Glaucoma Therapeutics Market: Increase in Diabetic Population and Introduction of Innovative Combination Drugs to Drive Market
Albany, New York, Sept. 04, 2018 (GLOBE NEWSWIRE) — Transparency Market Research (TMR) has published a new report titled, “Glaucoma Therapeutics Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global glaucoma therapeutics market was valued at US$ 5,932.6 Mn in 2017 and is projected to expand at a CAGR of 2.9% from 2018 to 2026. Increase in prevalence and incidence of diabetic disorders, rise in geriatric population, improved health care as well as health care infrastructure, and introduction of combination therapies are anticipated to propel the global market from 2018 to 2026. North America and Asia Pacific are expected to dominate the global glaucoma therapeutics market in the next few years. This is attributed to the well-established reimbursement policies by private and government health care institutes. According to the American Glaucoma Society, over 27 million people are affected with glaucoma in the U.S. alone. Players operating in the global glaucoma therapeutics market have made a series of strategic acquisitions, which contributes to the increase in their market share.
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Asia Pacific Market to be Driven by Rise in Prevalence of Diabetes and High Adoption of Generic Drugs
In terms of revenue, North America dominated the global glaucoma therapeutics market in 2017. However, the region is estimated to lose market share in the near future, owing to loss of patents and emerging low cost generics. Asia Pacific held a major share of the market in 2017, attributed to high prevalence of diseases, increase in health care spending, and rise in geriatric population. The market in Asia Pacific is expected to expand at a high CAGR during the forecast period from 2018 to 2026. Large patient pool and rise in awareness about glaucoma are the key factors driving the glaucoma therapeutics market in the region. The booming medical tourism driven by rise in government support and incorporation of different schemes to avail better treatment for patients is also likely to propel the market in Asia Pacific. Increase in the number of localized manufacturers and strengthening of distribution network in Asia Pacific due to growing economy offer significant investment opportunities for market players.
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Prostaglandins Segment to Capture Largest Market Share
The report offers detailed segmentation of the global glaucoma therapeutics market. Based on drug class, the prostaglandins segment dominated the market in terms of revenue, as these are the most widely used topical eye drops, followed by beta blockers and combination medication. The combination medication and beta blockers segments are projected to expand at a rapid pace during the forecast period compared to the prostaglandins segment. Low cost of beta blockers and advantage of two drugs in combination medication are the factors contributing to the growth of these segments.
The prostaglandins segment is expected to grow at a sluggish pace due to high cost and increase in prescriptions for beta blockers and combination medication. The beta blockers segment is dominated by a number of generic brands. However, the cholinergics and alpha agonists segments are expected to experience steady growth during the forecast period. Additionally, increase in awareness about the diagnosis and treatment of glaucoma and growth of the generic drugs market drive the glaucoma therapeutics market.
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Specialty Clinics Segment to Expand at Rapid Pace
The hospitals segment accounted for significant market share in 2017, followed by the specialty clinics segment. The specialty clinics segment is anticipated to expand at a high CAGR during the forecast period. Affordable health care facilities provided in specialty clinics is the major factor fueling the growth of the segment. Specialty clinics is the second leading segment, as the primary detection and treatment of glaucoma are carried out at hospitals. Ambulatory surgical centers is a small segment of the market and is expected to witness steady growth during the forecast period.
Fragmented Market Dominated by Allergan plc and Novartis AG
The report also provides profiles of leading players operating in the global glaucoma therapeutics market. Novartis AG and Allergan plc are major players operating in the market, offering products with proprietary technologies. Other players include Merck and Co., Inc., Pfizer, Inc., Santen Pharmaceuticals Co. Ltd., Valeant Pharmaceuticals International, Inc., and Aerie Pharmaceuticals, Inc.
The global glaucoma therapeutics market is characterized by the presence of major companies competing against each other primarily in terms of limited side effects, product efficacy, prolonged action, robust pipeline, and operational base. These players focus on launching new and improved therapies and are making significant investments in R&D to gain market share.
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