The American Association of Ophthalmology states that an estimated three million people in the U.S. have glaucoma. The organization has found that glaucoma is a leading cause of blindness for people over the age of 60. However, blindness resulting from glaucoma can often be prevented with early medical intervention – be it diagnosis or treatment.
A significant rise in the awareness of glaucoma, a growing demand for combination glaucoma drugs, and the availability of medical insurance coverage for diagnosis and treatment are some of the prominent trends observed in the global glaucoma therapeutics market. The market is also fueled by the increasing geriatric population in developed nations, a surge in healthcare expenditure, and the development of advanced drug delivery devices. Riding on these factors, the global glaucoma therapeutics market is projected to rise from a value of US$5.7 bn in 2015 to US$7.6 bn by 2024 at a modest CAGR of 3.4% therein.
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On the other hand, the side effects of glaucoma medications, stringent government regulations pertaining to approvals and marketing, and a lengthy process for the development of glaucoma products threatens to hamper the growth of the market.
Hospitals Most Preferred End-use Segment
The global glaucoma therapeutics market is segmented according to the class of drug into prostaglandins, beta blockers, alpha agonist, combines medication, carbonic anhydrase inhibitors, and cholinergic.
Among these, prostaglandins, beta blockers, and combined medication are the most widely used topical agents. Over the forecast period, it is estimated that combined medication will acquire the majority of the market, followed by beta blockers and prostaglandins. However, the increasing prevalence of glaucoma globally has resulted in the strong growth of the combined medication segment and it is expected to record a high CAGR during the forecast period. Growing awareness about the early detection of glaucoma and the availability of affordable treatment options are expected to boost the glaucoma therapeutics market in the coming years.
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By end use, the hospitals segment captured a major share in the market and is likely to sustain its leadership position throughout the forecast period. A large section of the population prefers visiting hospitals rather than ophthalmic clinics for treatment as the cost of therapy at hospitals is relatively lower. Ambulatory surgical centers, on the other hand, are presently playing a rather minor role in the development of the global glaucoma therapeutics market.
North America and Europe Accounted for 3/4 of Global Market in 2015
On the basis of geography, the global market for glaucoma therapeutics has been divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America and Europe accounted for a combined share of just short of 75.0% in 2015.
North America is expected to continue its dominance in the market during the forecast period due to an increase in geriatric population, growing awareness regarding glaucoma and the availability of various treatment options, the existence of a favorable reimbursement scenario, and a well-established healthcare infrastructure.
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Europe is also a major player in the glaucoma therapeutics market and is expected to retain its significant position in the global market through 2024 due to a surge in the volume sales of topical eye drops, especially beta blockers, and the upcoming launch of combined medication products.
Asia Pacific is a rather attractive market and is expected to expand at a rapid CAGR from 2016 to 2024. The market in Latin America and the Middle East and Africa, on the other hand, are expected to witness sluggish growth over the course of the forecast period. However, the increased focus of the federal governments on enhancing healthcare facilities and rising awareness among the population will give the regions a much-needed boost.
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