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Market Overview:
Neuropathic ocular pain refers to eye pain caused due to damaged or injured nerves. Common causes include traumatic optic neuropathy, diabetic neuropathy, trigeminal neuralgia and post-herpetic neuralgia. Current treatment options include topical anaesthetics, oral medications such as tricyclic antidepressants, anticonvulsants and capsaicin cream. However, these options provide only limited relief and more effective options addressing the underlying nerve damage are required.
The 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 Dynamics:
There are two key drivers that are projected to boost growth of the neuropathic ocular pain market during the forecast period. Firstly, the increasing prevalence of diseases causing neuropathic ocular pain such as diabetes and trigeminal neuralgia is expected to fuel demand for effective treatment options. According to WHO, approximately 422 million people worldwide have diabetes and the number is projected to rise to over 640 million by 2040. Secondly, growing research focus on developing novel neuroprotective drugs to prevent or reduce nerve damage is anticipated to offer new treatment alternatives. Several companies are conducting clinical trials evaluating monoclonal antibodies, gene therapy and stem cell therapies aimed at protecting optic nerves. For instance, OKYO Pharma is developing a neuroprotective drug ‘OK-101’ for dry eye disease and other ocular conditions involving neurotrophic deficit. Significant funding from governments and private players for R&D is further encouraging development of advanced treatments which will have a positive impact on market revenues over the forecast period.
Segment Analysis
Neuropathic Ocular Pain market is dominated by the drugs segment which accounts for over 70% market share. Being pain management is the primary treatment of neuropathic ocular pain, drugs play a pivotal role. Ophthalmic solutions and eye drops capture a major chunk of the drugs segment as they provide local and direct pain relief to the eyes. Among different drug classes, anti-epileptics and antidepressants sub-segment has seen higher adoption rates due to their efficacy and cost-effectiveness in managing neuropathic ocular pain.
PEST Analysis
Political: Regulations surrounding clinical trials and approval of drugs used to manage neuropathic ocular pain have become stringent in recent years. This impacts R&D processes and drug development timeline.
Economic: Growing geriatric population suffering from diabetes and rising healthcare expenditure are driving demand for neuropathic ocular pain therapeutics. However, pricing pressures may restrain market growth.
Social: Increasing awareness through social media campaigns and patient support groups has led to early diagnosis and treatment-seeking behavior for neuropathic ocular pain conditions.
Technological: Advancements in drug delivery systems like intracanalicular inserts and punctal plugs have enhanced targeting and sustain release of drugs, thereby improving treatment outcomes.
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 geriatric population suffering from diabetes and associated eye complications.
Regionally, North America dominated with over 35% market share in 2023 led by higher treatment rates in the US. Asia Pacific is poised to be the fastest growing market for neuropathic ocular pain therapeutics owing to rising incidence of diabetes in middle-income countries like India and China.
Key players
Key players operating in the Neuropathic Ocular Pain market include OKYO Pharma, Limited, a leading player developing novel ion channel modulators for chronic eye pain. Ocular Therapeutix, Inc. offers innovative drug delivery systems like DEXTENZA for post-surgical ocular inflammation and pain. IACTA Pharmaceuticals, Inc. is engaged in research on ion channels and sodium channel modulators. Sun Pharmaceutical Industries Ltd., Novartis AG, AbbVie Inc., and Bausch & Lomb Incorporated supply a wide range of generic and branded drugs. Small players like Kala Pharmaceuticals, Optocred Pharmaceuticals and BRIM Biotechnology, Inc. are engaged in early-stage R&D.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
