According to CMI, the global dry eye syndrome treatment market is estimated to be valued at US$ 17.9 billion in 2020 and is expected to exhibit a CAGR of 8.1% during the forecast period (2020-2027).
Key Trends and Analysis:
Adoption of inorganic growth strategies is expected to drive the dry eye Syndrome Treatment Market. For instance, in January 2018, I-MED Pharma, Inc. entered an exclusive agreement with IMEX for distribution of its I-PLUG punctum plugs and I-PEN Tear Osmolarity System in Spain and Portugal. The company, through its new partnership, will reinforce its mission to deliver advanced technology and solutions for eye disorders. In July, Novartis AG, completed the acquisition of Xiidra (lifitegrast ophthalmic solution) 5% for the treatment of dry eye syndrome from Takeda Pharmaceutical Company Limited.
Ocular lubricants are the first-line treatment for many causes of ocular irritation, particular dry eye disease. The lubricants are available in the form of gels, ointments, and liquid suspension. Major players are developing innovative products to improve comfort of patients suffering from dry eye disease and offer unique osmoprotective benefits, thereby facilitating the segment growth during the forecast period. In October 2018, Allergan launched over-the-counter artificial tear formulation, Refresh Repair Lubricant Eye Drops. The product is formulated with carboxymethylcellulose (CMC), hyaluronic acid (HA, an inactive ingredient), and osmoprotectants. Moreover, other players are also focused on launching inexpensive over-the-counter drugs for treating dry eye conditions. For instance, in 2017, Mentholatum Company, Inc. launched ROHTO DRY-AID, an over-the-counter (OTC) lubricant eye drops for patients in need of artificial tear options and it helps to relieve symptoms of dry eye.
Among region, Asia Pacific dry eye syndrome treatment market is expected to exhibit significant growth, owing to increasing key initiatives taken by government organizations in the region to conduct surgeries of ophthalmology related problems. For instance, in August 2019, China's Yunnan Provincial People's Association medical team launched Bright Journey program to provide free cataract surgeries to 200 patients in Myanmar.
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Key Market Takeaways:
The global dry eye syndrome treatment market is expected to exhibit a CAGR of 8.1% during the forecast period (2020-2027) owing to the increasing number of launches of prescriptions and contact lenses. For instance, in May 2018, Alcon, a division of Novartis, launched lubricant eye drop, Systane Complete, a product developed using advanced nano-droplet technology allowing fast-acting hydration.
High investment in management of dry eye syndrome is another factor driving the market growth in the U.S. According to a 2015 study published by the International Journal of Ophthalmology, there is a substantial economic burden of dry eye syndrome in the U.S. The average cost of dry eye management was estimated to be US$ 11,302 per patient accounting for US$ 55 billion in total in 2015.
Major players operating in the global dry eye syndrome treatment market are—
Allergan Plc., Novartis AG, Bausch Health Companies, Inc., Johnson and Johnson Vision Care Inc., I-Med Pharma Inc., Santen Pharmaceuticals Co. Ltd., AFT Pharmaceuticals, Novaliq GmBH, Otsuka Pharmaceutical Co. Ltd., Sun Pharmaceutical Industries Ltd., and Teva Pharmaceutical Industries Ltd.
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Market Segmentation:
- Global Dry Eye Syndrome Treatment Market, By Product Type :
- Cyclosporine
- Oral Corticosteroid
- Artificial Tears
- Omega Supplements
- Punctual Bags
- Others
- Global Dry Eye Syndrome Treatment Market, By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Supermarket/ Hypermarket
- Other Stores
- Online Pharmacies
- Global Dry Eye Syndrome Treatment Market, By Region:
-
North America
- U.S.
- Canada
-
Europe
- U.K.
- Germany
- Italy
- Spain
- France
- Russia
- Rest of Europe
-
Asia Pacific
- Australia
- India
- China
- Japan
- ASEAN
- South Korea
- Rest of Asia Pacific
-
Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
-
Middle East
- GCC
- Israel
- Rest of Middle East
-
Africa
- South Africa
- Central Africa
- North Africa
-
North America
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View source version on businesswire.com: https://www.businesswire.com/news/home/20200715005547/en/
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