Optic Neuritis Treatment Market: Steroidal therapy is projected to hold major market share
Demyelinating inflammation of optic nerve is referred as optic neuritis. It is also commonly termed as optic papillitis and retro tubular neuritis. In most cases, optic neuritis is found to be associated with multiple sclerosis and can lead to partial or complete vision loss. Other diseases likely to be diagnosed along with optic neuritis in early stages include hyperkalemia and diabetes mellitus. Major symptoms associated with optic neuritis are partial or complete vision loss, blurred vision, pain in eyes, etc. In several cases, primary symptoms of optic neuritis include photophobia, reduced night vision, and eye redness. Adult optic neuritis and pediatric optic neuritis are two types based on age group of patients diagnosed with optic neuritis. The optic nerve consists of axons arising from retina and transmitting visual information to visual nuclei. Inflammation of this optic nerve causes improper functioning and can lead to vision loss because of destruction of myelin sheath attached to optic nerve. 40% to 50% patients with multiple sclerosis (MS) develop optic neuritis and around 30% optic neuritis patients show symptoms of multiple sclerosis. A recent article published in the Journal of Neurology stated that the annual incidence of optic neuritis in the U.S. is found to be around 5/1,000,000, with estimated prevalence 115/1,000,000.
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Growing awareness about early detection of optic neuritis associated with multiple sclerosis and availability of affordable treatment options are expected to drive the global optic neuritis treatment market during the forecast period. Increase in geriatric population, rise in multiple sclerosis patient pool, growing awareness and affordable prices are the major factors propelling the market. Side effects of optic neuritis treatment drugs and growth of the generic drugs market are likely to restrain the global optic neuritis treatment market during the forecast period. Availability of reimbursement and well-established health care infrastructure are other factors expected to augment the market during the forecast period.
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The global optic neuritis treatment market can be segmented based on type of therapy, distribution channel, and region. In terms of type of therapy, the market can be categorized into steroidal therapy, supplementary therapy, and immunomodulators therapy. Steroidal therapy includes cortecostreoidal drugs, which have proven efficacy for decades. Steroidal therapy is projected to hold major market share due to proven efficacy and easy availability. Supplementary therapy includes vitamin supplementation therapy with vitamin B12 and is considered to be adjacent therapy in the treatment of optic neuritis. Immunomodulators therapy involves disease modifying agents such as interferons beta1a and beta1b which are beneficial in optic neuritis and multiple sclerosis.
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Based on distribution channel, the global optic neuritis treatment market can be divided into hospitals, ophthalmic clinics, and ambulatory surgical centers. The hospitals segment captured a major market share and is likely to sustain its leadership position during the forecast period. A large population prefers visiting hospitals first rather than ophthalmic clinics for treatment as the cost of therapy at hospitals is lower. Ambulatory surgical centers is the less preferred option for the treatment of optic neuritis.
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Geographically, the global optic neuritis treatment market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America projected to be the largest market during the forecast period. The region is anticipated to continue to dominate the market during the forecast period due to increase in the geriatric population, growing awareness among the population regarding MS and optical neuritis, and well-established health care infrastructure. Europe is expected to be the next dominant region during the forecast period due to increase in volume sales of steroidal therapeutics especially corticosteroids and upcoming new launches of combined medication products. The market in Asia Pacific is likely to expand at a high CAGR during the forecast period. The market in Latin America and Middle East & Africa is projected to expand at a sluggish CAGR during the forecast period. Increased focus by federal governments on enhancing health care facilities and rising awareness among the population are the factors contributing to the growth of the market in these regions.
A small number of players operate in the global optic neuritis treatment market; however, several companies are interested in investing in the market due to increase in demand for the therapy. Major players operating in the global optic neuritis treatment market are Biogen, Mallinckrodt Pharmaceuticals Inc., Pfizer, Inc., Novartis AG., and Teijin Pharmaceutical Limited, among others.
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