by The global glaucoma eye drops market consists of various eye drop products that help in lowering high eye pressure associated with glaucoma through medications. These eye drop medications work by either increasing the outflow of fluid from the eye or decreasing the production of aqueous humor in the eye.
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 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. Key players are focusing on launching new improved and innovative Glaucoma Eye Drops Market Trends medications to increase their market share.
The growing demand for glaucoma eye drops is mainly attributed to the increasing prevalence of glaucoma globally. According to estimates, glaucoma leads to vision loss and blindness in over 120 million people worldwide and it is expected to affect over 79 million people globally by 2040. Rising geriatric population and increasing cases of eye disorders is further expected to drive the demand for glaucoma eye drops during the forecast period.
The global glaucoma eye drops market is expected to grow at a significant rate owing to increasing product availability, technological advancements, and expanding distribution channels. Manufacturers are expanding their business in developing markets such as Asia Pacific, Latin America, and Middle East & Africa to tap the high growth opportunities offered by these emerging markets.
Market Key Trends
One of the key trends gaining traction in the glaucoma eye drops market is the growing preference for preservative-free drops. Preservatives such as benzalkonium chloride are commonly used as preservatives in eye drops, however, long-term use of drops containing preservatives can cause ocular surface disease. Hence, manufacturers are increasingly focusing on developing preservative-free glaucoma eye drops in single-use containers to eliminate preservative-related issues. This trend is expected to further increase the demand for preservative-free glaucoma eye drops.
Porter’s Analysis
Threat of new entrants: Low barriers to entry given the popularity of generic eye drops which also poses competitive pressure on established brands.
Bargaining power of buyers: High due to presence of many established manufacturers offering cheaper generic alternatives and buyers ability to switch to such low cost options.
Bargaining power of suppliers: Low as raw materials are widely available and suppliers do not have pricing power over pharmaceutical companies.
Threat of new substitutes: Moderate threat as alternative treatments like laser surgeries and oral medications are available though eye drops remain preferred initial treatment.
Competitive rivalry: Intense as market is highly fragmented with presence of many global and regional brands offering generic versions at lower costs.
Geographical Regions
North America accounts for the largest share in the global glaucoma eye drops market in terms of value owing to high awareness levels, innovative products, growing geriatric population and large patient base.
Asia Pacific is expected to be the fastest growing regional market during the forecast period supported by rapid economic growth, increasing healthcare spending, expanding patient pool and rising accessibility of glaucoma treatments in countries like India and China.
Glaucoma Eye Drops Market, Glaucoma Treatment, Eye Care, Ophthalmology, Pharmaceuticals, Healthcare, Eye Drops, Vision Health
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
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, chemical and materials, defense and aerospace, consumer goods, etc.
