According to BlueWeave Consulting, the global Glaucoma Therapeutics market has reached USD 6.27 Billion in 2019 and estimated to reach USD 7.65 Billion in 2026 and anticipated to grow by CAGR of 2.96% during the forecast period 2020-2026. Glaucoma prevalence is oriented towards the geriatric population, and the rising geriatric population globally is likely to have a positive impact on the global market.
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Glaucoma has affected about 64 million people worldwide. Glaucoma is a condition that can affect the optic nerve, and any level of glaucoma can result in partial or complete blindness. The severity of glaucoma has led to increased awareness among end-users of ways to manage glaucoma, and people realized the importance of early detection and treatment of this disease. Besides, improved diagnostic tools for glaucoma diagnosis are likely to favor the development of the global Glaucoma Therapeutics Market in the years ahead. These are high glaucoma prevalence, enhanced technical support during diagnosis, and increased awareness of glaucoma-related care. Such factors will push the global market for glaucoma therapy to the forefront.
Changing a lifestyle where people spend a lot of time in front of a smart gadget which emits blue ray. This introduction now begins at a very early age. It is also common in older generations who are more vulnerable to such diseases than younger-age individuals. The rise in the geriatric population can also be seen to determine the future direction for the glaucoma therapy market. There are also various treatments available to counter the problem. One such is the relatively inexpensive and precise laser treatment. In addition, increasing patient awareness of glaucoma and the introduction of favorable reimbursement policies are some of the main factors predicted to boost the growth of the glaucoma therapy market in North America in the coming years.
Prostaglandin Analogues hold the highest market share in the year 2026. Prostaglandins have changed the face of the care scenario for glaucoma and are used as first-line glaucoma therapy. The segment of prostaglandin analogs represented a significant market share in 2019 and is expected to remain dominant throughout the 2020-2026 forecast period. Besides, the increasing adoption of prostaglandin analogs is likely to favor the growth of the global therapeutic market for glaucoma.
The major market players in Glaucoma Therapeutics are Merck & Co., Inc., Novartis AG, Allergan plc, Bausch & Lomb Incorporated, Teva Pharmaceutical Industries, Aerie Pharmaceutical, Pfizer Inc., Inotek Pharmaceuticals, Akorn Inc., Santen, and Other Prominent Players.
Novartis AG (Alton) and Allergan dominate the global market for glaucoma therapy. The overall vendor landscape of the glaucoma therapy industry is highly fragmented with various global players. Novartis AG and Allergan accounted for the highest volume market share in 2019. The two companies are engaged in the manufacture and marketing, respectively, of their prostaglandin analogs Travatan and Lumigan, which are favored as the first-line glaucoma treatment option. This has strengthened both companies ‘ strategic position in the revenues from the glaucoma therapeutics industry.
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