Market Overview:
Neuropathic ocular pain refers to chronic eye pain that results from lesions or diseases affecting the trigeminal nerve, ophthalmic division of the trigeminal nerve, or postgeniculate visual pathways. Common causes include trigeminal neuralgia, post-herpetic neuralgia, and cerebral, cerebellar, brainstem or spinal cord lesions. Neuropathic pain is usually resistant to conventional analgesics and often requires neuro-modulatory treatment options. The rising prevalence of diseases like shingles, diabetes, stroke and multiple sclerosis that can potentially cause neuropathic ocular pain is expected to drive the demand for effective treatment options in the market.
Market key trends:
One of the key trends in the neuroophthalmic pain market is the rising focus on novel drug delivery technologies. Standard oral or topical drug formulations do not effectively penetrate ocular tissues to reach target receptors. Companies are investing in developing innovative delivery systems like liposomes, nanoparticles, microemulsions and implants that can provide sustained drug release within the eye tissues. For instance, Kala Pharmaceuticals has developed EYSUVIS (loteprednol etabonate ophthalmic suspension) 0.25% for short term treatment of dry eye disease, which utilizes their proprietary AMPPLIFY mucus-penetrating particle (MPP) Drug Delivery Technology to enhance penetration into target tissue of the eye. Such novel delivery technologies are expected to aid effective management of neuropathic pain conditions.
Porter’s Analysis
Threat of new entrants: The Neuropathic Ocular Pain Market Share requires high R&D investments for developing new drugs. This creates significant entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are no close substitutes available for neuropathic ocular pain treatment. However, availability of generic drugs provides some bargaining power.
Bargaining power of suppliers: Pharmaceutical companies manufacturing active pharmaceutical ingredients (APIs) have moderate bargaining power over drug makers as APIs are specialty chemicals requiring specialized manufacturing facilities.
Threat of new substitutes: Currently, there are limited treatment options available for neuropathic ocular pain. Development of new drug delivery mechanisms can lead to substitute threats in the long run.
Competitive rivalry: The market has the presence of key pharmaceutical companies intensely competing on product innovations.
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 ophthalmic disorders such as glaucoma and diabetic retinopathy.
The North America region currently dominates the market owing to high awareness levels and new product launches in the region. The availability of favorable reimbursement policies is also driving the regional 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 companies are focusing on new product developments and geographical expansion to strengthen their market position.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it