Optic Nerve Disorders Treatment Market: Introduction
According to the report, the optic nerve disorders treatment market was valued at approximately ~US$ 14.1 Bn in 2018. It is expected to expand at a CAGR of ~4% during the forecast period from 2019 to 2027. Optic nerve disorders treatment comprise medications and surgery, which treat optic nerve disorders (glaucoma, optic neuritis, and other related disorders). The optic nerve is a bundle of more than 1 million nerve fibers that carry visual messages. Damage to an optic nerve can cause vision loss depending on severity of damage to the optic nerve. Optic nerve disorders are a group of disorders related to optic nerves caused due to damage to optic nerves, which can lead to vision loss or eventually complete blindness.
Growth of the optic nerve disorders treatment market can be ascribed to increase in prevalence of optic nerve disorders and other related eye disorders across the globe. North America dominated the optic nerve disorders treatment market in 2018 and is projected to continue its dominance during the forecast period, owing to the rise in the number of prescriptions for glaucoma treatment in the region and high prevalence of optic nerve disorders.
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Rise in Prevalence of Eye Disorders in Geriatric Population to Drive Optic Nerve Disorders Treatment Market
Growing prevalence of different eye disorders, which are rising due to optic nerve damage is a major factor responsible for the growth of the optic nerve disorders treatment market. Rise in aging population, which is more prone to ophthalmic problems, such as low sight vision is also a prime factor responsible for the expansion of the optic nerve disorders treatment market. According to National Institutes of Health, population aged 65 and above in the U.S. is projected to nearly double in the next three decades, from 48 million to 88 million by 2050. Moreover, high adoption rate of digital devices is also fueling the expansion of the optic nerve disorders treatment market due to adverse impact on vision.
High Demand for Pharmacological Treatment
In terms of treatment type, the optic nerve disorders treatment market has been bifurcated into pharmacological treatment and surgery. Pharmacological treatment dominated the optic nerve disorders treatment market in 2018. This segment is expected to dominate during the forecast period due to low cost and better efficacy of different medications. The pharmacological treatment segment has been further divided into prostaglandins, beta interferons, beta blockers, alpha-adrenergic agonist, carbonic anhydrase inhibitors, corticosteroids, combination drugs, and others.
Prostaglandins accounted for a major share of the pharmacological treatment segment. Rise in demand for prostaglandins as a first line treatment option in glaucoma and increase in the number of prescriptions of this class are some of the major factors impacting the prostaglandins segment.
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Glaucoma to be a Major Indication
In terms of indication, the optic nerve disorders treatment market has been segmented into glaucoma, optic neuritis, optic neuropathy, and others. Glaucoma segment dominated the global market and is likely to expand at a high CAGR during the forecast period, owing to rise in prevalence of glaucoma and launch of effective combination products for glaucoma.
Rise in Number of Hospital Admissions for Ophthalmologic Problems
Based on end user, the optic nerve disorders treatment market has been divided into hospitals, ambulatory surgery centers, clinics, and others. Hospitals segment is expected to account for major share during the forecast period. Increase in the number of hospital admissions and ability of hospitals to provide optimum health care services to patients are some of the major driving forces for the expansion of the hospitals segment.
Clinics segment is also projected to be a lucrative segment during the forecast period, owing to the increase in the number of ophthalmic clinics in developed as well as developing regions and inclination of patients to avail treatment in specialized clinics for treatment of diseases.
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North America to Dominate Global Market
In terms of region, the optic nerve disorders treatment market has been divided into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for a major share of the optic nerve disorders treatment market in 2018 and is projected to remain dominant during the forecast period.
High prevalence of optic nerve disorders and a favorable reimbursement scenario for surgeries are some of the factors responsible for the dominance of North America in the optic nerve disorders treatment market. Asia Pacific is a more lucrative market for optic nerve disorders treatment. The market in Asia Pacific is projected to expand at a high CAGR during the forecast period, due to increase in geriatric population, rise in prevalence of glaucoma, and availability of generic drugs.
Competition Landscape
The optic nerve disorders treatment market is fragmented in terms of number of players. Key players in the global market include Santen Pharmaceutical Co., Ltd., Allergan plc. Novartis AG, Pfizer, Inc., Bausch Health Companies, Inc., Aerie Pharmaceuticals, Inc., Teva Pharmaceutical Industries Ltd., Bionure Farma, S.L., and Mallinckrodt Pharmaceuticals. Novartis AG, Allergan plc., and Santen Pharmaceutical Co., Ltd. are some of the leading players in the global market. New product launches, higher R&D investment, and strategic partnership for mergers, acquisitions, distribution, and a widespread distribution channel are some of the key strategies adopted by major players operating in this market.
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