The Canada Glaucoma market size stood at around USD XX billion in 2019 and is projected to reach USD XX billion by 2028, exhibiting a CAGR of XX% during the forecast period.
Glaucoma is a group of diseases that can damage the eye’s optic nerve and result in vision loss. It is also the second leading cause of blindness in Canada. Glaucoma occurs when the normal fluid pressure inside the eyes slowly rises and up to 40 percent of a person’s vision can be lost without them even noticing. However, with early treatment, your eyes can be protected against serious vision loss. It is estimated that more than 400,000 Canadians have glaucoma and half of them don’t even know they have it. In 2019, the annual cost of glaucoma topical medication in Canada ranged from $86.06 (timolol) to $514.48 (Cosopt – Merck) in Canada with the average brand name costing $306.76 and the average generic costing $143.44.
By Drug Class:
Based on the drug class the market is segmented into beta blockers, prostaglandins analogues, alpha adrenergic agonists, carbonic anhydrase inhibitors, combination drugs and others. Prostaglandins Analogues holds the majors market share owing to its efficacy to reduce intraocular pressure and lower side effects while combination drugs hold the highest growth rate.
By Distribution channel:
Based on distribution channel, the market is segmented into retail, hospital and online pharmacies. Hospital pharmacies are the largest segment of the glaucoma medication market while the retail pharmacies market is expected to be the fastest-growing segment.
Canada presents rewarding opportunities for the key players operating in the Glaucoma treatment market. In 2019, Bausch + Lomb Announced Health Canada approval of Vyzulta for the treatment of Glaucoma. Vyzulta (latanoprostene bunod 0.024) represents an evolution in topical monotherapy in Canada in the treatment of glaucoma. The major market players of the glaucoma drugs market in Canada are Allergan Plc, Novartis A G, Merck & Co., Pfizer inc., Teva Pharmaceutical Industries etc.
The increasing prevalence of glaucoma cases among the elderly population will bolster the market growth. The increasing screen time of gadgets such as laptops and smartphones are resulting in the rising incidence of glaucoma. Increasing product launches and products under pipelines will accelerate the growth of this market. Drug recalls can contribute as a restraining factor in the market growth along with devices that offers long term benefits, efficacy, and lower side effects.