The Global Ophthalmoplegia Market To Grow At Highest Pace Owing To Rising Prevalence Of Eye Disorders
The global ophthalmoplegia market has grown significantly over the past few years owing to the rising prevalence of eye diseases such as ocular myasthenia gravis, ocular (eye) muscle nerve palsies, and other neurological disorders that cause weakness or paralysis of eye muscles. Ophthalmoplegia refers to paralysis of one or more extraocular muscles that control eye movement. Ophthalmoplegia drugs help in relaxing the muscles around the eye and restoring normal eye movement. The demand for ophthalmoplegia drugs is increasing due to their effectiveness in treating conditions such as incomplete ophthalmoplegia, isolated internal ophthalmoplegia, internuclear ophthalmoplegia, congenital fibrosis of the extraocular muscles (CFEOM), and progressive external ophthalmoplegia (PEO).
The ophthalmoplegia market is estimated to be valued at USD 510 Mn in 2024 and is expected to reach USD 850 Mn by 2031, growing at a compound annual growth rate (CAGR) of 7.5% from 2024 to 2031.
Key Takeaways
Key players operating in the global ophthalmoplegia market are Novartis AG, Allergan, AbbVie Inc., Valeant Pharmaceuticals, and Akorn Inc. Novartis AG holds a major market share due to its blockbuster drug ESBAX that treats myasthenia gravis-induced ophthalmoplegia. The demand for ophthalmoplegia drugs is increasing at a steady pace owing rising investment by pharmaceutical companies in developing novel treatment options to fulfill the growing unmet needs of eye patients. According to recent surveys, ocular disorders including myasthenia gravis affect over 1 million people in the United States alone. The growing geriatric population is also a major factor fueling the demand for ophthalmoplegia drugs as age is considered as a primary risk factor.
The Global Ophthalmoplegia Market technological advancements in the field of ophthalmology have enabled introduction of new and effective diagnostic techniques for accurate identification of ophthalmoplegia and other ocular nerve disorders. Recent advancements such as optical coherence tomography (OCT), ultrasound biomicroscopy and video motion analysis have enabled detailed assessment of lesions and muscles with improved accuracy. Newer imaging modalities are allowing ophthalmologists to track progression/regression of ophthalmoplegia and optimize treatment approach.
Market Trends
Increased use of combination therapy - Combining treatment approaches such as drugs, supplements and physical therapy is gaining prominence. This multimodal approach helps achieve improved outcomes.
Rise in offshore manufacturing - Pharmaceutical companies are increasingly outsourcing manufacturing activities to countries like India and China to benefit from low-cost operations. This is enabling the introduction of affordable generic drugs.
Market Opportunities
Development of gene therapy: Gene therapies hold potential to cure ophthalmoplegia by delivering corrective gene copies to dysfunctional muscles. Increased R&D focusing on gene therapy can open new opportunities.
Emerging economies: Large patient pools in developing Asian and Latin American countries represent major opportunities. Investments in healthcare infrastructure will boost adoption.
Impact of Covid-19 on Global Ophthalmoplegia Market Growth
The Covid-19 pandemic has impacted the growth of the global ophthalmoplegia market in several ways. In the initial months of the pandemic during 2020, ophthalmoplegia procedures and treatments saw a steep decline as hospitals shifted focus to handling rising Covid cases. Several non-emergency procedures were postponed to avoid exposing at-risk patients. This negatively impacted the market growth during the period. However, with gradual resumption of regular healthcare activities from late 2020, the market has started recovering. Nevertheless, certain challenges remain.
The fear of contracting the virus at hospitals has deterred some patients from seeking timely treatment. Social distancing norms have also reduced the number of patient visits to clinics. Teleconsultation has helped to some extent but it is not a full substitute for in-person checkups required to diagnose and treat ophthalmoplegia. On the supply side, disruptions in manufacturing and distribution channels due to lockdowns hampered product availability. Rising protocols and safety measures have increased treatment costs slightly. However, the introduction of Covid vaccines since early 2021 has boosted confidence and the market is projected to gradually regain its pre-pandemic growth levels.
Geographical Regions with High Ophthalmoplegia Market Value
North America accounts for the largest share of the global ophthalmoplegia market in terms of value. This is attributed to factors such as high healthcare expenditure, widespread insurance coverage, rising geriatric population prone to ophthalmic disorders, and presence of leading industry players in the region. Within North America, the United States dominates the regional market owing to these favorable factors. Western Europe is the second largest regional market fueled by increasing public awareness about ophthalmoplegia treatment options and availability of advanced healthcare infrastructure and services.
Fastest Growing Region in the Global Ophthalmoplegia Market
The Asia Pacific region is expected to exhibit the fastest growth in the global ophthalmoplegia market over the forecast period. This is due to growing medical tourism, improving access to healthcare, rising lifestyle diseases, increasing healthcare spending, expanding private insurance coverage and proliferation of private hospitals and clinics offering ophthalmoplegia treatments at lower costs compared to developed countries. In particular, China and India are anticipated to drive the impressive growth of the APAC ophthalmoplegia market owing to their massive patient pools and rising economic ability to afford healthcare requirements.
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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.
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