Neuropathic ocular pain market

Neuropathic Ocular Pain Market, By Drug Class (Steroids, Non-Steroidal Anti-Inflammatory Drugs, Antidepressants, Anticonvulsants, Opioids, and Others (Vitamin B supplements, Botulinum toxin A, and others)), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), And by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

Request Free Sample

Mar 2023
CMI5600
170 Pages
Excel & Pdf
Pharmaceutical

Summary

Global Neuropathic Ocular Pain market is estimated to be valued at US$ 197.1 million in 2023 and is expected to exhibit a CAGR of 3.13% during the forecast period (2023-2030). Increase in product launches by key market players is expected to drive the market growth over the forecast period. Moreover, an increase in government and non-government organizations' initiatives to improve access to affordable vision care and an increase in awareness among people regarding eye-related disease are expected to drive the market growth.

Analysts’ Views on Global Neuropathic Ocular Pain Market:

The global neuropathic ocular pain market growth can be driven by an increase in product launches by key market players. For instance, in January 2021, IACTA Pharmaceuticals, Inc., a company involved in the manufacturing of ocular pharmaceutical products, announced that it had launched the world's first epithelial protective drug harnessing endogenous analgesia, a novel class of non-opioid compounds for the treatment of acute and chronic ocular pain.

Figure 1. Global Neuropathic Ocular Pain Market Share (%), by Drug Class, 2023

Global Neuropathic Ocular Pain Market- Driver

Rise in awareness of the importance of eye health

An increase in awareness campaigns regarding the importance of eye health is expected to drive the market growth over the forecast period. For instance, in June 2021, the National Alliance for Eye and Vision Research (NAEVR), in collaboration with Tear Film & Ocular Surface Society Boston, a U.S.-based organization involved in educating people relating to eye health, announced that they hosted a dry eye awareness campaign in the U.S. to educate people regarding the importance of eye health.

Neuropathic Ocular Pain Market Report Coverage

Report Coverage	Details
Base Year:	2022	Market Size in 2023:	US$ 197.1 Mn
Historical Data for:	2017 to 2021	Forecast Period:	2023 to 2030
Forecast Period 2023 to 2030 CAGR:	3.13%	2030 Value Projection:	US$ 244.6 Mn
Geographies covered:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Middle East: GCC Countries, Israel, and Rest of Middle East Africa: South Africa, North Africa, and Central Africa
Segments covered:	By Drug Class: Steroids, Non-steroidal anti-inflammatory Drugs, Antidepressants, Anticonvulsants, Opioids, Others (Vitamin B supplements, Botulinum toxin A, and others) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies
Companies covered:	OKYO Pharma, Limited, Ocular Therapeutix, Inc., IACTA Pharmaceuticals, Inc., Sun Pharmaceutical Industries Ltd., Novartis AG, SALVAT, AbbVie Inc., Bausch & Lomb Incorporated, Kala Pharmaceuticals, Spectra Vision Care, Alcon Laboratories, AERIE PHARMACEUTICALS, INC., Optocred Pharmaceuticals and BRIM Biotechnology, Inc.
Growth Drivers:	Increasing collaboration and partnership by key players in the market Rise in awareness of the importance of eye health
Restraints & Challenges:	Side effects associated with ocular pain management drugs

An increase in collaboration and partnership by key market players

Key market players are adopting growth strategies such as partnerships and collaborations to launch new products. This is expected to drive the market growth over the forecast period. For instance, in October 2020, Ocular Therapeutix, Inc., a biopharmaceutical company, announced that it had collaborated with AffaMed Therapeutics, a clinical-stage biopharmaceutical company, to launch DEXTENZA, a U.S. FDA-approved product for the management of ocular pain, in Greater China, South Korea, and the ASEAN markets.

Figure 2. Global Neuropathic Ocular Pain Market Share (%), by Region, 2023

Global Neuropathic Ocular Pain Market- Regional Analysis

Among all regions, North America is expected to dominate the global market over the forecast period. This is attributed to North America holding a 34.8% market share and an increase in acquisition by the key market players in this region. For instance, in August 2022, Alcon Laboratories, a U.S.-based manufacturer of eye care products, announced that it had acquired Aerie Pharmaceuticals, Inc., a clinical-stage pharmaceutical company focused on the discovery, development, and commercialization of therapies for the treatment of patients with glaucoma and other diseases of the eye, to enhance the company’s Ophthalmic Pharmaceutical Portfolio.

The Europe region is expected to be second dominating region over the forecast period, due to increase in the product launches in Europe. For instance, in January 2022, Alcon Laboratories, a U.S.-based manufacturer of eye care products, announced that it had launched Systane, a product to treat dry eyes and related pain, in Europe.

Global Neuropathic Ocular Pain Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 has affected the economy in three main ways: by directly affecting the production and demand for drugs and vaccines, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, UAE, Egypt, and others faced problems with regard to the transportation of drugs and vaccines from one place to another.

Quarantine, traveling constraints, and social distancing measures are likely to lead to a steep decline in business and consumer spending. Furthermore, healthcare providers were facing challenges in terms of additional manpower, equipment, consumables, and other resources which were required to ensure safety in hospitals and provide treatment to patients with other diseases. This has impacted the overall healthcare market negatively. Additionally, there were delays in hospitalization as the number of patient visits decreased, which is expected to affect the global neuropathic ocular pain market over the forecast period.

Global Neuropathic Ocular Pain Market Segmentation:

The global neuropathic ocular pain market report is segmented into drug class and distribution channel.

Based on Drug Class, the market is segmented into Steroids, Non-steroidal anti-inflammatory drugs, Antidepressants, Anticonvulsants, Opioids, and Others. Out of which, the Non-steroidal anti-inflammatory drugs (NSAIDs) segment is expected to dominate the golabl neuropathic ocular pain market during the forecast period and this is attributed to an increase in the usage of NSAIDs and product launches by key market players.

Based on Distribution Channel, the market is segmented into Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies. Out of which, the hospital pharmacies segment is expected to dominate the market over the forecast period and this is attributed to an increase in the number of hospital pharmacies.

Among all segmentation, the drug class segment has the highest potential due to an increase in product approval by several regulatory authority such as U.S. FDA. For instance, in October 2020, Kala Pharmaceuticals, Inc., a biopharmaceutical company focused on the discovery, development, and commercialization of therapies for diseases of the eye, announced that the U.S. Food and Drug Administration (FDA) had approved EYSUVIS (loteprednol etabonate ophthalmic suspension) 0.25% for the short-term (up to two weeks) treatment of the signs and symptoms of dry eye disease and ocular inflammation.

Global Neuropathic Ocular Pain Market Cross Sectional Analysis:

In the drug class segment, steroids segment held a dominant position in the Asia Pacific region due to the increasing number of product launches by key market players. For instance, in February 2022, Optocred Pharmaceuticals, an India-based pharmaceutical company, announced that it had launched Diminfect D, India’s first Moxifloxacin-Dexamethasone eye drops available in 10ml Vials, for the treatment of eye inflammation.

Global Neuropathic Ocular Pain Market: Key Developments

In May 2022, AERIE PHARMACEUTICALS, INC., an ophthalmic pharmaceutical company focused on the discovery, development, and commercialization of first-in-class therapies for the treatment of patients with glaucoma, retinal diseases, and other diseases of the eye, announced that it had begun phase –III clinical trials of drug candidate AR-15512, to treat dry eye disease and eye inflammation.

In May 2020, BRIM Biotechnology, Inc., a clinical-stage pharmaceutical company involved in drug discovery and development of chronic diseases, announced that it is developing BRM421, a synthetic peptide comprising 29 amino acids, for the treatment of dry eye syndrome.

Global Neuropathic Ocular Pain Market: Restraint

The side effects associated with pain management drugs

The major factors that can hamper the growth of the global neuropathic ocular pain market over the forecast period include side effects associated with the drugs used to treat ocular pain. The use of opioids to treat ocular pain can cause smaller or constricted pupils. Moreover, long-term use of steroid eye drops may cause glaucoma (increased pressure inside the eye) or posterior subcapsular cataracts (a rare type of cataract). Thus, the key market players should focus on developing drugs or treatment options with minimum side effects.

Global Neuropathic Ocular Pain Market: Key Players

Major players operating in the global neuropathic ocular pain market include OKYO Pharma, Limited, Ocular Therapeutix, Inc., IACTA Pharmaceuticals, Inc., Sun Pharmaceutical Industries Ltd., Novartis AG, SALVAT, AbbVie Inc., Bausch & Lomb Incorporated, Kala Pharmaceuticals, Spectra Vision Care, Alcon Laboratories, AERIE PHARMACEUTICALS, INC., Optocred Pharmaceuticals and BRIM Biotechnology, Inc.

Table of Content

Table of Contents

*Browse 25 market data tables and 27 figures on “Global Neuropathic Ocular Pain Market” - Global forecast to 2030

Segmentation

Detailed Segmentation:

- Frequently Asked Questions -

What is the current market size and compound annual growth rate (CAGR) of the global neuropathic ocular pain market during the forecast period (2023-2030)?

The global neuropathic ocular pain market is estimated to be valued at US$ 197.1 million in 2023 and is expected to exhibit a CAGR of 3.13% between 2023 and 2030.

What are the major factors driving the market growth?

Increasing adoption of inorganic growth strategies such as collaborations and partnerships by key players in the market and a rise in awareness of the importance of eye health are expected to drive the market.

Which is the leading drug class segment in the market?

Non-steroidal anti-inflammatory drugs is the leading drug class segment in the market.

What are the key factors hampering the growth of the market?

The major factors that can hamper growth of the market include side effects associated with ocular pain management drugs.

Which are the major players operating in the market?

Major players operating in the market OKYO Pharma, Limited, Ocular Therapeutix, Inc., IACTA Pharmaceuticals, Inc., Sun Pharmaceutical Industries Ltd., Novartis AG, SALVAT, AbbVie Inc., Bausch & Lomb Incorporated, Kala Pharmaceuticals, Spectra Vision Care, Alcon Laboratories, AERIE PHARMACEUTICALS, INC., Optocred Pharmaceuticals and BRIM Biotechnology, Inc.