SEATTLE, Dec. 27, 2018 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global acetazolamide market was valued at US$ 183.2 million in 2017, and is projected to exhibit a CAGR of 4.8% during the forecast period (2018 – 2026).
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Key Trends and Analysis of the Acetazolamide Market:
Increasing research and development for acetazolamide in applications of various therapeutic indications, by private manufactures and research organizations is expected to drive growth of the market. Currently, various clinical trials are undergoing to expand the potential future application of acetazolamide for treatment of normal pressure hydrocephalus (NPH) in shunt patients and treatment of peri-calcification edema in neurocysticercosis (NCC). Furthermore, wide application of acetazolamide in glaucoma, drug-induced edema, and altitude sickness are expected to fuel growth of the market during forecast period.
Pharmaceutical manufacturers of acetazolamide products are engaged in updating its product portfolio by implementing inorganic growth strategies to sustain its foothold in the market. In January 2017, Intas Pharmaceuticals completed the acquisition of Actavis UK Ltd. & Actavis Ireland Ltd. from Teva Pharmaceutical Industries Ltd. This strategic acquisition combined two leading generic business with complementary strengths, research and development (R&D) capabilities, product pipeline and portfolio, and operational expertise as well as, aids in harnessing geographical footprint capabilities.
Furthermore, key players in the market are engaged in gaining regulatory approval for its acetazolamide products. For instance, in November 2017, Strides Pharma Global Pte. Ltd.—subsidiary of Strides Shasun Limited—received approval from the U.S. Food and Drug Administration (FDA) for acetazolamide tablets, 125 mg and 250 mg, a generic version of Diamox Tablets. Acetazolamide tablet is used to prevent and reduce the symptoms of altitude sickness and treats a certain type of eye problem (open-angle glaucoma).
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Key Market Takeaways:
- Acetazolamide market is projected to witness CAGR of 4.8% during the forecast period (2018 – 2026), owing to increasing adoption of acetazolamide for the treatment of glaucoma and altitude sickness
- High prevalence of glaucoma and its associated risk factors such as diabetes, high blood pressure among global population is expected to propel demand for acetazolamide products. For instance, according to the study published in the Journal of Ophthalmology (2014), an estimated 64.3 million people (aged 40-80 years) in 2013, were affected with glaucoma, which would increase to 76.0 million in 2020, and 111.8 million in 2040.
- Major players operating in the global acetazolamide market include Teva Pharmaceutical Industries Ltd., Accord Healthcare Ltd. (Intas Pharmaceuticals Limited), Heritage Pharmaceuticals Inc., Nostrum Laboratories Inc., Novast Laboratories Ltd., Cadila Healthcare (Zydus Pharmaceuticals (USA) Inc.), Lannett Company, Inc., Strides Shasun Limited, and X-GEN Pharmaceuticals, Inc.