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The Optic Neuritis Treatment Market is experiencing accelerated growth driven by rising prevalence of eye-related disorders
Optic neuritis is a rare inflammatory condition of the optic nerve that can cause temporary vision loss and pain in the affected eye. The optic nerve transmits visual signals from the eye to the brain. Damage or inflammation of this nerve can potentially disrupt signal transmission and vision. Common causes of optic neuritis include multiple sclerosis and connective tissue diseases. Rising prevalence of multiple sclerosis and related eye disorders globally has majorly propelled the demand for effective optic neuritis treatment options in recent years.
The Global Optic Neuritis Treatment Market is estimated to be valued at USD 250.1 Mn in 2024 and is expected to reach USD 320.4 Mn by 2031, growing at a compound annual growth rate (CAGR) of 6.10% from 2024 to 2031.
Key Takeaways
Key players operating in the Optic Neuritis Treatment market are Mallinckrodt Pharmaceuticals, Mylan N.V., Bristol-Myers Squibb Company, Endo Pharmaceuticals, Teva Pharmaceutical Industries, Bausch Health Companies, and Pfizer Inc.
The growing prevalence of eye disorders such as uveitis and multiple sclerosis connected with optic neuritis is a key driver bolstering the worldwide Optic Neuritis Treatment Market Demand for treatment drugs. According to the National Multiple Sclerosis Society, nearly 1 million people are affected by MS in the United States alone.
Leading pharmaceutical companies are engaged in extensive research towards developing novel targeted therapies and formulations to manage optic neuritis. Furthermore, growing health awareness and healthcare expenditure in emerging nations have prompted broader application of diagnostic technologies and effective treatments.
Market Key Trends
The rising preference for biologic response modifiers and targeted disease modifying therapies over generic first-line treatments represents a major trend in the optic neuritis industry. Biologics such as interferons and glutathione aim to modify the disease course by neutralizing autoimmune attack on the optic nerve. Meanwhile, oral therapies are gaining significance over injectables due to better compliance.
Porter’s Analysis
Threat of new entrants: Low capital requirements reduce barriers to entry. However, presence of major pharmaceutical companies makes entry difficult.
Bargaining power of buyers: Buyers have moderate bargaining due to availability of substitute treatment options. Price sensitivity is high as treatment cost is also high.
Bargaining power of suppliers: A few large pharmaceutical companies dominate the market. Supply base is concentrated increasing supplier bargaining power.
Threat of new substitutes: Alternatives like corticosteroids, immunosuppressants, and other monoclonal antibody treatments pose threats.
Competitive rivalry: Companies compete based on strong R&D, brand positioning, and marketing of novel therapies.
Geographical Regions
North America currently holds the largest share in the optic neuritis treatment market due to high awareness and strong healthcare infrastructure. Availability of private and public reimbursement further fuels the regional market growth.
Asia Pacific is expected to witness the highest CAGR over the forecast period. Rising healthcare expenditure, improving access to healthcare facilities, increasing discretionary incomes are supporting the market expansion in the region. Growing geriatric population also contributes to the demand for optic neuritis treatment options in Asia Pacific.
Get This Report in Japanese Language: 視神経炎治療市場
Get This Report in Korean Language: 시신경염 치료 시장
About Author:
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.
