accounted for just under 85.0% of the market in 2015. Among Novartis AG, Allergan plc., Pfizer Inc., Merck & Co., and Santen Pharmaceuticals, Novartis is the clear leader with a massive share of over 33.0%.
Transparency Market Research has observed that most companies have a hold over the market owing to their well-established brands and a strong pipeline of drugs for the treatment of glaucoma. However, loss in the market share of leading companies due to patent expiry is likely to offset the competitive landscape in the coming years.
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