March 2, 2024

Glaucoma Eye Drops Market Connected with Rising Prevalence of Glaucoma

Market Overview:

Glaucoma eye drops are medication administered directly on the eyes. They help lower eye pressure by increasing drainage of fluid from the eyes. Glaucoma is a progressive eye disease that can damage the optic nerve and result in vision loss. If left untreated, glaucoma can lead to permanent damage of the optic nerve and vision loss. Glaucoma eye drops thus play a key role in controlling eye pressure and preventing long-term damage. They offer an effective and non-invasive means of managing the disease.

Market key trends:

One of the key trends in the glaucoma eye drops market is the rising prevalence of glaucoma. As per data by the World Health Organization, glaucoma is the second leading cause of blindness globally. The prevalence of glaucoma is expected to increase from 60.5 million in 2020 to 111.8 million by 2040. Growing geriatric population, increase in lifestyle diseases, greater awareness about glaucoma diagnosis and treatment are some factors contributing to higher cases of glaucoma. This increasing patient base diagnosis rate is expected to drive the demand for glaucoma eye drops for long-term management of the condition.
Porter’s Analysis

Threat of new entrants: Low barriers to entry such as intellectual property protection and regulation make the threat of new entrants medium.

Bargaining power of buyers: The bargaining power of buyers is high due to availability of generic alternatives along with branded products.

Bargaining power of suppliers: The bargaining power of suppliers is medium as raw material availability is less of a concern.

Threat of new substitutes: Threat of new substitutes is medium as alternative drugs and procedures for glaucoma treatment are available.

Competitive rivalry: The competitive rivalry is high due to presence of many global and local players.

Key Takeaways

The Global Glaucoma Eye Drops Market is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period 2023-2030, due to increasing geriatric population susceptible to glaucoma. The market was valued at US$ 1,666.3 Mn in 2023.

Regionally, North America dominated the glaucoma eye drops market in 2023 and is expected to maintain its lead over the forecast period as well. This is attributable to growing awareness regarding eye care and availability of advanced treatment options in the region. Asia Pacific is expected to be the fastest growing market during the forecast period owing to rising healthcare spending and increasing number of eye care service providers in emerging countries such as China and India.

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.).

Among these, Allergan plc, Novartis AG and Teva Pharmaceutical Industries Ltd. collectively account for over 50% of the global glaucoma eye drops market share owing to their diverse product portfolio and extensive geographic presence.

Note:

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