The Low-Concentration Atropine Market is being driven by Increasing prevalence of myopia
The Low-Concentration Atropine Market is expected to grow at a CAGR of 18.81% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1039.97 million. In the global low-concentration atropine market, vendors are prioritizing research and development (R&D) to create innovative therapies for myopia treatment. Pharmaceutical and biopharmaceutical companies are increasing their R&D investments, fostering the advancement of eye disease treatments. Notably, Vyluma's CHAMP (Childhood Atropine for Myopia Progression) Study, which assessed the efficacy of NVK002, a low-dose atropine solution, in the second stage of Phase III, was recently completed in October 2023. The New Drug Application (NDA) for NVK002 is currently under FDA review, with a decision anticipated in January 2024.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
155 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 18.81% |
Market growth 2024-2028 |
USD 1039.97 million |
Market structure |
fragmentation |
YoY growth 2023-2024(%) |
11.27 |
Key countries |
US, Canada, Germany, China, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Low-Concentration Atropine market encompasses the use of Atropine Sulfate as a mydriatic and cycloplegic agent in ophthalmic applications. In pediatric and adult ophthalmology, low dose Atropine is employed for various purposes such as refractive error correction, amblyopia treatment, strabismus management, retinal examination, contact lens fitting, and ophthalmological surgery. The therapeutic index of Atropine is crucial for safe and effective use, influencing drug metabolism, elimination, plasma concentration, and ocular penetration. Therapeutic monitoring, clinical endpoint assessment, safety evaluation, quality control, ocular irritation, allergic reactions, patient selection, dosage regimen, and medication adherence are essential considerations in the use of this ophthalmic drug.
The low-concentration atropine market is a segment of the larger global pharmaceuticals market, which is a key component of the healthcare industry. According to Technavio, the global pharmaceuticals market, encompassing entities involved in R&D and manufacturing of various drug types, including generic and non-generic, was valued at USD1,495.51 billion in 2023. Factors driving the growth of this market include an aging population leading to increased demand for healthcare and pharmaceuticals, as well as advancements in drug research and development. Specifically within the low-concentration atropine market, the drug's ocular accommodation effects, including mydriasis and cycloplegia, contribute to improved refraction accuracy and intraocular pressure management in various ophthalmic applications.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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