Neuropathic Ocular Pain Market Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Neuropathic Conditions

Neuropathic Ocular Pain Market Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Neuropathic Conditions

Market Overview:
Neuropathic ocular pain refers to pain that arises due to damage or lesion in the eye or visual pathway. It commonly occurs in conditions such as diabetic retinopathy, trigeminal neuralgia, post-herpetic neuralgia and multiple sclerosis. Currently available treatment options aim to reduce irritation, inflammation and associated pain in the eye.

Market Dynamics:
The neuropathic ocular pain market is primarily driven by the increasing prevalence of neuropathic conditions such as diabetic retinopathy and trigeminal neuralgia worldwide. For instance, according to the International Diabetes Federation, the prevalence of diabetes was estimated to be 537 million adults worldwide in 2021, and this number is projected to rise to 783 million by 2045. Diabetic retinopathy is a common complication of diabetes and a leading cause of vision loss among adults aged 20-74 years. The other key growth driver is the large unmet need in effective therapeutics for neuropathic ocular pain management. Currently available treatment options provide only symptomatic relief and do not treat the underlying cause. This has driven R&D of novel therapies targeting specific pain pathways and mechanisms.

SWOT Analysis

Strength: Neuropathic Ocular Pain Market Share has a large patient pool suffering from neuropathic ocular pain conditions. The rising awareness about these ocular conditions is encouraging patients to seek treatments. The increasing research and development activities are leading to new product development and innovation in this market.

Weakness: High costs associated with new drug development and clinical trials restrict market growth. Many developing nations have limited access and affordability to advanced treatments.

Opportunity: Unmet medical needs of patients offer lucrative opportunities for market players. The collaboration between pharmaceutical companies and research institutes can help address gaps in care. Growing healthcare expenditures in emerging economies will boost the demand for effective therapies.

Threats: Expiry of drug patents poses threat of generic competition. Stringent regulatory approvals and safety standards delay product launches.

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 like keratitis, dry eye syndrome and refractive surgeries complications.

Regional analysis: North America dominates the global market due to rising healthcare expenditure and availability of advanced treatment options. The Asia Pacific region is expected to grow at the fastest pace owing to large patient pool, increasing healthcare investments and improving access to care.

Key players: 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 new product launches, contracts, partnerships and expansion strategies to strengthen their market position.

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https://www.marketwebjournal.com/the-neuropathic-ocular-pain-market-overview/