Yahoo Finance Global Anti-Glaucoma Drugs Market: COVID-19 Impact And Analysis, Market Drivers, And Trends (Companies Covered: Allergen Plc, Novartis AG, Santen Pharmaceuticals Co, Ltd., Akorn, and Pfizer)
The Business Research Company’s report on the global antiglaucoma drugs market outlines the impact of COVID-19 on the ophthalmology drugs industry and its segments, including the antiglaucoma drugs market. During the peak lockdown periods in 2020, many pharmaceutical companies shifted focus from developing antiglaucoma drugs to antivirals in efforts to find a treatment for the coronavirus. As there are no vaccines and potential treatments for COVID-19, companies are trying to repurpose existing drugs in the fight against the virus.
LONDON, Oct. 20, 2020 (GLOBE NEWSWIRE) -- This has shifted resources from the antiglaucoma drugs market to the antiviral drug therapies market. The coronavirus outbreak has also caused shortage in the supply of glaucoma drugs worldwide. This is because of the disruption in the supply chain especially in the production and shipment of the drugs that are manufactured in China and India. China along with India are the main countries that produce most generic drugs, which accounts for the majority of prescriptions in the USA. Therefore, this pandemic interrupted the critical supply chain and will cause significant shortage in the availability of eye medications over the next few months.
According to the Food And Drug Administration (FDA), some ophthalmology drugs (used for glaucoma and other eye related conditions) that are in shortage due to COVID-19 are Atropine Sulfate Ophthalmic Ointment, Bacitracin Ophthalmic Ointment, Cospot drops, Phospholine Iodide Ophthalmic Solution, Latanoprost Ophthalmic Solution, and others.
The Business Research Company’s report titled Antiglaucoma Drugs Global Market Report 2020-30: Covid 19 Impact And Recovery covers major antiglaucoma drug companies, antiglaucoma drug market share by company, global antiglaucoma drug market analysis, global antiglaucoma drug market size, and antiglaucoma drug market forecasts. The report also covers the global antiglaucoma drug market and its segments. The antiglaucoma drugs market is segmented by product type into alpha agonist, beta blockers, prostaglandin analogs, combination medication and others. The antiglaucoma drugs market is also segmented by condition type into open-angle glaucoma, angle-closure glaucoma, normal-tension glaucoma, congenital glaucoma and other types of glaucoma. By prescription type, the market is segmented into OTC drugs and prescription drugs.
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As the COVID-19 pandemic stretches, ophthalmologists in the USA are modifying schedules and turning to telehealth to continue providing care for their patients who are home quarantined, mainly to reduce the community spread of COVID-19. The American Academy of Ophthalmology (AAO) also implemented a regulatory framework for telehealth services for appropriate billing and coding responsibilities as well as any kind of malpractices during the telehealth services.
The global antiglaucoma drugs market size grew from $6,591.8 million in 2019 to $7,345.6 million in 2023 at a compound annual growth rate (CAGR) of 2.7%. Increasing incidence and prevalence of glaucoma is expected to support the growth of the anti-glaucoma drugs market. Eye disorders such as glaucoma are becoming major causes of visual impairment and blindness. Globally, glaucoma ranks the second major cause of blindness after cataract. By 2050, an estimated 7.32 million people in the USA are expected to have primary open angle glaucoma (POAG), a rise from 3.15 million in 2015. Worldwide, the prevalence of glaucoma is increasing and is expected to affect 111.8 million people by 2040. The prevalence of open-angle glaucoma is reported to be the highest in Africa and that of narrow-angle in Asia. The increasing incidence and prevalence of glaucoma is expected to drive the anti-glaucoma drugs market growth.
Access to healthcare services is expected to improve in developing countries, which will further support the anti-glaucoma drugs market. Effective implementation of government health plans is the core reason for the improvement in healthcare access in many developing regions such as India, China and some Latin American countries. Many countries like Russia and Brazil are focusing on improving their healthcare capabilities which will help drive the anti-glaucoma drugs market.
Development of combination therapies for the treatment of eye related diseases including glaucoma is an emerging trend in the anti-glaucoma drugs market. Combination therapy involves the use of more than one medication or drug to treat a disease. These combinational therapies reduce the frequency of eye drops or drug administration, and reduce the possibility of vascular endothelial growth factor (VEGF) expression, choroidal neovascularization, and inflammation. For instance, companies such as Allergan, Akorn, and Alcon provide commercially available combination drop therapies with dosing frequency of twice or thrice daily. Similarly, companies such as Ocular Science and Imprimis Pharmaceuticals offer formulations that combine two, three, or four eye drops, thus reducing the burden and load typically associated with daily use of multiple drops.
Antiglaucoma Drugs Global Market Report 2020-30: Covid 19 Impact And Recovery is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, antiglaucoma drugs market trends, antiglaucoma drugs market drivers, antiglaucoma drugs market restraints, antiglaucoma drugs market leading competitors’ revenues, profiles and antiglaucoma drugs market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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