Betaxolol Market - Regional Analysis
Geographically, global Betaxolol Market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America holds the maximum share for ocular surgery, owing to high prevalence of diabetes and eye related disorders among the populace in the region. According to National Federation of the blind, 2014, around 1.3 million people were legally blind in the U.S. and estimated that over 75,000 people in the U.S. are expected to suffer from blindness or visual impairment annually. Furthermore, Asia Pacific betaxolol market is expected to witness significant growth owing to the presence of generic key players such as Lupin Ltd. And Cipla Ltd. especially in India, which are engaged in manufacturing the generics of betaxolol to retain the market share in the region.
Betaxolol is a racemic mixture and beta-adrenergic receptor inhibitor used to treat patients with chronic open-angle glaucoma or ocular hypertension. It was first approved by the U.S. Food and Drug Administration (FDA) in 1989, as an oral tablet. Betaxolol is used either alone or in combination with other medicines to lower down the pressure within the heart or eye. In the heart, Betaxolol decreases the cardiac contractility and rate selectively by actively binding and blocking beta-1 adrenergic receptors. This leads to reduction in cardiac output and lowers blood pressure. Topical applications in the eye reduces aqueous humor secretion and lowers the Intraocular Pressure (IOP) resulting in low risk of optic nerve damage and loss of vision in patients. Betaxolol further inhibits the release of renin, a hormone secreted by the kidneys that causes constriction of blood vessels. However, lightheadedness, drowsiness, dizziness, and headache are some of the symptoms reported while taking this medication at initial stage. For oral administration, Betaxolol is available as 10-mg and 20-mg tablets whereas in liquid form, it comes in 2.5, 5, 10, and 15 mL of bottles of 0.25% sterile ophthalmic suspension and prescribed as one to two drops in the affected eye twice daily.
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Betaxolol Market Drivers
Increasing prevalence of glaucoma worldwide is propelling growth of the market. According to the Glaucoma research Foundation, glaucoma is the leading cause of irreversible blindness worldwide. Around 10% of the glaucoma patients who receive proper treatment still experience a loss of vision. Around 64.3 million people were estimated to be suffering from glaucoma worldwide, in 2013. Furthermore, according to the American Academy of Ophthalmology, the prevalence of glaucoma is high in Africa and Latin America. Patients who fail to respond to medications, undergo trabeculectomy surgery. However, few patients do not get complete relief from glaucoma even after trabeculectomy surgery. Therefore, novel treatment options are required for providing relief to such patients. Reducing intra-ocular pressure is the most important long term medical need of refractory glaucoma patients, which can be overcome by the use of Betaxolol drug, this in turn is expected to create lucrative opportunities for market growth. Moreover, people suffering from diabetic retinopathy are more prone to glaucoma. The condition is associated with abnormal blood vessel growth, which can result in retinopathy and leads to blockage of natural drainage of the eye. Thus, increase diabetic patient pool may also augment the growth of the betaxolol market size.
Increasing prevalence of hypertension diseases is also expected to drive growth of the market at significant rate. According to the reports from a variety of sources, including Centers for Disease Control and Prevention (CDC) and World Health Organization (WHO) in 2015, the global prevalence of pulmonary arterial hypertension is projected to be 100,000 – 200,000, that is about 15 - 50 patients per million of the population. Although treatment available for pulmonary arterial hypertension is limited, beta-adrenergic receptor inhibitor, Prostacyclin and prostacyclin analogs, phosphodiesterase-5 (PDE-5) inhibitors are available to decrease symptoms, slow down disease progression, and improve the quality of life.
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Betaxolol Market Restraint
Stringent regulatory approvals to ensure the safety of drugs and patent expiry of betaxolol drugs such as Betoptic S and Betoptic Liq, are major challenge for growth of the market, as the generic versions of these drugs are sold at 70% to 80% lower prices as compared to the branded drugs.
Betaxolol Market – Competitive Landscape
Organic and inorganic strategies by market players such as merger, collaboration, acquisition, and research and development for expansion of their business across the regions is expected to boost growth of the market. For instance, in 2016, Humanwell Healthcare Group and PuraCap Pharmaceutical acquired Epic Pharma LLC for $550 million to expand both their commercial and manufacturing capabilities, as well as their presence in the U.S. and international generics market.
The market players operating in betaxolol market include Novartis AG, Genix Pharma (Pvt.) Ltd., East West Pharma, Hetero Healthcare Ltd. (GenX), Cadila Pharmaceuticals Ltd., Jawa Pharmaceuticals (INDIA) Pvt. Ltd., DAL Medical Services Company Ltd, Sentiss Pharma Pvt. Ltd., Humanwell Healthcare Group, and PuraCap Pharmaceutical LLC.
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