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The Global Low-Concentration Atropine Market size is estimated to grow by USD 1,039.97 million at a CAGR of 18.81% between 2023 and 2028.
There has been an increasing awareness regarding the importance of vision. In addition, people around the world are becoming more aware of the need to take care of their eyes and seek appropriate treatment for common vision problems like myopia. Furthermore, this increased awareness is driven by various factors, including advancements in technology, rising healthcare expenditure, and the understanding of the impact that vision problems can have on daily life. Hence, such factors are positively impacting the market.
Technavio has segmented the market into Type, Application, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
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The atropine sulfate 0.01 percentage segment is estimated to witness significant growth during the forecast period. The atropine sulfate 0.01% segment is expected to grow fuelled by the ongoing clinical research to reduce progressive myopia among children and adults. In addition, atropine sulfate 0.01% ophthalmic solution is for topical ophthalmic use and is used to dilate the eye before examination, surgery, or to treat myopia. Furthermore, atropine sulfate 0.01% has been shown to have minimal side effects in children who were 4 to 12 years of age at the start of treatment.
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The atropine sulfate 0.01 percentage segment was the largest segment and was valued at USD 268.24 million in 2018. Moreover, due to the growing concern about pathological myopia, research studies focused on slowing the progression of myopia among children have witnessed interest among ophthalmologists. In addition, atropine sulfate 0.01% has emerged as an effective approach. Such developments are fuelling the growth of this segment. Furthermore, companies in the market in focus are coming up with new product launches. For instance, Aspen Australia, a subsidiary of Aspen Pharmacare Holdings Limited, in August 2022, launched new ophthalmic prescription eye drops. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
Various ongoing clinical research and the high prevalence of myopia are fuelling the growth of the segment. In addition, the children segment is expected to grow fuelled by the rising awareness regarding vision care among children. Moreover, with the advent of smartphones, tablets, and other digital devices, children are spending more time in front of screens. In addition, this prolonged screen time has been associated with an increased risk of myopia, particularly in children. Therefore, there is a growing recognition of the importance of early intervention and treatment to prevent the development and progression of myopia. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
There is an increasing prevalence of myopia among adults, also there is a growing demand for vision correction among the aging population. In addition, aging is a major risk factor for visual impairment. Moreover, the proportion of the global geriatric population is expected to nearly double by 2050. In addition, as people age, their eyes undergo various changes that can result in vision problems like myopia. Furthermore, as the global population continues to age, the prevalence of these vision disorders among adults is expected to increase, leading to a larger demand for treatment options. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
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Asia is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. Factors such as the rising cost of therapeutics and poor healthcare infrastructure in various countries, such as China and India, in the region. In addition, the regional market is primarily driven by the increasing awareness of eye disorders, including myopia. Moreover, in countries such as India, most of the population is unaware of several eye diseases, including myopia. For example, in countries such as India, most of the population is unaware of several eye diseases, including myopia. Thus, to overcome this challenge, World Sight Day is celebrated every year on the second Thursday of October to draw attention toward blindness and vision impairment. Hence, such factors are driving the market growth in Asia during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 18 market companies, including:
AdvaCare Pharma: The company offers low concentration atropine such as AtroCare.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
One of the key factors driving the low-concentration atropine market growth is the growing demand for vision correction among the aging population. The global low-concentration atropine market is expected to witness an increase in demand fuelled by the growing aging population and their need for vision correction. In addition, this surge in demand for low-concentration atropine can be attributed to various factors such as lifestyle changes, advancements in technology, and increased awareness about vision disorders.
Moreover, one of the primary reasons for the rising demand for low-concentration atropine is the aging population worldwide. Aging is a major risk factor for visual impairment. In addition, lifestyle changes have also contributed to the growing demand for vision correction. Furthermore, with the advent of technology and the increasing use of electronic devices such as smartphones, tablets, and computers, individuals are spending more time engaging in activities that strain their eyes. Hence, such factors are driving the market growth during the forecast period.
A key factor shaping the low-concentration atropine market growth is the growing focus on funding for myopia research studies. Many private and public organizations across the world are providing funds or grants for conducting research studies on progressive myopia. For instance, in August 2021, Sydnexis secured USD45 million in Series B financing. In addition, the financing will be used to fund the company lead candidate, SYD-101, through the completion of the fully enrolled pivotal Phase 3 STAAR study for the treatment of progressive myopia in children.
Moreover, in December 2022, SUNY College of Optometry received a grant of USD 2.34 million from the National Eye Institute (NEI) for research in examining the cellular and molecular mechanisms controlling eye growth and the development of myopia (nearsightedness). Furthermore, the researchers are focused on providing deep insight into the causes and development of myopia among children. Thus, increasing investments in research studies are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
Side effects and uncertainty in the efficacy of low-concentration atropine are some of the key challenges hindering the low-concentration atropine market growth. Low-concentration atropine is a relatively new therapy for myopia progression, but its efficacy and optimal concentration remain uncertain. In addition, atropine with 0.01% concentration witnessed low efficacy. Furthermore, the primary ocular side effects of low-concentration atropine include mydriasis, which leads to photophobia, blurred near vision, and local allergic responses.
Moreover, long usage of low-concentration atropine also causes dilated pupils and dry or irritated eyes, headaches, altered mental status, dry mouth, urinary retention, constipation, and flushing skin. Therefore, the associated side effects can negatively impact the adoption of low-concentration atropine and encourage patients to opt for alternatives with less severe side effects. Thus, the side effects of low-concentration atropine are negatively impacting the market. Hence, such factors are expected to hinder the market growth during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Low-Concentration Atropine Market Customer Landscape
The low-concentration atropine market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Low-Concentration Atropine Market Scope |
|
Report Coverage |
Details |
Page number |
155 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 18.81% |
Market Growth 2024-2028 |
USD 1,039.97 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
11.27 |
Regional analysis |
Asia, North America, Europe, and the Rest of the World (ROW) |
Performing market contribution |
Asia at 36% |
Key countries |
US, Canada, Germany, China, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AdvaCare Pharma, Aurolab, Bausch Lomb Corp., ENTOD INTERNATIONAL, Eyenovia Inc., Gmt Pharma, Grevis Pharmaceuticals Pvt. Ltd., ISKON REMEDIES and GMT, Jawa Pharmaceuticals India Pvt. Ltd., Medizia Biotech, OSRX Inc., Raymed Pharmaceutical Ltd., Santen Pharmaceutical Co. Ltd., Sydnexis Inc., Tache Pharmacy, Taiwan Biotech Co.,Ltd, Vyluma, and Aspire Pharma Ltd |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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