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Market Overview:
Neuropathic ocular pain refers to conditions characterized by chronic or recurring eye pain not caused by tissue damage. It may result from conditions that affect the trigeminal nerve, optic nerve, or cervical nerves that innervate the eye. Common causes include trigeminal neuralgia, postherpetic neuralgia, diabetic neuropathy, and multiple sclerosis. Current treatments aim to manage symptoms and improve quality of life through pharmacological interventions such as topical anesthetics, steroids, antidepressants, and anticonvulsants. Alternative therapies involving nerve block injection and surgical procedures may also provide relief. Effective management of neuropathic ocular pain continues to present a clinical challenge.
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 key trends in the neuropathic ocular pain market is the growing pipeline of novel therapies. A number of companies are developing drugs that target sodium channels, nerve growth factor pathways, glutamate receptors, and other targets implicated in neuropathic pain. For example, OKYO Pharma is investigating OK-101, a subcutaneous formulation of chelerythrine for trigeminal neuralgia. Kala Pharmaceuticals received FDA approval for Eysuvis (loteprednol etabonate ophthalmic suspension) 0.25% for short-term treatment of dry eye disease. These new treatment options have the potential to offer improved efficacy and safety over existing therapies. Another trend is the rising adoption of minimally invasive procedures like pulsed radiofrequency, which involves applying radiofrequency energy to nociceptive nerves. This helps modulate nerve signaling to manage chronic pain without damaging nerves.
Porter’s Analysis
Threat of new entrants: Low as establishing a foothold in this niche market requires huge capital investment and established distribution channels.
Bargaining power of buyers: Moderate as there are few alternative treatment options.
Bargaining power of suppliers: Low due to availability of substitutable raw materials and established manufacturing capacities.
Threat of new substitutes: Moderate as R&D is ongoing for developing novel treatment approaches.
Competitive rivalry: High among existing players to gain higher market share through new product launches and strategic collaborations.
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 incidence of ocular nerve injuries and diabetic eye diseases. The market size for 2023 is estimated to be US$ 197.1 Mn.
Regional analysis: North America currently dominates the neuropathic ocular pain market owing to high disposable incomes and increasing awareness about ocular pain management therapies in the region. Asia Pacific is anticipated to be the fastest growing market during the forecast period fueled by high prevalence of diabetes in countries like China and India and improving healthcare infrastructure.
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. Key players are focused on new product approvals and launches to expand their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
