The optic neuritis treatment market is expected to register a CAGR of 4.1% during the forecast period. Optic neuritis is inflammation of the optic nerve in which myelin covering is damaged by the inflammation, which typically results in blurred or dark vision. Some of the symptoms include pain, vision loss in one eye, visual field loss, loss of color vision, flashing or flickering lights with eye movements. Signs and symptoms of optic neuritis can be the first indication of multiple sclerosis or the disorder can occur later in the course of multiple sclerosis. Multiple sclerosis is a disease that causes inflammation and damage to nerves in the brain, as well as the optic nerve.
Optic neuritis disease can happen to anyone at any age, but most cases occur in women who are between the ages of 20 to 40. In addition, according to the Optic Neuritis Foundation Inc, an estimate of 15-20% of the people suffering from optic neuritis are likely to end up suffering from multiple sclerosis.
Rise in the geriatric population, increasing incidence of multiple sclerosis, and growing awareness about early detection of optic neuritis are the key driving factors of the optic neuritis treatment market.
Key Market Trends
The Steroidal Therapy Segment is Expected to Hold a Major Market Share in the Optic Neuritis Treatment Market
- Steroidal therapy includes corticosteroid drugs used to treat optic neuritis, which have proven efficacy for decades.
- According to the Optic Neuritis Foundation Inc, adults between the ages of 18-45 years are most prone to optic neuritis. Moreover, females are said to be more inclined to optic nerve inflammation as compared to males. However, only 3% of the population suffering from optic neuritis are expected to lose complete vision and go blind.
- The steroidal therapy segment holds a significant market share in the optic neuritis treatment market. It is anticipated to show a similar trend over the forecast period due to the high efficacy and easy availability of the products.
- Rise in the geriatric population, and growing awareness about early detection of optic neuritis associated with multiple sclerosis are the key driving factors in the steroidal therapy segment.
North America is Expected to Hold a Significant Share in the Market during the Forecast Period
North America is expected to hold a major market share in the global optic neuritis treatment market due to high disease prevalence, availability of reimbursement, and growing awareness among the population regarding multiple sclerosis and optic neuritis in this region and a study published in the Journal of Neurology stated that the annual incidence of optic neuritis in the United States is found to be around 5/1,000,000, with estimated prevalence 115/1,000,000. Furthermore, technological advancement and the launch of new treatment options, increasing healthcare spending, and the presence of well-established healthcare infrastructure are also fueling the growth of the overall regional market to a large extent.
The optic neuritis treatment market is fragmented competitive and consists of several major players. Some of the major players which are currently dominating the market are Pfizer Inc., Mallinckrodt Pharmaceuticals, Novartis AG, Teijin Pharmaceutical Limited, Biogen, Allergan PLC, Bristol-Myers Squibb Company, Healthy Life Pharma Private Limited, and AdvaCare Pharma.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support