Global Ophthalmoplegia Market is Estimated to Witness High Growth Owing to Increasing Prevalence of Neurological Disorders
The global ophthalmoplegia market consists of drugs used for treating ophthalmoplegia, which is a paralysis or weakness of the ocular muscles that control eye movement. Some key drugs used in the treatment of ophthalmoplegia include pyridostigmine, edrophonium, and neostigmine. The increasing incidence of neurological disorders such as myasthenia gravis and ischemic strokes, which are major causes of ophthalmoplegia, is driving the demand for ophthalmoplegia drugs for effective treatment.
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, Sun Pharmaceuticals, Hikma Pharmaceuticals, Teva Pharmaceuticals, and Fresenius Kabi.
The Global Ophthalmoplegia Market provides significant growth opportunities due to rising research and development activities focused on developing novel and advanced treatment options. Emerging economies also present lucrative opportunities for players due to increasing healthcare spending.
Major companies are collaborating with regional players and expanding their distribution networks globally to strengthen their market position. For instance, Novartis has partnered with various Asian pharmaceutical companies to market its ophthalmoplegia drugs in countries like China and India.
Market Drivers
The increasing prevalence of neurological disorders is the major factor driving the growth of the global ophthalmoplegia market. Neurological conditions such as myasthenia gravis affect nearly 20 in 100,000 people worldwide annually and require long term treatment with ophthalmoplegia drugs. Similarly, ischemic strokes which are a leading cause of ophthalmoplegia are on the rise due to the growing geriatric population, thereby augmenting the demand for ophthalmoplegia therapeutics over the forecast period.
PEST Analysis
Political: Regulations regarding eye care is expected to boost the market. Government initiatives to spread awareness about eye diseases will drive growth.
Economic: Rising disposable incomes have increased spending on advanced eye care treatment. Growth in healthcare expenditure creates opportunities.
Social: Ageing population and increasing incidence of eye diseases due to lifestyle changes fuel demand. Awareness about latest treatments is high which supports market expansion.
Technological: Adoption of newer equipment and techniques such as Botox therapy, strabismus surgery etc. Digital eye examinations help detect problems efficiently. Automation promises reduced treatment times.
Geographical Regions
The major geographical regions where the global ophthalmoplegia market is concentrated currently in terms of value are North America and Europe. This can be attributed to growing elderly population, rising eye disease prevalence, improving medical infrastructure and heavy investments in R&D in these regions.
The Asia Pacific region is expected to be the fastest growing market for ophthalmoplegia during the forecast period. Improving access to quality healthcare, rapid economic development, growing medical tourism industry and massive patient pool are some of the key factors fueling the market growth in Asia Pacific. Increasing awareness about eye care and availability of latest treatment options are driving the regional market.
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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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