The global optic atrophy management market is expected to reach a valuation of USD 8 billion in 2023 and is projected to exhibit a CAGR of 4.9% from 2023 to 2033. By the end of the aforementioned forecast period, the market is likely to close at USD 15.63 billion.
An existing medical analysis in gene replacement therapy has shown a satisfactory safety record but poor durability of medicinal outcomes. The research findings are encouraging and a superior comprehension of the pathophysiology of neuropathies ought to and will facilitate the creation of prospective viable strategies for vision preservation. Therefore, it will result in high growth of the optic atrophy management market.
The progression of atrophy is incremental. According to a report published on Bookinghealth.com, the disease causes irreversible blindness in 21% of cases and disability in 68% of cases. It is estimated that 1 in 35,000 people globally suffers from optic atrophy type 1. Based on a study published by the optography organization, this disease is more prevalent in Denmark, where it impacts approximately 1 in 10,000 people.
The higher incidence of optic nerve atrophy will serve as a key driver, resulting in the growing market. The soaring healthcare spending is just another significant influence on the pace of growth of the optic nerve atrophy treatment market. Moreover, advancements in medical technology, rising activities by individuals and organizations to raise awareness, and increased federal funding will all aid the expansion of the optic nerve atrophy treatment market. Other factors including the increasing geriatric population and increased demand for effective therapies will boost the growth rate of the optic atrophy treatment market. Furthermore, rising disposable income and an increase in the incidences of diabetes, glaucoma, and brain tumors will stimulate the development of the optic nerve atrophy treatment market.
The global amebicide drugs segment is being influenced by the increasing pervasiveness of parasitic infections throughout the world. The growing number of individuals afflicted by amebic infections and the high cost of new drugs in addition to the high cost of new drugs is expected to dramatically boost this market over the next several years. The segment under the distribution channel the hospital pharmacies segment held the largest share of the market in 2021. Moreover, the same segment is expected to register the highest CAGR from 2023 to 2033.
As a result of a large number of prominent stakeholders, significant disposable income, and well-developed sophisticated healthcare in this region, North America leads the optic atrophy management market. Asia-Pacific is estimated to increase over the forecast period of 2023-2033 owing to high prevalence rates, rising medical expenditure, and increased government subsidies. The progression of atrophy is incremental. According to a report published on Bookinghealth.com, the condition causes irreversible blindness in 21% of instances and disability in 68% of cases. As a result, stem cell treatment for optic atrophy is gaining popularity in Germany, therefore, it is contributing to market expansion in Europe. Considering the aforementioned facts and figures, the market is projected to exhibit a good rate of growth.
| Report Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 8 Billion |
| Anticipated Forecast Value (2033) | USD 15.63 Billion |
| Projected Growth Rate (2023 to 2033) | 4.9% CAGR |
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Due to the lack of these drugs in many developed nations, the popularity of optic atrophy management has introduced enormous possibilities for the producers of COVID-19 managerial drugs. As a result of the demand for COVID-19 vaccines and treatment drugs, the bio and pharmaceutical industries are predicted to expand significantly in the coming years. As a result, the worldwide market is expected to suffer significantly.
Theglobal demand for Optic Atrophy Management is projected to increase at a CAGR of 4.9% during the forecast period between 2023 and 2033, reaching a total of USD 15.63 Billion in 2033, according to a report from Future Market Insights (FMI). From 2018 to 2022, sales witnessed significant growth, registering a CAGR of 3%.
Rise in Prevalence of Cardiac Aneurysm to Push the Market Growth
One of the crucial factors propelling the expansion of the optic atrophy management market is the higher incidence of multiple sclerosis (MS) patients. As a result, companies are boosting manufacturing capacity in order to develop products that improve patients’quality of life.
In September 2019, for instance, the Swiss multinational healthcare company Roche disclosed the findings of trials for OCREVUS, an immunosuppressive drug, to better understand its impacts on recurring and gradual MS.
Advanced Drug Design and Manufacturing Capacity to boost the Market Growth
With the aid of enhanced drugformulations, firms that sell drugs for the treatment of optic atrophy treatmenthope to minimizeprecorneal drug loss and maximizedrug delivery to the anterior cells. They are incorporating mucoadhesive formulas into the creation of new drugs in the hopes of increasing ocular penetration.
Drug-particle reduced size strategies, for instance, permit faster solubilization, increasing bioavailability and permeation. As a result, companies in the optic atrophy treatment market are increasing their advanced drug design manufacturing capacity.
High Costs to Hinder Market Growth
The high costs incurred in the study and advancement of pipeline applicants used for the diagnosis of rare conditions may stymie market growth, resulting in an increase in drug prices. This can be credited to factors like increased capital for contract research organizations(CROs) undertaking clinical studies and the risk of drug rejection during clinical testing.
North America to dominate the market
North America is expected to have the largest market share during the forecast period. In 2021, the region had the largest market share. Increasing population acknowledgment of optical neuritis and MS, an aging population, and well-established sophisticated healthcare in North America are among the variables influencing growth prospects.
According to a current article published in the Journal of Neurology, the yearly recurrence of optic neuritis in the United States is associated with 5/1,000,000, with an estimated prevalence of 115/1,000,000. Increasing awareness about the early diagnosis of optic neuritis caused by multiple sclerosis and the availability of low-cost treatment options are expected to drive the global optic atrophy management market over the forecast period.
Aging population in Europe drives the market growth
Furthermore, Europe is expected to grow significantly and become the world's second-largest market in terms of revenue in the market. Stem cell therapy is being researched extensively as an intervention for degenerative eye diseases; it intends to replace dead neurons and restore nerve components. One medical study in Switzerland illustrated stem cell therapy for nerve damage.
Clinical studies were also conducted at prestigious medical institutions in Germany, Switzerland, and Belgium. In 70-90% of scenarios, a positive therapeutic effect was noticed in the form of enhanced motor and sensory activities. As a result, the high demand for stem cell therapy in Germany is expected to fuel market growth.
Ischemic optic neuropathy is an ailment in which there is an absence of blood flow to the optic nerve, resulting in sudden visual impairment. People over the age of 50 are more likely to develop ischemic optic neuropathy. As a result, Europe's growing geriatric population is also cruising the regional market. As per Statista's 2021 data, Europe has the highest proportion of older people (19%).
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Increased prevalence of eye diseases to drive sales growth
The rise in the pervasiveness of eye disorders, as well as the rise in the aging populations, who are more likely to be affected by these eye diseases, are expected to boost demand for chloramphenicol eye drops. Furthermore, increased recognition of the significance of eye care contributes to market expansion.
Moreover, the segment's expansion is aided by the easy accessibility and affordability of lubricating eye drops, in addition to drug research and advancement in vision care products. In 2021, the specialty pharmacy segment ruled the industry with a profit share of more than 64.9%. The prominence can be credited to important players' strategic planning, for instance, the acquirement of specialty pharmacies for the delivery of their products.
Key players in the Optic Atrophy Management market are AbbVie Inc, Eli Lily Company, GlaxoSmithKline, Pfizer Inc, Teva Pharmaceuticals, F. Hoffmann-La Roche AG, Bayer AG, Sanofi A.S., Bristol-Myers Squibb and Company, Bausch Health Companies Inc. Some of the latest developments by key players are below
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 8 billion |
| Market Value in 2033 | USD 15.63 billion |
| Growth Rate | CAGR of 4.9% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Drug Type, Route of Administration, Distribution Channel, Region |
| Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; Middle East & Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, India, Malaysia, Singapore, Thailand, China, Japan, South Korea, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | AbbVie Inc.; Eli Lily & Company; GSK plc.; Pfizer Inc.; Teva Pharmaceuticals; F. Hoffmann-La Roche AG; Bayer AG; Sanofi SA; Bristol-Myers Squibb Company; Bausch Health Companies Inc. |
| Customization | Available Upon Request |
Early diagnosis of optic neuritis and low-treatment cost influence the market growth.
The United States and Germany may witness significant growth in the market.
Well-established treatments are expected to drive sales.
Aging population may drive market growth over the coming years.
The market recorded a CAGR of 3% in 2022.
| Estimated Size, 2024 | USD 976.8 million |
|---|---|
| Projected Size, 2034 | USD 1,561.0 million |
| Value-based CAGR (2024 to 2034) | 4.8% |
| Market Size (2024E) | USD 17,271.8 million |
|---|---|
| Market Value (2034F) | USD 25,876.4 million |
| Value-based CAGR (2024 to 2034) | 4.7% |
| Expected Market Value (2023) | USD 137.3Million |
|---|---|
| Projected Forecast Value (2033) | USD 211.1 Million |
| Growth Rate (2023 to 2033) | 4.4% CAGR |
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Optic Atrophy Management Market
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