The global ophthalmoplegia market has been gaining traction over the past few years owing to rising prevalence of ophthalmic disorders associated neurological and muscular disorders. Ophthalmoplegia involves paralysis or weakness of one or more of the extraocular muscles that control eye movement. Some of the key advantages of ophthalmoplegia drugs include treatment of paralytic strabismus and improvement of ocular motility. Growing incidences of neurological diseases such as myasthenia gravis and Miller Fisher syndrome has increased the demand for ophthalmoplegia therapeutics.
The Global Ophthalmoplegia Market is estimated to be valued at US$ 510 Mn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the global ophthalmoplegia market are Novartis AG, Sanofi, F. Hoffmann-La Roche Ltd., Pfizer Inc., Bayer AG. Novartis AG dominates the market with its diversified product offering.
Rising research and development activities present significant growth opportunities in the market. Manufacturers are investing in developing novel therapeutics to expand their product portfolios.
North America dominated the global market in 2020. However, Asia Pacific is expected to witness fastest growth over the forecast period owing to increasing healthcare expenditure and rising patient pool in China and India.
Market Drivers
The global ophthalmoplegia market is primarily driven by rising geriatric population worldwide which are more prone to developing neurological and ophthalmic disorders. According to estimates by WHO, the geriatric population is expected to reach 2 billion by 2050 from 900 million in 2015 which will significantly drive the demand for ophthalmoplegia drugs. Growing prevalence of disorders like myasthenia gravis and brainstem stroke is another major factor expected to accelerate the market growth during the forecast period.
PEST Analysis
Political: Government regulation around healthcare and medicine directly impact the ophthalmoplegia market. Regulations around drug approvals could positively or negatively impact availability of treatment options.
Economic: Overall economic growth and disposable income levels determine spending capability on healthcare. Economic downturns may negatively impact the market.
Social: Growing aging population worldwide is increasing prevalence of associated eye disorders driving market growth. Increased awareness also contributes to early diagnosis and treatment.
Technological: Advancements in drug delivery systems, surgical techniques and diagnostic equipment are expanding treatment options and capabilities. AI and digital tools are improving efficiency and access to care.
The regions accounting for largest value share in the global ophthalmoplegia market currently are North America and Europe owing to high healthcare spending capabilities and availability of advanced treatment options. Asia Pacific is poised to be the fastest growing market over the forecast period supported by rising income levels, growing medical tourism, increasing healthcare access and expanding patient pool in nations like China and India.
In terms of value, The US holds the largest share in the North America region accounting for over 40% market share currently. Going forward, China is projected to be the fastest growing market globally for ophthalmoplegia supported by policy reforms, healthcare infrastructure growth and large population base. Increased accessibility to specialized care and local manufacturing capabilities are further supportive factors.
What Are The Key Data Covered In This Global Ophthalmoplegia Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Global Ophthalmoplegia Market’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Global Ophthalmoplegia Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Global Ophthalmoplegia Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Global Ophthalmoplegia Market vendors
FAQ’s
Q.1 What are the main factors influencing the Global Ophthalmoplegia Market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Global Ophthalmoplegia Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Global Ophthalmoplegia Market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile