May 29, 2024

The Global Acetazolamide Market Is Rising Trends Owing To Increasing Incidence Of Glaucoma

The global acetazolamide market can be defined as the medications which are prescribed to treat several eye conditions, including glaucoma and drug-induced edema. Acetazolamide works by reducing the amount of fluid produced within the eye, helping to lower internal eye pressure. Pressure inside the eye is caused by a fluid called aqueous humor that is constantly produced and drained within the eye. Acetazolamide helps decrease this fluid production. Some key advantages of acetazolamide include helping control eye pressure spikes, reducing intraocular pressure and prevention of vision loss. With the rising prevalence of glaucoma globally along with increasing awareness around early diagnosis and treatment of ophthalmic conditions, the demand for acetazolamide formulations is projected to rise substantially over the forecast period.

The Global Acetazolamide Market is estimated to be valued at US$ 303.03 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in Global Acetazolamide Market Share are Merck KgaA, QIAGEN NV, Illumina Inc., Micronit BV, PerkinElmer Inc., Thermo Fisher Scientific, Fluidigm Corporation, Bio-Rad Laboratories Inc., Agilent Technologies Inc., Abbott Laboratories, Phalanx Biotech Group, and Danaher Corporation (Cepheid), among others.

The growing incidence of glaucoma cases globally is propelling the demand for acetazolamide medication. As per estimates, over 100 million people are suffering from glaucoma worldwide and it is one of the leading causes of blindness. With rising geriatric population prone to developing glaucoma, the acetazolamide market is expected to grow remarkably.

The manufacturers are focusing on expanding their geographic presence by entering untapped markets especially in developing regions of Asia Pacific, Latin America, and Middle East & Africa. In addition, partnerships and mergers & acquisitions remain key strategies adopted by the large players to strengthen their global distribution networks and market share.

Market key trends

One of the key trends witnessed in the acetazolamide market includes growing preference for generic drugs. As acetazolamide has been available in generic forms post patent expiry of branded formulations, this has significantly reduced the overall treatment costs. Various regional and local pharmaceutical manufacturers are producing low-cost generic acetazolamide tablets and capsules. This increased availability and affordability has boosted the overall market revenues. In addition, the manufacturers are investing in new drug delivery technologies like extended-release formulations and ocular inserts that can lower dosing frequency and improve patient compliance. These innovations are likely to open new avenues of growth for acetazolamide drug makers over the coming years.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate due to availability of raw materials, high capital investment required to setup facilities, and brand loyalty of customers.

Bargaining power of buyers: Buyers have moderate bargaining power owing to availability of substitutes and price sensitivity.

Bargaining power of suppliers: Supplier integration and dependency on key raw material suppliers gives them moderate bargaining power.

Threat of new substitutes: Threat from substitutes is medium to high as there are alternatives available for certain applications.

Competitive rivalry: The rivalry among established players is high due to their global presence and competition on product differentiation, quality, and pricing.

Geographical regions

North America region accounted for the largest share of the global acetazolamide market in terms of value due to developed healthcare infrastructure, availability of reimbursement, rising prevalence of glaucoma, and presence of key players.

Asia Pacific region is expected to grow at the fastest CAGR during the forecast period owing to increasing healthcare expenditure, large patient pool, rising awareness about eye diseases, and growing geriatric population. Rapid economic development in countries such as China and India will further support market expansion.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it