Global Ophthalmoplegia Market Is Anticipated To Witness High Growth Owing To Rising Prevalence Of Eye Disorders



Ophthalmoplegia refers to a paralysis of one or more of the extraocular muscles that are involved in eye movement. The condition is often caused due to various factors such as myasthenia gravis, thyroid eye disease, brainstem lesions, or nerve damage during surgeries. Some of the key symptoms of ophthalmoplegia include double vision, ocular misalignment, inability to fully move the eyes in certain directions, etc. The rising prevalence of various eye diseases and disorders that can potentially lead to ophthalmoplegia is driving the need for effective treatment options. The global ophthalmoplegia market witnesses high demand for advanced medications, surgical techniques, and eye exercise therapies for managing the condition.

The market is estimated to be valued at US$ 510 Mn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024-2031.

Key Takeaways

Key players operating in the Global Ophthalmoplegia Market are Novartis AG, Sanofi, F. Hoffmann-La Roche Ltd., Pfizer Inc., Bayer AG. Novartis AG dominates the market with its wide portfolio of pharmaceutical drugs for eye disorders like Myasthenia gravis that could potentially lead to ophthalmoplegia.

The growing geriatric population worldwide and the rising prevalence of eye conditions like Graves' disease and thyroid eye disease in this age group offers lucrative growth opportunities in the ophthalmoplegia market. Various initiatives by governments and eye care nonprofit organizations to spread awareness about ophthalmoplegia its early diagnosis and treatment are also fueling market growth.

The key players are expanding their presence globally, especially in emerging markets through strategic collaborations and partnerships with local pharma players. For instance, Sanofi launched its eye care divisions in China and plans to invest in new drug development projects in Asia to leverage the high growth opportunities in these regions.

Market Drivers

Rising healthcare expenditure - Growing healthcare spending on eye care therapies and surgeries for treating conditions causing ophthalmoplegia is a key market driver. According to the Vision Council of America, the economic burden of eye disorders was estimated to be over $145 billion in 2020.

Technological advancements - Introduction of advanced medications, gene therapies and minimally invasive procedures for ophthalmoplegia is fueling revenue growth in the market. New recombinant technologies for developing novel treatment options is further boosting demand.

Market Restrain

Stringent regulations - Pharmaceutical drugs and medical devices for ophthalmoplegia treatment are subject to strict regulatory approvals from authorities like FDA which delays new product launches. This acts as a major bottleneck restraining market expansion.

High cost of therapies - Many innovative drugs and surgical technologies used for ophthalmoplegia management come at a very high cost which limits their adoption especially in developing nations. This hinders market potential to some extent.

Segment Analysis

The global ophthalmoplegia market is dominated by the neuromuscular segment which holds around 35% market share. Ophthalmoplegia is primarily a neuromuscular disorder where there is weakness or paralysis of the eye muscles affecting the mobility of eye. Many ophthalmoplegia cases are reported due to neuromuscular disorders like myasthenia gravis, mitochondrial disease and neurological disorders like stroke, brain tumors etc. Hence, drugs to treat underlying neuromuscular conditions also aid in ophthalmoplegia treatment making it the key sub-segment.

Global Analysis

North America dominates the global ophthalmoplegia market with over 30% share majorly due to high diagnosis and treatment rate in the US. Presence of advanced healthcare facilities and favorable reimbursement policies promote early identification and cure rate. Asia Pacific is the fastest growing region on account of rising geriatric population susceptible to ophthalmoplegia and improvising healthcare infrastructure in emerging economies of China and India. The trend is expected to continue over the forecast period with North America and Asia Pacific jointly contributing over 60% market share globally.

Get more insights on this topic: https://www.marketwebjournal.com/global-ophthalmoplegia-market-expected-to-witness-growth-due-to-rising-prevalence-of-ophthalmic-disorders/

 

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. (https://www.linkedin.com/in/ravina-pandya-1a3984191)

What Are The Key Data Covered In This Global Ophthalmoplegia Market Report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the Global Ophthalmoplegia Market's growth between 2024 and 2031.

:- Accurate calculation of the size of the Global Ophthalmoplegia Market and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behaviour

:- Global Ophthalmoplegia Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market's competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of Global Ophthalmoplegia Market vendors

FAQ’s

Q.1 What are the main factors influencing the Global Ophthalmoplegia Market?

Q.2 Which companies are the major sources in this industry?

Q.3 What are the market’s opportunities, risks, and general structure?

Q.4 Which of the top Global Ophthalmoplegia Market companies compare in terms of sales, revenue, and prices?

Q.5 Which businesses serve as the Global Ophthalmoplegia Market’s distributors, traders, and dealers?

Q.6 How are market types and applications and deals, revenue, and value explored?

Q.7 What does a business area’s assessment of agreements, income, and value implicate?

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

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