Pune, India, Feb. 09, 2021 (GLOBE NEWSWIRE) -- According to the report, Glaucoma Therapeutics market size is projected reach USD 7.34 billion by 2026. Global Glaucoma Therapeutics market was USD 6.59 billion in 2018 and is anticipated to exhibit a CAGR of 6.1% during the forecast period set between 2019 to 2026. North America held USD 2518.31 million in terms of revenue. The region is set to dominate the market stoked by the presence of an efficient treatment framework and a well-equipped hospital infrastructure.
INDUSTRY DEVELOPMENTS:
- May 2020: AbbVie Inc. acquired Allergan plc to strengthen its leading position in the glaucoma market.
- October 2019: EyeTechCare started recruiting volunteers to participate in its new research activity. The organization is set to gather safety data on Ultrasound Cycle Plasty treatment (UCP) in primary glaucoma patients based in China.
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COVID-19 to Affect Growth Positively Fueled by Postponement of Elective Surgeries
The rising prevalence of glaucoma amongst the geriatric population across the globe is set to be one of the major factors for the glaucoma therapeutics market growth. It is mainly occurring because of the surging screen time of gadgets, such as smartphones and laptops. The International Agency of the Prevention of Blindness declared that approximately 80 million people worldwide are expected to suffer from glaucoma by the end of 2020. However, numerous cases of regulatory recall of these therapeutics products may hinder growth.
Based on product type, the market is fragmented into combination drugs, carbonic anhydrase inhibitors, beta blockers, alpha adrenergic agonists, prostaglandins analogs, and others. Out of these, the prostaglandins analogs segment earned 40.3% in terms of glaucoma therapeutics market share in 2019. This growth is attributable to their possession of fewer side effects, unlike the other glaucoma therapeutics. They are also efficient in lowering intraocular pressure (IOP).
Several government healthcare facilities have categorized glaucoma as elective. Hence, all the surgeries associated with this condition were postponed globally owing to the outbreak of the COVID-19 pandemic. This has further resulted in the huge demand for glaucoma therapeutics amongst patients to slow down the progression of glaucoma. Our reports are specially curated to provide in-depth analysis of the effects of coronavirus on every possible market. They will be able to help you regain business confidence during such a grave period of time.
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Increasing Screen Time of Gadgets among People to Boost Growth
Europe is expected to grow considerably because of the presence of favorable reimbursement policies. Asia Pacific, on the other hand, would showcase the highest growth fueled by the increasing aging population, especially in Japan and China, who are in need of this therapeutics.
Several companies present in the global market for glaucoma therapeutics are striving to compete with their rivals by either engaging in mergers & acquisitions, or by conducting novel clinical research studies. Below are two of the important industry developments:
- Merck & Co., Inc. (U.S.)
- Novartis AG (Switzerland)
- Allergan plc (part of AbbVie Inc.) (Ireland)
- Bausch and Lomb Incorporated (U.S.)
- Teva Pharmaceuticals Industry (Israel)
- Pfizer, Inc. (U.S.)
- Aerie Pharmaceuticals (U.S.)
- Inotek Pharmaceuticals (U.S.)
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Global Glaucoma Therapeutics Market Segmentations:
By Drug Class
By Disease Indication
By Distribution Channel
By Geography
• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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