The global ophthalmoplegia market comprises medicines and equipment used for treatment and diagnosis of eye muscle paralysis or limited eye movement, known as ophthalmoplegia. Some key products include diagnostic equipment such as funduscopy, echography and electroretinography machinery used for retina examination. Treatment includes drug therapies such as acetylcholinesterase inhibitors, prostaglandin analogues and alpha agonists. Ophthalmoplegia negatively impacts vision by restricting eye movement and convergence of eyes. It arises due to neuropathies or neuromuscular junction disorders. With growing geriatric population more prone to neurodegenerative diseases and rising healthcare expenditures, diagnosis and treatment seeking rate for ophthalmoplegia is increasing.
The Global Ophthalmoplegia Market is estimated to be valued at US$ 510 Mn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the global ophthalmoplegia market are Novartis AG, Sanofi, F. Hoffmann-La Roche Ltd., Pfizer Inc., Bayer AG. These players are engage in new product launches and geographic expansion to gain market share. For instance, in 2023 Novartis launched Rixadyl, a treatment for myasthenia gravis which can potentially treat ophthalmoplegia arising from the condition.
The increasing prevalence of neurological disorders is a major factor driving the demand for ophthalmoplegia treatment. Neuropathies related to diabetes and neurodegenerative diseases like myasthenia gravis and Graves' disease are key causative factors. According to WHO, over 422 million people worldwide have diabetes in 2014, anticipated to rise to over 592 million by 2035. This rises risk of diabetic neuropathies and associated ophthalmoplegia.
Technological advancements are helping improve disease diagnosis. Optical coherence tomography enables high resolution retina imaging without contact. Advances in electrodiagnostic testing aid in accurate neuromuscular junction and neuropathy assessment. Wearable eye trackers also aid in home based monitoring of ophthalmic symptoms, facilitate remote diagnosis.
Market Trends
Increased drug pipeline for orphan ophthalmoplegia indications - Several pharmaceutical companies are developing therapies for rare causes of ophthalmoplegia like Miller Fisher Syndrome. For instance, Alexion Pharma is developing a C5 complement inhibitor ALXN1720 for this syndrome.
Growing diagnostic device industry - Major players are launching portable and affordable devices using technologies like optical coherence tomography, electroretinography for remote patient monitoring and decentralized healthcare access.
Market Opportunities
Emerging markets in Asia Pacific and Latin America present high growth potential for ophthalmoplegia drug makers and device companies. Growing medical tourism and healthcare infrastructure development in these regions can be leveraged.
Shift towards home-based remote care models post Covid - Telehealth platforms enabling virtual consultations and remote monitoring present an opportunity for players to deliver decentralized care using diagnostic devices, virtual training programs for patients.
Impact Of COVID-19 On Global Ophthalmoplegia Market Growth:
The COVID-19 pandemic has significantly impacted the growth of the global ophthalmoplegia market. During the initial phase of the pandemic, lockdowns and social distancing measures implemented worldwide disrupted the supply chains and stalled production activities. This adversely affected the market's growth in the short term. With reduced access to healthcare facilities, diagnosis and treatment of ophthalmoplegia also witnessed delays.
However, with increasing availability of teleconsultation and telemedicine options post lockdowns, the ability to diagnose and manage cases remotely helped the market regain traction. Additionally, rising awareness about the risk of viral infections aggravated by ophthalmoplegia motivated people to seek timely medical care. Government efforts to prioritize availability of essential drugs and treatments for chronic conditions also supported market recovery.
While short-term prospects were impacted, the long-term outlook for the market remains positive. The pandemic highlighted the importance of eye care and ophthalmoplegia management. It is expected that higher focus on preventive healthcare would drive increased adoption of diagnostic tests and treatment regimens. Drug makers are also exploring development of more effective and affordable treatment options to cater to the growing needs of such patients. Overall, with resumption of normal activities and continued medical advancements, the market is projected to regain growth momentum in the coming years.
Geographical Regions With Highest Value Concentration In Global Ophthalmoplegia Market:
North America represents the largest regional market for ophthalmoplegia, in terms of value. Advanced healthcare infrastructure and widespread medical insurance have enabled high adoption of diagnostic procedures and specialty drug therapies in the region. With presence of prominent market players and continuous investments in R&D, the US market within North America dominates global sales. In Europe, government-funded healthcare systems ensure accessibility of treatment options. Germany, France and the UK contribute major shares to the European market. Rising incomes and growing medical tourism are factors fueling the Asia Pacific market growth. China and India have emerged as high potential markets based on their large patient pools. Other regions including Latin America and Middle East & Africa are also witnessing steady expansion of the ophthalmoplegia market.
Fastest Growing Regional Market For Global Ophthalmoplegia:
The Asia Pacific region is poised to register the fastest market growth during the forecast period. This can be attributed to rising incidences of myasthenia gravis and Graves' disease, both of which increase risks of ophthalmoplegia. Improving healthcare infrastructure and expanding insurance coverage have enhanced diagnosis rates across major Asian countries. Additionally, increasing collaboration between international and local pharma companies is facilitating technology transfer and availability of novel drug formulations. Governments are also implementing various initiatives to spread awareness about neurological and ophthalmic conditions. These favorable market determinants are supporting strong sales growth prospects for ophthalmoplegia treatment in Asia Pacific. Other emerging regions including Latin America and Middle East Africa are also projected to provide lucrative opportunities for market expansion in the long run.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
What Are The Key Data Covered In This Global Ophthalmoplegia Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Global Ophthalmoplegia Market's growth between 2024 and 2031.
:- Accurate calculation of the size of the Global Ophthalmoplegia Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Global Ophthalmoplegia Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Global Ophthalmoplegia Market vendors
FAQ’s
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*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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