Neuropathic Ocular Pain Market is Estimated to Witness High Growth Owing to Opportunity for New Product Launches
Neuropathic ocular pain arises from lesions or diseases affecting the trigeminal nerve, either in its intracranial course or more commonly in its intraoral branches. Currently available treatments such as pregabalin, gabapentin and tricyclic antidepressants provide symptomatic relief but have side effects. There is a need for safer and effective therapeutic options for treating neuropathic ocular pain.
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 Opportunity:
The current market is dominated by generic drugs which have limitations such as modest efficacy and side effects. This leaves a huge opportunity for pharmaceutical companies to develop new chemical entities that are safe and effective in treating neuropathic ocular pain. Drugs targeting voltage-gated sodium and calcium channels, NMDA receptors and Nav1.7 sodium channels are under development and expected to be launched during the forecast period. Successful launch of novel products will help address unmet needs and drive the market growth.
Porter’s Analysis
Threat of new entrants: Low due to the high costs of R&D and clinical trials required for drug development in this market.
Bargaining power of buyers: Moderate due to the availability of alternative treatment options. However, buyers have less influence due to specialized nature of drugs.
Bargaining power of suppliers: Moderate as few global players dominate the market. However, patents provide protection to new drugs.
Threat of new substitutes: Low as new substitute drugs also require huge investments and time for development andapproval.
Competitive rivalry: High due to the presence of global key players and focus on R&D to develop innovative products.
SWOT Analysis
Strength: Growing prevalence of neuropathic ocular pain disorders globally. Increased FDA approvals for novel drugs.
Weakness: High costs associated with drug development and clinical trials. Risk of drug failure and side effects.
Opportunity: Rising healthcare investments especially in emerging markets. Unmet needs in the low and middle-income countries.
Threats: Patent expiries of blockbuster drugs. Reimbursement issues and pricing pressure in various countries.
Key Takeaways
The global neuropathic ocular pain market is expected to witness high growth over the forecast period driven by the launch of innovative drugs with novel mechanisms of action.
Regional analysis: Asia Pacific is projected to be the fastest growing region for the neuropathic ocular pain market during the forecast period. This is attributed to the growing patient pool, rising awareness, and increasing healthcare spending in major countries such as China and India.
Key players: Key players operating in the neuropathic ocular pain market are Pfizer, Novartis, Johnson & Johnson, Sanofi, GlaxoSmithKline, Eli Lilly and Company, AstraZeneca, Teva Pharmaceutical, and Abbott Laboratories.
