The Glaucoma Eye Drops Market is estimated to be valued at US$ 1,666.3 Mn in 2022 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Glaucoma is a group of eye diseases that damage the optic nerve and cause vision loss and blindness. Glaucoma eye drops are used to treat glaucoma by reducing pressure inside the eye. These eye drops contain ingredients like prostaglandin analogs, beta blockers or alpha agonists which help drain fluid from the eye thereby lowering intraocular pressure. Glaucoma eye drops are usually the first line of treatment for glaucoma as they are less invasive and easy to use on a daily basis.
Market key trends:
Increasing prevalence of glaucoma is a key trend fueling growth of the glaucoma eye drops market. As per the figures published by World Glaucoma Association, glaucoma affects over 4.5 million people worldwide and this number is expected to rise to over 11.1 million by 2040 due to aging population. Loss of sight due to glaucoma cannot be reversed but early detection and treatment helps in preventing vision loss. Rising awareness about glaucoma and availability of effective glaucoma eye drops is encouraging more patients to seek treatment. Emergence of advanced glaucoma eye drops with superior efficacy and less ocular irritation compared to earlier generations is further supporting the market growth. For instance, prostaglandin analogs glaucoma drops have become highly popular being more effective at lowering pressure with less undesirable side effects.
Porter's Analysis
Threat of new entrants: Low capital requirements and established brand recognition of existing players make the entry of new players challenging.
Bargaining power of buyers: Large customer base increases buyers bargaining power due to availability of alternatives.
Bargaining power of suppliers: Established vendors and suppliers in the market lower the bargaining power of suppliers.
Threat of new substitutes: Limited substitute availability maintains market potential for glaucoma eye drops.
Competitive rivalry: Intense competition among existing vendors.
SWOT Analysis
Strength: Wide product portfolio and strong brand presence of key players. Large customer base enhances revenue generation.
Weakness: High R&D costs and stringent regulatory approvals increase pressure on operating margins. Side effects associated with long term usage.
Opportunity: Rising geriatric population and increasing awareness about glaucoma treatment widen prospects.
Threats: Price competition from generic drug manufacturers. Compliance issues related to long term usage.
Key Takeaways
The Global Glaucoma Eye Drops Market is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing prevalence of glaucoma disorders worldwide. The market was valued at US$ 1,666.3 Mn in 2023 and is projected to reach US$ 2,786.1 Mn by 2030.
Regional analysis fastest growing and dominating region is North America due to growing geriatric population suffering from glaucoma and favourable government initiatives to spread awareness. Europe represents the second largest market owing to major players domiciled in the region and growing healthcare expenditure.
Key players operating in the glaucoma eye drops market are Merck KGaA, Allergan plc (A subsidiary of AbbVie Inc.), Novartis AG, Teva Pharmaceutical Industries Ltd., Pfizer, Inc., Bausch & Lomb, Inotek, Jadran-galenski laboratorij d.d. JGL d.d, Aerie Pharmaceutical (A subsidiary of Alcon Management S. A) and Mylan N.V (A subsidiary of Viatris Inc.).
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https://www.newsanalyticspro.com/the-glaucoma-eye-drops-market-growth-demand-and-analysis/
