Neurotrophic Keratitis Market Trends

Growth Drivers

• Increasing Prevalence and Incidence of Neurotrophic Keratitis- Reduced or absent corneal feeling is a rare but significant eye illness called neurotrophic keratitis, which can potentially cause problems and hinder corneal healing. Numerous variables, such as environmental changes, and lifestyle modifications, may contribute to the surge. For instance, the World Health Organization predicts that between 2015 and 2050, the proportion of adults over 60 will nearly double, from 12% to 22% worldwide. The increasing number of people afflicted with neurotrophic keratitis has led to an increased need for medical interventions, including medication, therapeutic techniques, and diagnostic technologies. Due to the opportunity this rising demand presents for academics, pharmaceutical firms, and healthcare providers to develop and provide solutions, the neurotrophic keratitis market is expected to grow.
• Upsurge in the Demand for Novel Therapies and Treatment- One of the biggest developments for patients with neurotrophic keratitis, according to an optometrist at Phoenix Eye Care and the Dry Eye Center of Arizona, is the recent discovery of Oxervate, which has completely changed the way that patients are treated. The FDA approved oxycodone in 2018 as the first medication prescribed exclusively for the treatment of neurotrophic keratitis. Alternatively, rather than treating the fundamental cause of neurotrophic keratitis, other therapy methods concentrate on stabilizing the condition and halting its progression.
• Increasing R&D Expenditure in Healthcare- Two more reasons propelling neurotrophic keratitis market growth are rising spending on the development of healthcare infrastructure and a rise in the demand for innovative cures and treatments. Research America, for instance, reports that investments in medical and health research and development (R&D) in the United States reached USD 245.1 billion in 2020, an increase of 11.1% from 2019. Since 2015, the amount spent on eye health in Australia has grown both overall and as a proportion of GDP. Eye care accounted for USD 2.28 billion, or 2.5 percent, of all health expenditures. With 85.6% of all eye health spending going toward those over 50, this spending is concentrated in older groups. More funds for research and development enable the investigation of cutting-edge medicines, new treatment choices, and sophisticated diagnostic equipment tailored to neurotrophic keratitis. This increased emphasis on searching may result in the creation of more potent medications, focused therapies, and better patient results. All things considered, the increase in healthcare spending raises the possibility of discoveries that may benefit the neurotrophic keratitis industry.

Challenges

• Stringent Regulations for Drug Approval by Regulatory Bodies- Drug approval is a complicated procedure that needs to be carefully reviewed by specialists in several fields, including clinical, statistical, quality, and regulatory. Staff members of the agency collaborate and iteratively work with the requestor to direct the drug development process. Without an accurate means of measurement, a medication cannot be certified. For example, OCS-01 is an experimental medication that has not been approved by any regulatory body for use in commerce in any nation. GMP regulations must be followed by pharmaceutical producers to guarantee that medications are regularly made and monitored per quality requirements. Strict legal procedures and prerequisites for medication authorization may impede the release of novel treatments onto the market.
• The lack of standardized diagnostic instruments and the difficulty of detecting neurotrophic keratitis could cause treatment delays and impede neurotrophic keratitis market expansion.
• The market may be at risk due to the long surgical timespan involved in direct surgical approaches like ipsilateral supraorbital/supratrochlear nerve direct negotiation, which appear to have several drawbacks, including the possibility of significant scarring, baldness, and subgaleal hematoma.