Global Acetazolamide Market Is Estimated To Witness High Growth Owing To Increasing Demand for Glaucoma Treatment
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Acetazolamide Market |
The
global Acetazolamide Market is estimated to be valued at US$ 183.2 million in
2017 and is expected to exhibit a CAGR of 4.8% over the forecast period from
2018 to 2026, according to a new report published by Coherent Market Insights.
A) Market Overview:
Acetazolamide is a carbonic anhydrase inhibitor that is primarily used to treat
glaucoma and altitude sickness. It helps to reduce the production of aqueous
humor in the eyes, thereby lowering intraocular pressure and preventing the
risk of optic nerve damage. Acetazolamide is also used in the treatment of
epilepsy, congestive heart failure, and fluid retention due to high-altitude
climbing.
The rising prevalence of glaucoma, coupled with the increasing number of
individuals participating in adventurous activities at high altitudes, is
fueling the demand for acetazolamide. Moreover, the drug's ability to alleviate
symptoms of altitude sickness, such as headache, tiredness, and nausea, is
further driving its adoption.
B) Market Key Trends:
One key trend observed in the Acetazolamide
Market is the increasing adoption of generic drugs. Generic medicines
offer significant cost savings compared to their branded counterparts, making
them more affordable for patients. This is particularly beneficial in the case
of chronic conditions like glaucoma, where long-term medication is required.
The entry of generic manufacturers in the market has also intensified
competition, leading to price reductions and increased accessibility of
acetazolamide.
For example, Teva Pharmaceutical Industries Ltd., a leading generic
pharmaceutical company, offers acetazolamide under various brand names such as
Diamox and Atamox. The company focuses on expanding its product portfolio and
market presence through strategic partnerships and acquisitions.
C) PEST Analysis:
- Political: Acetazolamide usage and availability are regulated by government
agencies such as the Food and Drug Administration (FDA) in the United States.
Any changes in regulations related to drug manufacturing, import/export, or
usage can impact the market.
- Economic: Increasing healthcare expenditure and rising awareness about eye
diseases are driving the demand for glaucoma treatment medications such as
acetazolamide. Economic factors such as income levels, insurance coverage, and
reimbursement policies also influence market growth.
- Social: The aging population and increasing prevalence of eye disorders
contribute to the growing demand for glaucoma treatment, thereby driving the
acetazolamide market.
- Technological: Advancements in drug delivery systems and formulation
technologies are expected to enhance the efficacy and patient compliance of
acetazolamide. For instance, sustained-release formulations can reduce the
frequency of administration, improving convenience for patients.
D) Key Takeaways:
- The global acetazolamide market is expected to witness high growth,
exhibiting a CAGR of 4.8% over the forecast period. This growth is primarily
driven by the increasing demand for glaucoma treatment.
- Regionally, North America is expected to dominate the market due to the high
prevalence of glaucoma and favorable reimbursement policies. Asia Pacific is
projected to be the fastest-growing region, attributed to the expanding
healthcare infrastructure and rising healthcare expenditure.
- Key players operating in the global acetazolamide market include Teva
Pharmaceutical Industries Ltd., Accord Healthcare Ltd., Heritage
Pharmaceuticals Inc., Nostrum Laboratories Inc., Novast Laboratories Ltd.,
Cadila Healthcare, Lannett Company Inc., Strides Shasun Limited, and X-GEN
Pharmaceuticals Inc. These companies focus on strategic collaborations,
partnerships, and product innovations to gain a competitive edge in the market.
In conclusion, the global acetazolamide market is poised for significant growth
driven by increasing demand for glaucoma treatment and the adoption of generic
drugs. The market is also influenced by factors such as government regulations,
economic factors, social demographics, and technological advancements. With key
players actively expanding their market presence and product offerings, the
future of the acetazolamide market appears promising.
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