Market Overview
Glaucoma is an eye condition that damages the optic nerve and causes vision loss and blindness if left untreated. Eye drops are commonly prescribed to lower eye pressure and slow down the progression of glaucoma. Topical eye drops containing prostaglandins, beta blockers, alpha agonists or carbonic anhydrase inhibitors are effective in reducing eye pressure. Eye drops have fewer side effects than oral medications or eye surgeries. Regular use of eye drops as prescribed helps control the eye pressure and saves the optic nerve from further damage.
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 7.3% 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 rising prevalence of Glaucoma Eye Drops Market Demand for glaucoma eye drops. According to the World Health Organization, over 4 million people are affected by glaucoma blindness worldwide. Availability of innovative drug delivery systems, and increasing awareness about glaucoma treatment are boosting the sales of eye drops.
Leading manufacturers are expanding their presence in emerging markets of Asia Pacific, Latin America, and Middle East & Africa. Favorable government initiatives, growing healthcare expenditure, and rising disposable incomes in these regions offer lucrative opportunities for the glaucoma eye drops market.
Market Key Trends
One of the key trends in the glaucoma eye drops market is the growing popularity of combination eye drops. Combination drops containing two or more active pharmaceutical ingredients (APIs) in a single bottle help improve patient compliance and offer enhanced IOP lowering effects. Popular combination drops include brinzolamide and brimonidine, timolol and dorzolamide, and brinzolamide and timolol. Manufacturers are also developing multipurpose eye drops with anti-inflammatory and artificial tear additives to provide extra ocular comfort and protection. Such innovative product launches are expanding the options available to ophthalmologists for treating glaucoma.
Porter’s Analysis
Threat of new entrants: Explaining in two lines- Low barriers to entry as glaucoma eye drops manufacturing process is relatively less capital intensive and complex. However, established players enjoy economies of scale and brand recognition.
Bargaining power of buyers: Explaining in two lines- Moderate bargaining power of buyers as they have limited alternatives and brand loyalty plays an important role in glaucoma eye drops market.
Bargaining power of suppliers: Explaining in two lines- Low bargaining power of suppliers as raw materials required are common and industry has many suppliers.
Threat of new substitutes: Explaining in two lines- Low threat as eye drops are the most common and effective way to treat glaucoma currently and substitutes like oral medications or surgeries have limitations.
Competitive rivalry: Explaining very short in one line- High competitive rivalry due to many established players.
Geographical regions where market in terms of value is concentrated: North America region currently accounts for the largest share in glaucoma eye drops market in terms of value owing to increasing glaucoma patient population and developed healthcare infrastructure in countries like United States and Canada.
Fastest growing region for the given market: Asia Pacific region is expected to witness the highest growth during the forecast period due to rising geriatric population, improving access to healthcare facilities and increasing awareness about glaucoma treatment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – 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, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile