May 19, 2020
As per the report titled ‘Global Neurotrophic Keratitis Market Size study, by Treatment Type (Preservative Free Artificial Tears, Topical Antibiotics, Amniotic Membrane Transplantation, Tarsorrhaphy, Recombinant Human Nerve Growth Factor (rhNGF), Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global neurotrophic keratitis market share was worth USD 92 million in 2019 and is projected to grow with a CAGR of 17% over 2020-2026.
Neurotrophic Keratitis (NK) is a neurodegenerative disease caused by injury to trigeminal nerve that leads to impairment of the corneal sensitivity, poor corneal healing and growth of corneal ulceration. This makes the cornea vulnerable to damages and can cause permanent loss of vision if not treated and diagnosed properly.
Various treatment procedures are available based on the severity of the disease including bandage contact lenses, keratoplasty, amniotic membrane transplantation, preservative artificial tears, recombinant human nerve growth factor (rhNGF), and others.
Upsurge in cases of neurotrophic keratitis, coupled with growing geriatric population who are at a higher risk of developing eye related complications are driving the growth of global neurotrophic keratitis market.
In 2018, Dompe farmaceutici S.p.A. received approval for cenegermin topical eye drops from FDA attaining an Orphan Drug designation, Breakthrough Therapy designation and Fast Track status. Cenegermin is a recombinant human nerve growth factor for neurotrophic keratitis therapy. Such innovations and increasing number of approvals for new treatments from regulatory authorities, along with growing funding to researchers for developing novel treatments are other major factors fueling the market growth.
However, low healthcare budget in some developing nations will hinder the industry growth over the forecast period.
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Considering the geographical landscape, North America holds significant market share, owing to higher product approval rate, well-established healthcare infrastructure, and increasing R&D activities for neurotrophic keratitis in the region.
Meanwhile, neurotrophic keratitis market in Asia-Pacific is anticipated to amass robust gains over the forecast timeline, due to growing elderly population base in the region. Rising government investments towards healthcare and R&D in emerging economies like India and China are augmenting the APAC market outlook.
Key players operating in global neurotrophic keratitis market are Abbott Laboratories, Inc., Allergan, Plc., Bausch & Lomb Incorporated, CooperVision, Bayer AG, Dompe farmaceutici S.p.A., Novartis AG, Johnson & Johnson, Walgreens, and ReGenTree, LLC.