by It is characterized by spontaneous persistent pain, hyperalgesia and allodynia. The rising prevalence of neurological disorders such as post-herpetic neuralgia, trigeminal neuralgia and diabetic neuropathy is the key driver behind the surge in neuropathic ocular pain cases. Currently available treatment options include oral medications, eye drops and ointments containing corticosteroids, nonsteroidal anti-inflammatory drugs and local anesthetics. However, these mostly provide symptomatic relief and long term usage can cause adverse effects.
The global neuropathic ocular pain market is estimated to be valued at US$ 209.64 million in 2024 and is expected to exhibit a CAGR of 3.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players: Key players operating in the neuropathic ocular pain market are OKYO Pharma, Limited, Ocular Therapeutix, Inc., IACTA Pharmaceuticals, Inc., Sun Pharmaceutical Industries Ltd., Novartis AG, SALVAT, AbbVie Inc., Bausch and Lomb Incorporated, Kala Pharmaceuticals, Spectra Vision Care, Alcon Laboratories, AERIE PHARMACEUTICALS, INC., Optocred Pharmaceuticals and BRIM Biotechnology, Inc.
Growing demand: The growing geriatric population vulnerable to develop neurological disorders and increasing cases of diabetes are fueling the demand for neuropathic ocular pain treatment.
Global expansion: Leading market players are investing in research & development activities to develop novel drug delivery systems and expand their global footprint through new product launches and strategic collaborations.
Market key trends
One of the key trends gaining traction in the Neuropathic Ocular Pain Market Demand is the rising focus on development of neurostimulation devices. These devices works by blocking pain signals traveling through nerves and have demonstrated efficacy with reduced side effects compared to drugs. Companies are developing non-invasive neurostimulation devices to treat trigeminal neuralgia and post-herpetic neuralgia. Other notable trends include growing adoption of gene therapy and stem cell therapy for neuropathic pain management.
Porter’s Analysis
Threat of new entrants: Low barriers as Neuropathic ocular pain treatment is a developing market with immense growth opportunities. However, established players have strong brand loyalty and economies of scale.
Bargaining power of buyers: Buyers have moderate to low bargaining power due to availability of limited treatment options. However, increased awareness levels and demand for newer therapies are enhancing their power.
Bargaining power of suppliers: Suppliers have moderate to high bargaining power due to specialized manufacturing requirements and product differentiation. Established suppliers can dictate prices to an extent.
Threat of new substitutes: Low threat as there are limited treatment substitutes for neuropathic ocular pain. However, alternative therapies may emerge as novel research avenues are explored.
Competitive rivalry: High rivalry among existing players due to tough competition for larger market share. Industry players compete through differentiated portfolios and strategic collaborations.
Geographical regions:
North America accounts for the largest share of the global neuropathic ocular pain market, primarily due to rising prevalence of conditions, favorable reimbursement policies, and increasing treatment-seeking rate.
The Asia Pacific region is poised to witness the fastest growth during the forecast period. Growing economies, improving healthcare infrastructure, and expanding patient pool make this region highly lucrative for market players.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn
