Glaucoma Eye Drops Market, by Drug Type (Prostaglandin analogs, Beta blockers, Alpha agonists, Carbonic Anhydrase Inhibitors (CAIs), Combined Medications and Others (rho-kinase inhibitor, Cholinergic agonist), by Disease Indication (Angle-closure Glaucoma and Open-angle Glaucoma), By Distribution Channel (Hospital Pharmacy Retail Pharmacy and Online Pharmacy), by Composition (Preservative Free, BAK-Based and Non BAK-Based Preservatives), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 1,666.3 Mn in 2023 and is expected to exhibit a CAGR of 7.3% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The increasing product approvals by regulatory bodies of respective countries can drive the growth of the global glaucoma eye drops market over the forecast period. For instance, in December 2022, Thea Pharma, Inc. (The U.S. subsidiary of Europe’s leading independent pharmaceutical company, Laboratoires Théa), a company dedicated to the research, development, and commercialization of ophthalmic products, announced U.S. Food and Drug Administration (FDA) approval for the New Drug Application (NDA) of IYUZEH (latanoprost ophthalmic solution) 0.005% for the reduction of elevated intraocular pressure (IOP) in patients with open-angle glaucoma (OAG) or ocular hypertension (OHT).
Global Glaucoma Eye Drops Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a negative impact on the global glaucoma eye drops market. This is because of the shutting down of eye clinics and hospitals during the COVID-19 period and ensuring that the supply of hospital beds, ICU beds, ventilators, and extracorporeal membrane oxygenation (ECMO) machines is not overwhelmed. For instance, in April 2020, the American Academy of Ophthalmology- a professional medical association of ophthalmologists headquartered in California, U.S., recommended that all ophthalmologists cease providing any treatment other than urgent or emergent care.
Global Glaucoma Eye Drops Market: Key Developments
Key players in the market have a number of drugs undergoing clinical trials for the treatment of glaucoma and are expected to receive approval in the near future. The robust pipeline of glaucoma medications is expected to drive the growth of global glaucoma eye drops market in the near future.
For instance, in June 2020, phase 3 of the clinical trial on drug candidate DE-111A (a preservative-free, clear, colorless sterile aqueous ophthalmic solution containing 0.015mg of tafluprost and 5.0mg of timolol in 1mL) was conducted for the treatment of open-angle glaucoma, and ocular hypertension. The drug candidate belongs to Santen Pharmaceutical Co., Ltd.- a Japan-based pharmaceutical company,
Browse 43 Market Data Tables and 37 Figures spread through 144 Pages and in-depth TOC on “Global Glaucoma Eye Drops Market”- Forecast to 2030, Glaucoma Eye Drops Market, by Drug Type (Prostaglandin analogs, Beta blockers, Alpha agonists, Carbonic Anhydrase Inhibitors (CAIs), Combined Medications and Others (rho-kinase inhibitor, Cholinergic agonist)), by Disease Indication (Angle-closure Glaucoma and Open-angle Glaucoma), By Distribution Channel (Hospital Pharmacy Retail Pharmacy and Online Pharmacy), by Composition (Preservative Free, BAK-Based and Non BAK-Based Preservatives), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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