Market Overview:
The Neuropathic Ocular Pain market deals with the diagnosis and treatment of neuropathic pain disorders affecting the eyes and eye area. Such conditions include acute or chronic pain associated with corneal infections, dry eye disease, blepharitis and glaucoma. Topical therapies, eye drops and surgical measures are deployed to manage the pain arising due to these conditions.
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:
Dry eye disease is the fastest growing application segment in the Neuropathic Ocular Pain market. Dry eye occurs when the eyes do not produce enough tears or when tears evaporates too fast. It causes inflammation and pain in or around the eyes. The increasing prevalence of dry eye diseases owing to prolonged digital eye strain, growing screen time and arid indoor conditions has boosted demand for effective pain relief therapies. According to studies, dry eye affects over 30 million Americans annually and is more common in middle-aged and older women. Innovative drug delivery technologies delivering combinations of therapies that alleviate dryness, pain and inflammation are some key trends gaining traction in this market.
Segment Analysis
The global neuropathic ocular pain market is segmented based on product type, indication, distribution channel, and geography. The product type segments are drugs and medical devices. Within drugs, the topical drugs segment dominates the market as it is easy to use and has less side effects compared to oral drugs. The topical drugs segment dominates with over 45% of the global market share owing to its benefits of targeting delivery.
Key Takeaways
The global neuropathic ocular pain market is expected to witness high growth, exhibiting a CAGR of 3.1% over the forecast period, due to increasing prevalence of eye disorders such as glaucoma and diabetes.
Regional analysis
North America dominated the global market in 2023 and is expected to maintain its dominance over the forecast period. This is attributed to the growing geriatric population suffering from neurological and ophthalmic diseases and favorable reimbursement scenario in the US. Asia Pacific is expected to witness the fastest growth during the forecast period owing to growing prevalence of lifestyle diseases and improving healthcare infrastructure and services in countries such as China and India.
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. OKYO Pharma is dominating the market with its product PXT-864 which showed positive results in reducing neuropathic ocular pain in clinical trials.
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