Neuropathic ocular pain is usually caused by damage or disease affecting the optic nerve or eyes. It includes conditions like diabetic retinopathy and glaucoma that can cause chronic pain in or around the eyes. Drugs to reduce pain and inflammation play a key role in neuropathic ocular pain treatment.
The global Neuropathic Ocular Pain Market is estimated to be valued at US$ 197.1 Mn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving the growth of this market is the increasing research in drug development for neuropathic ocular pain. Many clinical trials are underway to develop novel drugs targeting specific mechanisms involved in neuropathic pain generation and transmission. For instance, OKYO Pharma, Limited is evaluating OK-101, a CB2 agonist molecule, in a Phase II clinical trial for the treatment of dry eye disease patients with neuropathic ocular pain.
Strength: Neuropathic ocular pain drugs are increasingly focusing on precision medicine and targeted drug delivery systems which helps in reducing side effects. The market is witnessing novel drug development and increasing awareness about the management of neuropathic ocular pain conditions.
Weakness: High costs associated with R&D and clinical trials of ophthalmic drugs pose significant challenges. Lack of awareness about neuropathic ocular pain conditions in developing regions also hinders the market growth.
Opportunity: Growing geriatric population prone to diabetic retinopathy and glaucoma presents lucrative growth opportunities. Increasing healthcare expenditures in emerging nations also opens new avenues.
Threats: Patent expirations of blockbuster drugs result in loss of revenues for companies. Stringent regulatory approvals for ophthalmic drugs also restrict the market growth.
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 ocular disorders such as diabetic retinopathy, glaucoma etc.
North America dominates the global market and is expected to grow at a CAGR of 2.6% during the forecast period owing to rising healthcare expenditure and increasing R&D activities. Asia Pacific region is anticipated to exhibit lucrative growth attributed to growing geriatric population, improving healthcare infrastructure and rising disposable income in developing countries like China and India.
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.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it