Rising prevalence of glaucoma and other visual impairments have led to an increase in the demand for therapeutic drugs to treat these conditions. Around one-tenth of the elderly population suffers from glaucoma, which is expected to increase with each passing year. Consequently, the demand for better therapy options for the treatment of glaucoma is expected to boost demand for therapeutics.
On the back of these factors, the global glaucoma therapeutics market shall witness a gradual growth, at a CAGR of 2.9% during the forecast period (2020-2026). Other generic drivers, such as a greater geriatric population pool, a rise in the diabetic population and higher healthcare spending and infrastructure shall boost market growth.
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Key Takeaways of Global Glaucoma Therapeutics Market Study
- Prostaglandins are anticipated to account for the maximum market share of the glaucoma therapeutics market. This is attributed to its increased adoption in first line glaucoma treatment. The drug reduces intraocular pressure (IOP) by increasing uveoscleral flow. Projections indicate a market share of more than two-fifth of the total glaucoma therapeutics market.
- Combination medicines are becoming more prevalent for glaucoma treatment. Greater effectiveness of treatment over individual medications is a key growth driver for this segment. For example, the Rhopressa drug class, a combination formula developed by Aerie Pharmaceuticals, has been approved for usage in commercial glaucoma treatment. Projected CAGR for combination medicines is pegged at 4.7% during the forecast period.
- Hospitals shall account for the majority of the share of glaucoma therapeutics between 2020 and 2026. Increasing number of patients coupled with the ability to provide optimum healthcare services are major growth drivers.
- North America is set to remain a lucrative market for glaucoma therapeutics. Increased focus on research and development of therapeutic drugs and approvals of certain drug categories like Rhopressa are expected to leverage the region’s market share. Asia-Pacific is following close behind, with a projected CAGR of 3.2% during the forecast period. Introduction of new drugs like Travopost and Timolol are expected to invigorate Asia-Pacific’s market share.
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Leading players are concentrating on safeguarding the supply chain of their products in response to the COVID-19 pandemic. Alcon, for instance, has initiated its Global Crisis Management program to ensure continuity of business operations. Manufacturing sites are functional to ensure production of essential glaucoma drugs. Bausch Health, another player, has directed its funds towards developing VIRAZOLE, a potential drug which may help fight the COVID-19 pandemic.
It is working in co-operation with key health authorities for the same. Aerie Pharmaceuticals reported a decline in the pace of volumes for its Rhopressa and Rocklatan drugs during the first quarter of 2020 due to COVID-19. Fortunately, no supply chain disruptions have been experienced. The company has adequate inventory to ensure a consistent supply for at least six months.
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“The glaucoma therapeutics market shows a positive growth trend. Its market is expected to be invigorated by continuous research and product development, especially in combination drugs. Leading market players have accordingly developed formulae which can assist in faster recovery of glaucoma patients,” concludes a Fact.MR analyst.
Combination Drugs; a Growth Lever for Market Players
The global glaucoma therapeutics market consists of the following market players: Allergan plc, Merck & Co., Inc., Novartis AG, Pfizer Inc., Santen Pharmaceuticals Co. Ltd., Valeant Pharmaceuticals, Inc. and Aerie Pharmaceuticals, Inc. Novartis AG’s Alcon division focuses on development of eye care products, such as Travatan, Simbrinza and Azarga. Allergan Plc., occupies the second position in the market, and include top selling brands like Lumigan, Alphagan, Ganfort and Combigan. More recently, the company also received an approval from the FDA to launch its DURYSTATM Biodegradable Sustained-Release Implant. This device is designed to reduce intraocular pressure in open-angle glaucoma or ocular hypertension patients.
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