According to the projections put forth by Inkwood Research, the Global Dry Eye Disease Market is estimated to register a CAGR of 5.11% in terms of revenue during the forecasting years, 2023-2032.
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A dry eye is a chronic syndrome occurring when a person does not have enough tears to lubricate his or her eyes. The condition is progressive depending upon the severity as well as the cause. Tears are an important aspect of maintaining optimum eye health, in addition to providing good vision. Although the disease is typically observed among the elderly, it is becoming widespread among individuals spending a long time in front of computers. Some of the leading factors ascribed to dry eye disease include long-term use of contact lenses, age, medications, and environmental conditions.
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Launch of Promising Pipeline Products to Reinforce Market Growth
The list of pharmaceutical treatments for dry eye disease was formerly very short, with numerous options categorized as off-label drugs not designed to treat the condition. The condition’s management is entering a new era, characterized by the development of drugs that have very specific dry eye disease indications in mind. For instance, OTX-101 (cyclosporine A 0.09%, manufactured by SunPharma) is a nanomicellar formulation of cyclosporine A, preservative-free, in a more robust formulation. Subsequently, in 2017, the Food and Drug Administration (FDA) accepted it as a new drug application (NDA). During the same year, the FDA witnessed positive topline results of a confirmatory phase-3 clinical trial for OTX-101, demonstrating a faster onset of action and efficacy within a trial environment.
Prescription is the Fastest-Growing Type
Patients who do not get the desired results despite the prolonged use of artificial tears available over the counter are advised to visit an eye specialist. Doctors often prescribe eye drops when satisfactory outcomes are not obtained by over-the-counter teardrops. For example, Xiidra was acquired by Novartis acquired from Takeda Pharmaceutical in 2019, an FDA-approved treatment for dry eye disease caused due to inflammation on the eye’s surface. Moreover, clinical studies products have depicted a considerable decrease in dry eye symptoms at twelve and six weeks for some patients.
North America Dominated the Global Market in 2022
The growth of the dry eye disease market in North America is predominantly accredited to key drivers such as the presence of well-established companies, the increasing demand for dry eye products, the surging healthcare expenditure, and rising government support. However, the region’s market growth may be limited due to the side effects caused by eye drops.
Substantial competition exists between leading companies for developing a new treatment for dry eye disease. Moreover, highly sustainable competitive benefits via innovations are projected to intensify rivalry among firms.
Some of the distinguished firms operating in the global market are Johnson & Johnson, Bausch Health Companies Inc, Allergan PLC (Acquired by AbbVie), etc.
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Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises North & South America, CEE, CIS, the Middle East, Europe, Asia, and Africa.