June 22, 2024
Glaucoma Eye Drops Market

Glaucoma Eye Drops Market is Estimated to Witness High Growth Owing to Increasing Geriatric Population

Glaucoma eye drops market is used for treating glaucoma which is a group of eye conditions that damage the optic nerve due to increased pressure in the eye that can lead to vision loss and blindness if left untreated. Glaucoma generally has no symptoms in its early stages, but once the disease progresses, peripheral vision begins to decline. Prostaglandin analogues are the most commonly used glaucoma eye drops due to their potency and minimal side effects. Other options include beta blockers, alpha agonists, carbonic anhydrase inhibitors etc.

The Global glaucoma eye drops market is estimated to be valued at US$ 1919.58 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the glaucoma eye drops market are Nexans, Prysmian Group, General Cable, Sumitomo Electric Industries, Encore Wire, Finolex Cables, KEI Industries, Polycab Wires, APAR Industries, Sterlite Technologies, Gupta Power, Diamond Power Infrastructure, Kalpataru Power Transmission, SAE Towers, ZTT, Midal Cables, J Power Systems, Super Solutions, KEI Power, Skipper.

The key opportunities in the Glaucoma Eye Drops Market Trends include growing aging population, increasing healthcare expenditure, rise in awareness of eye disorders and diseases and new product launches. Further, technological advancements in eyedrops delivery and expansion of glaucoma eye drops manufacturing facilities globally will also support market growth over the forecast period.

Globally, North America dominates the glaucoma eye drops market due to high glaucoma prevalence rates. Asia Pacific is expected to exhibit the highest CAGR over the forecast period given the rising geriatric population, increasing healthcare expenditure and growing awareness regarding eye diseases. Key players are also expanding their manufacturing capacities in the emerging economies of Asia Pacific to leverage high growth opportunities.

Market Drivers

The increasing geriatric population globally is one of the key drivers leading to high demand for glaucoma eye drops. Glaucoma is more prevalent among older individuals starting over 60 years of age. Further, rise in the incidence of diabetes and hypertension which are risk factors for glaucoma is also driving market growth. Focus of pharmaceutical companies on new product development is also expected to boost adoption of advanced glaucoma eye drops during the forecast period.

PEST Analysis

Political: The glaucoma eye drops market is regulated by various government bodies that determine the approval process and safety regulations for new product launches. Stringent regulations can increase compliance costs for manufacturers.

Economic: Rising healthcare expenditure and improving access to medical insurance is driving the demand for glaucoma treatment options like eye drops. However, economic slowdowns can negatively impact the discretionary spending on vision care products.

Social:
Growing awareness about glaucoma and regular eye checkups is encouraging early diagnosis and treatment adherence. Support groups are educating people about the importance of using eye drops as prescribed to slow disease progression.

Technological: Manufacturers are focusing on advanced drug delivery technologies to enhance the efficacy, comfort and compliance of eye drops. Self-administration technologies and devices are also being developed to assist Glaucoma patients.

Geographical Regions with High Market Concentration

North America accounts for the largest share of the global glaucoma eye drops market in terms of value. This can be attributed to the growing elderly population, rising awareness about glaucoma treatment and high adoption of newer therapies in the region. According to estimates, nearly 3 million Americans are affected by glaucoma currently.

The glaucoma eye drops market in Asia Pacific is projected to witness the fastest growth during the forecast period. Rapid economic development, improving access to healthcare facilities and rising medical tourism are some key factors driving market growth in Asia Pacific countries like China and India. Burgeoning middle class, growing medical expenditures and increasing life expectancy will further propel the demand for glaucoma management therapies.

*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.