Latanoprost Market Size, Share, Growth, and Industry Analysis, By Type (Brand Drug, Generic Drug), By Application (Open-angle Glaucoma, Close-angle Glaucoma) and Regional Forecast to 2027

Updated On: 22 April 2024

REPORT OVERVIEW

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The global latanoprost market size was 1344.6 million in 2020. As per our research, the latanoprost market is expected to reach USD 1565.8 million by 2027, exhibiting a CAGR of 2.2% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, latanoprost experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Latanoprost constitutes a Prostaglandin analog medication that is used to treat glaucoma and other eye diseases. It works by decreasing the creation of liquid in the eye, thereby helping in the reduction of the pressure around the eyeball. Latanoprost can be purchased as a brand and generic medication.

The rising incidence of glaucoma, greater knowledge about eye health, and technological improvements within the market can all be related to this expansion.

COVID-19 Impact: Teleopthalmology Facilities to Advance Market Growth

The development of SARS-CoV-2, posed a serious international public health concern. This had an impact on all sectors, interrupting the chain of supply and causing a supply deficit. Ophthalmic operations were postponed due to the government's lockdown.

This is due to the reality that ophthalmologists put themselves at significant risk due to their closeness to patients when treating them. Furthermore, the governing body imposed practice norms, such as the utilization of teleophthalmology facilities for patients in need of immediate follow-up. Hence, the market advanced with the sudden impact of the pandemic.

LATEST TRENDS

"Technological Improvements to Stimulate Market Development  "

Technological improvements have allowed for more accurate diagnosis and treatment of ocular problems. Medication, diagnostic gadgets, lasers, and surgical techniques have revolutionized the treatment of cataract and retinal degeneration, glaucoma, and other forms of eye disease. The use of ophthalmic devices is predicted to expand as a result of less invasive treatments include LASIK procedure, multi-wavelength diabetic retinopathy (DR) treatment, ultrasonic a procedure called ultrasound phacoemulsification and femtosecond laser surgery. These operations result in better patient results and faster recovery times.

SEGMENTATION

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• By Type

Based on type; the market is divided into brand drug, generic drug

Brand drug is the leading part of the type segment.

• By Application

Based on the application; the market is divided into open-angle glaucoma, close-angle glaucoma

Open-angle glaucoma is the leading part of the application segment.

DRIVING FACTORS

"Optical Coherence Tomography to Aid Market Expansion "

The market was dominated by the OCT (optical coherence tomography) sector, which accounted for the majority of revenue. OCT generates excellent quality cross-sectional and three-dimensional pictures of biological microstructure and is used to diagnose disorders such as glaucoma, associated macular degeneration (AMD), as well as diabetes eye.

Technological improvements, such as the incorporation of OCT with machine learning (AI), are predicted to increase the device's adoption rate among healthcare practitioners. This cutting-edge software for imaging combines optical coherence tomography (OCT) along with the use of artificial intelligence (also known as AI) to provide physicians with a more complete image of blood flow to the coronary arteries and blockages, aiding in decision-making and selecting the best treatment approach.

"Incorporation of the Technology in Hospitals to Foster Industry Progress "

The hospitals and eye clinics category held the greatest share of the market and is projected to maintain the position of leader over the forecast period. This can be linked to the increased use of latanoprost technology in hospitals and the availability of low-cost, effective therapy in clinics. The growing number of acquisitions and mergers between latanoprost hospitals and clinics is expected to increase demand for new facilities in the years to come.

RESTRAINING FACTORS

"Lack of Awareness about the Facility to Limit the Market Evolution "

However, various constraints will limit the worldwide latanoprost market growth. However, a lack of awareness regarding eye-related ailments and a scarcity of competent practitioners are projected to stymie market expansion.

REGIONAL INSIGHTS

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"Upsurge in the Geriatric Population in Asia Pacific to Support Market Advancement"

Due to an upsurge in the incidence of ocular illnesses such as cataracts, a condition called macular degeneration due to age (AMD), as well as refractive errors, Asia Pacific is expected to develop significantly throughout the projection period. Furthermore, an increase in the geriatric population and an increased preference for surgical techniques to treat cataracts contribute to the growth of the latanoprost market. Furthermore, the enormous number of glaucoma and cataract patients operated on in Asian countries provides a significant opportunity for manufacturers to enhance their latanoprost market share.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• Pfizer (U.S.)
• Mylan (U.S.)
• Novartis (Switzerland)
• Apotex (U.S.)
• Teva (U.S.)
• Taj Pharma (India)
• CR Zizhu (China)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.