Healthcare providers, across the globe are making notable efforts to offer improved eye care products and services in order to preserve the vision of patients. This has resulted in a significant growth of the glaucoma therapeutics market worldwide. The key players in the global market are focusing on strengthening their drug pipeline of combination drugs is predicted to encourage the growth of the global glaucoma therapeutics market throughout the forecast period. Moreover, the increasing spending capacity of patients and the availability of advanced healthcare infrastructure are projected to supplement the growth of the market in the near future.
According to the research study, in 2015, the global market for glaucoma therapeutics was worth US$5.7 bn. The market is anticipated to reach a value of US$7.6 bn by the end of 2024, registering a healthy 3.40% CAGR between 2016 and 2024.
Rising Demand for Combination Glaucoma Drugs to Encourage Growth
The increasing number of cases of glaucoma and the rising demand for combination glaucoma drugs are some of the vital factors that are likely to encourage the growth of the global market in the next few years. The easy availability of medical insurance coverage for treatment and diagnosis is estimated to create lucrative opportunities for the prominent players operating in the global glaucoma therapeutics market in the coming years. Furthermore, the increasing geriatric population and the rising healthcare expenditure are predicted to fuel the growth of the market. On the contrary, stringent government regulations concerning marketing and approvals and the side effects of glaucoma medications are predicted to restrict the growth of the market in the near future.
On the basis of end use, the hospital segment is estimated to lead the global glaucoma therapeutics market and account for a key share of the overall market in the near future. The rising preference of patients for visiting hospitals as the cost of therapies is comparatively lower is one of the major factors expected to bolster hospital segment in the coming years. The ambulatory surgical center segment is projected to hold a small share of the global glaucoma therapeutics market throughout the forecast period.
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Advent of Favorable Reimbursement Policies to Bolster North America Market
From a geographical perspective, in 2015, Europe and North America collectively accounted for a share of 75% of the global glaucoma therapeutics market. According to the research report, the North America is expected to witness a strong growth in the next few years, owing to the rising geriatric population and the availability of several treatment options. In addition, the rising awareness among patients regarding glaucoma and the introduction of favorable reimbursement policies are some of the major factors anticipated to fuel the growth of the North America glaucoma therapeutics market in the next few years.
Furthermore, Europe is anticipated to exhibit a healthy growth rate throughout the forecast period. The substantial growth of this region can be attributed to the growing demand for topical eye drops and the expected launch of the combined medication products. With booming medical tourism, Asia Pacific is projected to grow significantly in the coming few years. On the other hand, the Middle East and Africa and Latin America are estimated to witness sluggish growth in the next few years.
Some of the prominent players operating in the glaucoma therapeutics market across the globe are Allergan Inc., Aristo Pharmaceuticals, Merck & Co., Fera Pharmaceuticals, Teva Pharmaceuticals, Pfizer Inc., Santen Pharmaceuticals, Valeant Pharmaceuticals, Aerie Pharmaceuticals, and Novartis AG. The presence of a strong drugs pipeline for glaucoma therapeutics is anticipated to encourage the growth of the global market in the next few years.
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