North America Ocular Hypertension Treatment Market
As per the records of October 2021, World Health Organization on blindness and vision impairment, it is projected that nearly 2.2 billion people face distance or near vision impairment disorders. Eye-related disorders have appeared as a possible potential threat to the populations in all middle-income and industrialized countries. The top causes of vision impairment include uncorrected refractive errors, age-related macular degeneration, cataract, and many others.
The expected CAGR of global ocular hypertension treatment market is tend to be around 3% in the mentioned forecast period. The market was valued at USD 5.13 billion in 2022, and it would grow upto USD 6.5 billion by 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Market Definition
Ocular hypertension happens when the eye's pressure (intraocular pressure or IOP) becomes higher than average. It instigates increased eye strain. Glaucoma may be caused by increased pressure than the normal eye pressure. Glaucoma is a type of condition in which eye pressure affects the optic nerve and leads to loss of vision. However, ocular hypertension is not similar to glaucoma. In this condition, the optic nerve looks normal and there are no signs of vision loss. Although, many people having ocular hypertension are at increased risk for glaucoma and are considered “glaucoma suspects.”
Market Dynamics
Drivers
Increase in elderly population
The global ocular hypertension treatment market is projected to witness a heavy growth rate during the forecast period driven by the factor of an aging population. The growing demand in the global ocular hypertension treatment market is the replication of the rising elderly population, as people aged over 60 years normally develop conditions wherein the eyes have reduced elasticity, affecting the normal functioning. This boost the market growth.
Advanced technological advancements
Increasing technological advancements associated with the ocular hypertension treatment and diagnostics are boosting the growth of the market. Technologies such as medical imaging, selective laser trabeculoplasty (SLT), visual fields, micro-invasive glaucoma surgery (MIGS), optical coherence tomography (OCT), and progression analysis software will increase patient preference. Moreover, the market size will increase if laser therapies are combined with medications to treat glaucoma as the first-line therapy. This boosts the market growth
Opportunities
Rising strategic initiatives
The strategic initiatives that major key players undertake is projected to increase the market growth. For instance, in June 2022, Novartis Pharmaceuticals Corporation announced the acquisition of Kedalion Therapeutics for its novel AcuStream technology. This acquisition pushed Novartis to boost its ophthalmic product portfolio. In addition to this, in June 2022 Amring Pharmaceuticals Inc. announced that its generic Timolol Maleate Ophthalmic Solution has received approval from the U.S FDA. Timolol Maleate Ophthalmic Solution is a preservative-free solution and is recommended in the treatment of open-angle glaucoma and ocular hypertension.
Increasing R&D activities
Increasing research and development activities and expenditure by top market players is expected to increase the market growth during the projected period. For an instance, Alcon, a leader in eye care spent USD 842 million on R&D in 2021 as compared to USD 673 million in 2020. Alcon provides an extensive range of products such as contact lenses, cataracts, and glaucoma products. Thus, all these increasing healthcare expenditures create many market growth opportunities.
Restraints/Challenges
Lack of skilled professionals
The lack of skilled healthcare professionals who are unable to treat the patients with appropriate treatments could restrain the growth of the global ocular hypertension treatment market over a forecast period.
High cost
The huge expenditure associated with the treatment of ocular hypertension hamper the market growth. The treatment involves various types of surgery and costly diagnostic procedures that somewhat hinder the market growth.
SWOT Analysis
Strengths:
Strong R&D pipeline.
High awareness and availability of advanced treatments.
Weakness:
High treatment costs.
Side effects of long-term medication use.
Opportunities:
Innovation in drug delivery systems.
Expansion in telemedicine.
Threats:
Generic competition.
Economic downturns affecting healthcare spending.
Porter Five Forces Analysis
- Threat of New Entrants: Moderate, due to high R&D costs and regulatory hurdles.
- Bargaining Power of Suppliers: Low, as there are many suppliers of raw materials.
- Bargaining Power of Buyers: High, due to the availability of generic medications.
- Threat of Substitutes: Moderate, with alternative treatments like laser therapy.
- Competitive Rivalry: High, with numerous established players and continuous innovation.
Patient Journey and Unmet Needs Analysis
The patient journey typically begins with a routine eye exam, followed by monitoring and treatment if ocular hypertension is diagnosed. Unmet needs include improved diagnostic accuracy, better patient education, and treatments with fewer side effects.
Regional Analysis/Insights
North America dominates the market due to the increase in research & development activities for the development of novel therapies.
Key players
- Aerie Pharmaceuticals, Inc. (U.S.)
- Abbvie, Inc (U.S.)
- Ocular Therapeutix, Inc. (U.S.)
- Bausch Health Companies Inc. (Canada.)
- Merck & Co. Inc. (U.S.)
- Pfizer Inc. (U.S.)
Ocular Hypertension Treatment Market Scope
The global ocular hypertension treatment market is segmented on the basis of type, route of administration , drug type, distribution channel and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Market Segmentation
Type
- Intraocular Hypertension
- Glaucoma
Route of Administration
Drug Type
- Prescription
- Over the Counter
End User
- Hospitals
- Homecare
- Specialty Clinics
- Others
Distribution Channel
- Hospital Pharmacy
- Online Pharmacy
- Retail Pharmacy
By Region
North America:
Recent news
In November 2022, Alcon, a US-based pharmaceutical and medical device company, acquired Aerie Pharmaceuticals Inc., for an undisclosed sum. This acquisition broadens, diversifies, and enriches Alcon’s portfolio of commercial products and development pipeline. Aerie Pharmaceuticals Inc. is a US-based clinical-stage pharmaceutical company that operates in the ocular hypertension treatment market.
