Increase in prevalence of optic nerve disorder treatment, growth in geriatric population and increase in technological advancement drive the growth of the global optic nerve disorder treatment market.
PORTLAND, Ore., Feb. 27, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Optic Nerve Disorder Treatment Market by Treatment Type (Steroidal Therapy, Immunomodulators Therapy, Others Treatment Type), by Indication (Optic Neuritis, Glaucoma, Optic Nerve Atrophy, Others), by Distribution Channel (Hospital Pharmacies, Drug Stores, Retail Pharmacies, Online Providers): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global optic nerve disorder treatment industry generated $3,372.46 million in 2021, and is estimated to reach $5,247.82 million by 2031, witnessing a CAGR of 4.5% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities-
Increased glaucoma cases and a rise in demand for treatments for optic nerve disorders are the main drivers driving the market’s growth. On the other hand, the high cost associated with optic nerve disorders treatment is expected to hamper the growth to some extent. Conversely, increase in growth potential of emerging economies are expected to provide numerous opportunities for market growth during the forecast period.
Impact of Covid-19 on Optic Nerve Disorder Treatment Market:
- Decrease in the demand for optic nerve treatment due to the risk of Covid-19 infection had a negative impact on the global optic nerve disorder treatment market, especially during the lockdown period.
- However, from 2021, the market started recovering at a full scale.
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The immunomodulator therapy segment to maintain its dominance during the forecast period-
By type, the immunomodulator therapy segment was the highest contributor to the market, with $3,204.51 million in 2021, and is estimated to reach $5,028.40 million by 2031, at a CAGR of 4.6% during the forecast period owing to increase in number of ongoing clinical trials for the development of immunotherapeutic agents such as ponesimod, ozanimod and laquimod, in the treatment of optic neuritis and glaucoma.
The glaucoma disease segment to rule the roost-
By Indication, the glaucoma segment was the highest contributor to the market, with $3,231.77 million in 2021 and is estimated to reach $5,041.54 million by 2031, at a CAGR of 4.5% during the forecast period owing to increase in prevalence of open angle glaucoma and increase in number of approvals for drugs for the treatment of glaucoma.
The drug stores and retail pharmacies segment held the lion’s share in 2021
By end-user, the drug stores and retail pharmacies segment were the highest contributor to the market, with $1,754.10 million in 2021 and is estimated to reach $2,571.83 million by 2031, at a CAGR of 3.9% during the forecast period owing to high availability of products in settings for several types of optic nerve disorders.
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North America garnered the major share in 2021-
By region, the North America market was dominant, in terms of revenue, among other regions in 2021.The key factors that drive the growth of the market in this region are increase in R&D activities and strong presence of key market players. Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period. Increase in R&D infrastructure, substantial investments made by the market players and rise in government support are fueling the growth of the market in this region.
Leading Market Players-
- SANTEN PHARMACEUTICAL CO., LTD.
- ABBVIE INC.
- NOVARTIS AG
- PFIZER, INC.
- BAUSCH HEALTH COMPANIES, INC.
- TEVA PHARMACEUTICAL INDUSTRIES LTD.
- MALLINCKRODT PHARMACEUTICALS
- MERCK AND CO., INC.
- AERIE PHARMACEUTICALS, INC.
- CIPLA LTD
The report analyzes these key players in the global optic nerve disorder treatment market. These players have adopted various strategies such as new product launches, and product approval to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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