Research Support Specialist, USA
The global sensory organ drugs market size is expected to reach USD 35.84 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 5.5% from 2021 to 2028. The global market is expected to grow due to the availability of medical resources for detecting and treating eyes and ears disorders and diseases, nutritional deficiency due to unhealthy food habits, increasing air and sound pollution levels, and age-related degeneration of sensory organs. In addition, the rising per capita income levels and growing purchasing power of consumers are also driving the market.
The eyes segment dominated the market in 2020 and is expected to grow at the highest CAGR from 2021 to 2028. The eyes are the most delicate sensory organ of the human body. The major leading cause of eye-related disorders, such as impairment and blindness, are uncorrected refractive errors and cataracts. Vision loss can be observed among all age groups. With increasing cases of eye disease and disorders, a number of innovative therapies are being developed, which is contributing to the segment growth. North America held the largest revenue share in 2020. The U.S. is positively contributing to the growth of the regional market.
The presence of well-established pharmaceutical vendors is one of the key factors supporting the market growth. This region is one of the promising regions to launch new technology in terms of healthcare infrastructure and advanced research and development activities, which help innovate and produce the most appropriate drugs to cure diseases. The rapid shift of the healthcare industry to consumer-driven from traditional treatment for providing diagnosis and provision-based health services. In addition, the easy availability of drugs and reimbursement policies for the patients in the healthcare industry will drive the market in the region.
The report “Sensory Organ Drugs Market Size, Share & Trends Analysis Report By Organ (Eyes, Ears), By Region (Asia Pacific, North America, Europe, Middle East & Africa, Central & South America), And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global sensory organ drug market on the basis of organ and region: