The Business Research Company’s Antiglaucoma Drugs Market Report – Opportunities And Strategies – Global Forecast To 2030
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Incidence of glaucoma increases with age. Due to an increase in the geriatric population worldwide, governments are launching initiatives to promote awareness on glaucoma and other eye disorders. For instance, the Vision Health initiative by Centers for Disease Control and Prevention (CDC) in the USA aimed to prevent eye disorders and improve overall eye health. In Australia, the government funded an eye screening program as part of its Vision 2020 initiative to promote awareness and prevent vision loss among the population suffering from glaucoma and other eye disorders. These government initiatives will stimulate the awareness among the people on glaucoma, driving the antiglaucoma drugs global market.
The global antiglaucoma drugs market size is expected to decline from $6.6 billion in 2019 to $5.2 billion in 2020 at a compound annual growth rate (CAGR) of -21.3%. The decline is mainly due to the COVID-19 outbreak and the measures to contain it. The COVID-19 pandemic is affecting industries across the globe, including the pharmaceutical sector. The restrictions on non-essential medical services including ophthalmology services coupled with slowed production of drugs due to extended factory closures in various countries, shortage of APIs and other chemicals, and rise in prices of key ingredients are the key factors for this decline in the antiglaucoma drugs mechanism market. The market is then expected to recover and grow at a CAGR of 5% from 2021 and reach $8 billion in 2023.
Anti-glaucoma drugs are facing the risk of patent expiration in the USA and Europe according to the antiglaucoma drugs market report. For instance, travaprost and bimatoprost, which are used in the treatment of glaucoma, will lose their patents in 2021. To get an antiglaucoma drug approved by the United States Food and Drug Administration (USFDA), the drug should have comparable intraocular pressure (IOP) lowering efficacy and benefit-to-hazard ration with respect to the benchmark drug. In 2018, Rhopressa (netarsudil) Ophthalmic Solution by Aerie Pharmaceuticals Inc., was approved by the US FDA considering its ability to lower IOP when compared to benchmarked drugs for glaucoma in the market.
Here Is A List Of Similar Reports By The Business Research Company:
Ophthalmology Drugs Market – By Type (Antiglaucoma Drugs, Dry Eye Medication And Other Ophthalmological Drugs), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies/ Drug Stores And Others), By Drug Classification (Branded Drugs And Generic Drugs), By Mode Of Purchase (Prescription-Based Drugs, Over-The-Counter Drugs) And, By Region, Opportunities And Strategies – Global Forecast To 2030
Dry Eye Medication Market – By Type (Aqueous Dry Eye Syndrome, Evaporative Dry Eye Syndrome), By End-User (Hospital Pharmacies, Eye Health Clinics, Retail Pharmacies, Online Pharmacies), By Product Type (Liquid Drops, Gel, Liquid Wipes, Eye Ointment), And By Region, Opportunities And Strategies – Global Forecast To 2030
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Source: EIN Presswire