by Market Overview:
Neuropathic ocular pain refers to chronic pain occurring in the eye or surrounding areas due to lesions or diseases affecting the somatosensory nervous system. Common causes include conditions like trigeminal neuralgia, diabetic neuropathy, postherpetic neuralgia, etc. Key products in this market include topical anesthetics, oral capsacinoid, antidepressants, membrane stabilizers, and anticonvulsants that help reduce pain symptoms.
Market Dynamics:
The growing prevalence of neurodegenerative diseases like trigeminal neuralgia, diabetic retinopathy and glaucoma is a major driver of growth in this market. According to estimates by the National institute of Neurological Disorders and Stroke, around 1 million people in the U.S. suffer from trigeminal neuralgia. Rising geriatric population prone to such neuropathic conditions is another factor fueling demand. Furthermore, increasing R&D investments by manufacturers for development of novel drugs and delivery mechanisms to improve current treatment paradigms are expected to create new opportunities over the forecast period. However, presence of alternative treatment modalities and complex nature of pain associated with ocular pathologies remain longstanding challenges.
Segment Analysis
The global Neuropathic Ocular Pain Market Share is dominated by the topical segment which is expected to hold over 50% market share during the forecast period. Topical medicines are highly preferred for neuropathic ocular pain treatment as they have direct action on the painful ocular surface and have fewer systemic side effects. The growing preference for eye drops over oral medicines is driving the growth of this segment.
PEST Analysis
Political: Governments across various countries are undertaking initiatives to spread awareness about neuropathic eye conditions and treatment options. This is expected to positively impact the market growth.
Economic: Rising disposable incomes have increased spending capabilities on advanced ophthalmic treatments. This is fueling the demand for innovative drugs in the neuropathic ocular pain market.
Social: Growing awareness about benefits of timely treatment of ocular pain conditions and increasing consultation with eye care specialists is a key factor propelling the market growth.
Technological: Continuous R&D towards development of novel drug delivery mechanisms such as nanoparticle-based and sustained release formulations are expanding treatment options for patients.
Key Takeaways
The global neuropathic ocular pain market is expected to witness high growth, exhibiting CAGR of 3.1% over the forecast period, due to increasing prevalence of neuropathic eye disorders such as post-herpetic neuralgia, trigeminal neuralgia and diabetic neuropathy. The market size for 2023 is estimated at US$ 197.1 Mn.
North America is projected to dominate the global neuropathic ocular pain market during the forecast period owing to rising occurrence of post-surgical neuropathic pain conditions and new product approvals. The region accounts for over 35% revenue share of the global market.
Key players operating in the neuropathic ocular pain market are 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. These players are focusing on advancing their product pipelines by investing in R&D activities.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
