October 3, 2024

The global Neuropathic Ocular Pain Market driven by growing prevalence of diabetes is estimated to be valued at US$ 197.1 Mn in 2024

Neuropathic ocular pain arises due to damage or malfunction of nerves that carry sensory information from the eye to the brain. It is commonly associated with diabetic retinopathy, trigeminal neuralgia, and post-herpetic neuralgia among others. Pharmaceutical therapies targeting neuropathic pain management include anticonvulsants, antidepressants, opioids, and topical local anesthetics. gabapentin, pregabalin, amitriptyline, and lidocaine are some of the commonly prescribed medications. The global neurophatic ocular pain market is gaining significance with availability of these pharmacological treatment options.

The global Neuropathic Ocular Pain Market is estimated to be valued at US$ 197.1 Mn in 2024 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends spurring the growth of neuropathic ocular pain market is increasing prevalence of diabetes. As per the International Diabetes Federation estimates, around 537 million adults were living with diabetes globally in 2021 and the figure is projected to reach 643 million by 2030 and 783 million by 2045. Diabetes significantly raises the risk of developing diabetic retinopathy which is a leading cause of vision loss and neuropathic pain worldwide. Growing diabetes burden and resulting complications like retinopathy is thus fueling demand for neuropathic ocular pain therapies.

Porter’s Analysis
Threat of new entrants: Low. High capital requirements and economies of scale create significant barriers to entry.

Bargaining power of buyers: High. Buyers have many therapeutic options available and purchasingNeuropathic Ocular Pain Drugs in large volumes gives them negotiating power.

Bargaining power of suppliers: Moderate. Suppliers of active pharmaceutical ingredients and other manufacturing materials are consolidated. However, suppliers still require regulatory approvals to enter the market.

Threat of new substitutes: Moderate. Other pain therapies and surgeries pose a substitutes threat, though their applications are limited.

Competitive rivalry: High. The market is consolidated with Pfizer, Allergan, Sun Pharma, and Novartis as the key competitors constantly competing on drug efficacy and pricing.

Key Takeaways
The global neuropathic ocular pain market is expected to witness high growth. The growing geriatric population suffering from ocular pain disorders is a key driver.

North America dominates the global market currently due to high awareness and easy access to advanced drugs. Europe is also a major market supported by well-established healthcare systems. However, Asia Pacific is expected to witness the fastest growth during the forecast period supported by growing healthcare expenditure and demand in China and India.

Key players operating in the neuropathic ocular pain market are Pfizer, Allergan, Sun Pharma, and Novartis. Pfizer’s Lyrica is a leading brand for diabetic peripheral neuropathy treatment globally. Allergan markets treatments for post-herpetic neuralgia. Sun Pharma and Novartis actively develop new formulations and pipeline drugs targeting trigeminal neuralgia and other rare pain indications.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it
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, chemical and materials, defense and aerospace, consumer goods, etc.

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, chemical and materials, defense and aerospace, consumer goods, etc.

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