Glaucoma Therapeutic Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Glaucoma Therapeutics Market is segmented by Age Group (Child, Adult, Senior), by Gender (Male, Female), by Study Phases (Early Phase, Phase 1, Phase 2, Others), by Study Type (Interventional, Observational), By Drug Class (Bimatoprost, Travoprost, Latanoprost, Others), By Indication (Open Angle Glaucoma, Angle Closure Glaucoma, Secondary Glaucoma, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Glaucoma Therapeutics Market Size

The Global Glaucoma Therapeutics Market size reached USD 6.1 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 9.3 billion by 2031. The global glaucoma therapeutics market is expected to exhibit a CAGR of 5.7% during the forecast period (2024-2031). The glaucoma therapeutics market trends show rising research and development for treatments owing to the rising prevalence of ophthalmic disorders such as cataracts and increasing clinical trials.

Glaucoma is one of a collection of eye conditions that can result in loss of vision and eventual blindness by harming the optic nerve, a nerve located in the back of the eye. 

Furthermore, the rising government initiatives and support, together with rising demand for treatment at the point of care, are driving up the glaucoma therapeutics market size. The market is experiencing a growth in demand from North American areas as a result of the development of research in this region. Significant competitors like Novartis AG, Alcon, AbbVie Inc., and others are actively operating in the market. 

Market Summary

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Market Dynamics

Increased Government Support and Initiatives Drive the Growth of the Glaucoma Therapeutic Market

The rising incidence of glaucoma, together with increasing demand for treatment at the point of care, increased government initiatives and support, surging clinical trials and novel product launch, are likely to fuel global glaucoma therapeutics market size expansion throughout the forecast period.

The leading factor of irreversible blindness is glaucoma in the United States. Around 3 million Americans are suffering from glaucoma. That figure is anticipated to increase to 6.3 million by 2050. The US economy spends $2.86 billion each year on glaucoma in direct costs as well as productivity losses.

With its Vision Health Initiative (VHI) Glaucoma Detection Program, the CDC aids glaucoma detection initiatives all across the nation. These research are intended to reach high-risk populations and address screening and treatment barriers. World Glaucoma Week, a creative campaign, highlights glaucoma as the main global reason for reversible, preventable blindness.

Rising Research and Development and Novel Product Launches Creates Lucrative Opportunities  for Manufacturers

There is a growing market opportunity owing to rising advancements, research and development, increasing prevalence of ophthalmic disorders. The rising novel product launches by major key players is also driving the market. 

For therapeutic purposes, smart contact lenses are being constructed employing a variety of nanomaterials. In particular, smart IOP contact lenses were created using different graphene11, AgNW14, and silicon nanomaterials. A highly developed smart theranostic contact lens with wireless power as well as communication systems, an ASIC chip, a flexible DDS, and an effective AuHNW-based IOP sensor have been successfully created by researchers for use in glaucoma monitoring and control. 

To create a highly stable, sensitive, and biosafe IOP sensor enabling long-term IOP monitoring, a flexible AuHNW material was created. Timolol, a medication that lowers IOP, was put into the adaptable DDS with a biocompatible protective layer such that it may be released from the reservoir for IOP control by electrical triggering.

Lack of Knowledge Among People Will Hamper the Growth of the Market

In the research conducted by Atebo et al., which was done in an Australian community, glaucoma awareness was 93%. But just 29% of people demonstrated some awareness about glaucoma. Only 27% of the 74% who claimed to be aware of glaucoma in this survey had some awareness of how the disease presented itself, which is consistent with the findings from this study.

The percentage of awareness and knowledge was very low. In order to prevent harm and a late diagnosis of glaucoma, organized community awareness measures must be more widely distributed.   

Market Segment Analysis

The global glaucoma therapeutics market is segmented based on glaucoma type, drug type, distribution channel and region.

Owing to Rising Prevalence, the Open Angle Glaucoma Segment Accounted for Approximately 42.7% of the Glaucoma Therapeutics Market Share

The market is anticipated to grow throughout the projection due to the sector known as open angle glaucoma. Open-angle glaucoma is a progressive, chronic, and irreparable multifactorial optic neuropathy that is defined by an anterior chamber's open angle, optic nerve head alterations, peripheral vision's progressive loss, accompanied by central visual field loss. 

High intraocular pressure is an essential risk element for open-angle glaucoma it can be a consequence of primary or secondary causes. Gaining more knowledge about open-angle glaucoma will help prevent the devastating blindness that results from untreated open-angle glaucoma. 

This illness is asymptomatic and will slowly and irreparably degrade a patients eyesight. This activity describes open-angle glaucoma evaluation and management and emphasizes the function of the interprofessional interprofessional team in treating patients with open-angle glaucoma.

Source: DataM Intelligence Analysis (2023)

Market Geographical Share

North America Accounted for Approximately 39.9% of the Market Share in 2022, Owing to the Strong Presence of Major Players and Increasing Healthcare Infrastructure Investment

Due to the rising need for glaucoma therapeutics for treatment purpose in healthcare, manufacturers in North America have chances of increasing their operations. There are many producers and suppliers in North America and owing to the quick economic growth of the region, industrial production has expanded, driving the demand for glaucoma therapeutic. 

Increasing expenditure on healthcare and rising awareness among people, advancement of technologies for treatment, and increase in biopharmaceutical establishment across the region are also contributing to the growth of glaucoma therapeutics market share of this region. 

The primary health care organizations and businesses' joint research endeavors as well as new product development that continuously aims to enhance available treatment options are also expected to contribute to the rising demand. Individuals are becoming more aware of various advanced techniques that are being studied for the treatment leading to the expansion of the market in this region.

Source: DataM Intelligence Analysis (2023)

Glaucoma Therapeutic Market Players

The major global players in the glaucoma therapeutics market include Merck & Co., Inc., Pfizer Inc., AbbVie Inc., Alcon, Bausch & Lomb, Novartis AG, Inotek Pharmaceuticals, Sun Pharmaceutical Industries Ltd., Astellas Pharma Inc. and Vivavision Biotech Ltd. among others. 

COVID-19 Impact on Glaucoma Therapeutic Market

Russia Ukraine Conflict Analysis

The Russia-Ukraine conflict is estimated to have a moderate impact on the global glaucoma therapeutic market, owing to the low prevalence and absence of key market players in this region. However, the impact of the import and export of raw materials is expected to have little influence over the global glaucoma therapeutics market growth over the forecast period.

Key Developments

• On June 4, 2023, in order to evaluate the safety and ocular hypotensive efficacy of VVN539 in patients with POAG (primary open angle glaucoma) or ocular hypertension (OHT), a Phase 2 double-masked, vehicle-controlled, randomized, dose-response research was carried out. Topical ocular dosing having VVN539 Ophthalmic Solution resulted to a clinically or statistically significant reduction in increased intraocular pressure (IOP) in participants with OHT and POAG in this vehicle and dose-controlled, double-masked, and parallel first in human trial.
• On August 22, 2022, a pharmaceutical company, Aerie Pharmaceuticals, Inc., focused on the research, development, production, and marketing of first-in-class ophthalmic therapies, and Alcon, the world leader in eye care committed to assisting people in seeing brilliantly, announced that they signed a formal merger agreement in which Alcon will acquire Aerie.  
• On July 20, 2022, in order to advance the research and commercialization of a minimally invasive glaucoma surgery (MIGS) tool, iSTAR Medical's MINIject device for glaucoma patients, iSTAR Medical SA and AbbVie announced a strategic transaction. This beneficial partnership will aid in iSTAR Medical's research, development, and marketing efforts for MINIject and give AbbVie the chance to grow its eye care division by enhancing its range of glaucoma products, which already includes stents, sustained release implants, and drops.

Why Purchase the Report?

• To visualize the global glaucoma therapeutics market segmentation based on glaucoma type, drug type, distribution channel and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of glaucoma therapeutic market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global glaucoma therapeutics market report would provide approximately 53 tables, 54 figures and 195 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies