July 18, 2024

The Glaucoma Eye Drops Market Poised to Exhibit Lucrative Growth Opportunities by 2030

Market Overview:

The glaucoma eye drops market deals with eye drops that are used to reduce intraocular pressure and treat glaucoma. Glaucoma is a group of eye diseases that damage the optic nerve and causes vision loss over time if not treated. Common types of eye drops used are prostaglandin analogs, beta blockers, alpha agonists, and carbonic anhydrase inhibitors.

Market Dynamics:

Rising geriatric population susceptible to glaucoma globally is a key driver of market growth. As per WHO, the global population aged over 60 years is projected to reach 2.1 billion by 2050 from 962 million in 2017. Older people generally above the age of 60 have a higher risk of developing glaucoma. Additionally, increasing awareness about early glaucoma treatment and availability of generic drugs are contributing to market expansion. Various governments and NGOs are conducting awareness programs about glaucoma symptoms and management which is further supporting the glaucoma eye drops market size.

Market key trends:
The glaucoma eye drops market is witnessing increased generic penetration due to patent expiries of branded glaucoma drugs such as Xalatan and Lumigan. The introduction of generic equivalents is significantly lowering the treatment cost for patients as generic drugs are 30-90% cheaper than their branded counterparts. Moreover, the demand for preservative-free glaucoma eye drops is growing rapidly as preservatives such as benzalkonium chloride used in eye drops can cause eye irritation and allergy in long-term use.

SWOT Analysis
Strength: Wide availability of effective generic drugs is lowering the cost burden.
Weakness: Preservatives used in eye drops can sometimes cause side effects and lack of compliance to treatment.

Opportunity: Rising geriatric population prone to glaucoma and demand for preservative-free drops provide major market opportunities.

Threats: Stiff competition from existing and emerging players and need for new innovations to overcome drug resistance poses major threats.

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 worldwide.

Regional analysis
North America dominated the glaucoma eye drops market in 2023 owing to high glaucoma diagnosis rates and growing adoption of newly launched drugs in the region. However, Asia Pacific is expected to be the fastest growing market over the forecast period supported by large population base, increasing glaucoma screening, and favorable government initiatives.

Key players
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.)

Note:

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