Optic Nerve Disorders Treatment Market Expected to Reach $5.3 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Optic Nerve Disorders Treatment Market," The optic nerve disorders treatment market size was valued at $3.4 billion in 2021, and is estimated to reach $5.3 billion by 2031, growing at a CAGR of 4.5% from 2022 to 2031.

The optic nerve of the eye is a second cranial nerve that transports electrical impulses from photoreceptor cells in the retina of the eye to the visual cortex in the brain. Any damage to the optic nerve or its pathways has the potential to seriously harm the eyes and cause blindness. Glaucoma, optic neuritis, and optic nerve atrophy are some examples of optic nerve disorders. Optic neuritis is the most common type of optic nerve disorder that can harm the optic nerve. It is inflammation of the optic nerve caused by damage or loss of the myelin, the protective sheath surrounding it. The steroid-based medications such as methylprednisolone, a synthetic corticosteroid administered intravenously as an anti-inflammatory and immunosuppressive treatment.

The key optic nerve disorders treatment market trends that drive the growth of the market is increase in number of cases of glaucoma and a surge in demand for optic nerve disorder drugs for treatment of eye disease. Moreover, one of the major causes of optic nerve disorders is when a patient has a traumatic head injury. Such injuries often happen during road accidents, which are on the rise with a rise in population. This factor further propels the market growth during the forecast period.

However, the high cost associated with optic nerve disorders treatment is expected to hamper the optic nerve disorders treatment market growth during the forecast period. Conversely, an increase in growth potential of emerging economies is expected to provide numerous opportunities for market growth during the forecast period.

By treatment type, the immunomodulators therapy segment dominated the market in 2021 and is expected to remain dominant during the forecast period, owing to easy availability and high efficacy of products. In addition, increase in number of ongoing clinical trials for the development of immunotherapeutic agents such as ponesimod, ozanimod and laquimod, in the treatment of glaucoma, are expected to propel the demand for immunomodulators therapy which further boost the market growth.

By indication, the glaucoma segment dominated the market in 2021 and is expected to remain dominant during the forecast period, owing to increase in prevalence of glaucoma and increases demand of treatment for glaucoma. In addition, geriatric people above 60 are most vulnerable to open-angle glaucoma. Thus, increase in geriatric population boosts the market's growth.

On the other side, the optic neuritis treatment market is projected to exhibit the fastest market growth during the forecast period owing to a rise in the geriatric population suffering from optic neuritis. In addition, increasing incidence of multiple sclerosis and growing awareness about early detection of optic neuritis further propel the market growth.

By distribution channel, the drug stores and retail pharmacies segment dominated the market in 2021 and is expected to remain dominant during the forecast period, owing to high availability of products in settings for several types of optic nerve disorders. On the other side, online provider segment is projected to exhibit the fasted market growth during the forecast period owing to gradual increase in the process of digitalization, sale of drugs at low cost, and rise in awareness about eye health.
 
Region wise, North America has dominated the optic nerve disorders treatment market share in 2021 and is expected to remain dominant during the forecast period. The dominance is due to the presence of a large patient population, strong presence of key players, easy product availability and well-developed healthcare infrastructure. In addition, favorable reimbursement policies in healthcare system, higher number of research and development further boost the market growth. Additionally, it is anticipated that rising demand for preventative healthcare further boost the market growth. Moreover, increasing government and private sector efforts to promote healthy lifestyles are anticipated to fuel market expansion in the region during the forecast period. 

Asia pacific is projected to register the highest CAGR of 5.3% during the forecast period. The evolving healthcare regulatory landscape and the government's emphasis on enhancing R&D capabilities for innovative product development are the key driving factors that boost the growth of the market in the region.

Key findings of the study
•    On the basis of treatment type, immunomodulator therapy segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
•    By indication, the glaucoma segment dominated the optic nerve disorders industry in 2021, and is expected to continue this trend during the forecast period.
•    Depending on distribution channel, the drug stores and retail pharmacies segment is projected to grow at a CAGR of 3.9% during the forecast period.
•    Region-wise, North America garnered the largest revenue share in 2021. However, Asia-Pacific is anticipated to grow at the highest CAGR of 5.3% during the forecast period.