Dry Eye Disease Market Growing Popularity and Emerging Trends: Key Players Santen Pharmaceutical Co., Ltd., Novartis AG, Valeant Pharmaceuticals International, Inc., Allergan plc, Shire plc.
Dry eye disease is a common phenomenon which is likely to be experienced by an individual in his/her lifetime. Dry eye disease is a multifactorial disease which is characterized by insufficiency of tears in eye. Insufficient lubrication in eye lead to burning, sensing, redness and pain in eye. Dry eye disease is categorized into evaporative dry eye disease and aqueous deficiency dry eye diseases. Aqueous deficiency dry eye disease is mostly caused by Meibomian Gland Dysfunction (MGD), where in tear producing glands are insufficient to produce the tears. Dry eye disease is treated by various methods such as medications, medical device therapies and surgical interventions.
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According to various studies conducted across the globe, the prevalence of dry eye disease is estimated to be in the range of 8% to 34%. There are various associated risk factors for dry eye disease such as ageing, diabetes, refractive surgeries such as LASIK, consumption of certain medications and environmental factors such as pollution. Rise in geriatric population across the globe is estimated to surge number of patients with dry eye disease. Key players are investing on development of new treatments for dry eye disease which is projected to drive expansion of the global market. However, many of the patients and physicians rely on over the counter available artificial tears for treatment of dry eye disease in initial stage. There are few prescription medications indicated for dry eye disease treatment which are comparatively expensive. Moreover these medications work on signs and symptoms of dry eye and doesn’t treat root cause of dry eye disease.
Transparency Market Research estimates that the dry eye disease market will expand at a CAGR of 4.5% over the forecast period between 2017 and 2025. Escalating at this pace, the market, which had a valuation of US$ 5,045.2 Mn in 2016 in terms of revenue, is projected to rise to US$ 7,780.0 Mn by 2025.
Demand for Anti-inflammatory Drugs to Remain High Through Forecast Period
The dry eye disease market has been segmented on the basis of product, distribution channel and geography. On the basis of product, anti-inflammatory drugs segment is projected to lead the market in terms of revenue and continues to dominate the market during the forecast period followed by artificial tears segment. Introduction of new anti-inflammatory drug such as Lifitegrast (Xiidra) and advancements in the existing cyclosporine eye drops is estimated to propel expansion of the segment. On the basis of distribution channel, the market is segmented into hospital pharmacies, independent pharmacies & drug stores and online pharmacies.
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Rising Approval of Novel Drugs Pushes North America to Market’s fore
Geographically, dry eye disease market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America dominated the global dry eye disease market in terms of revenue in 2016 and is projected to retain its dominant position during the forecast period from 2017 to 2025. High adoption of prescription dry eye disease drugs in the U.S. and increasing number of approvals for new drugs and devices from the U.S. FDA are some of the major factors responsible for high share held by North America in 2016. Asia Pacific is anticipated to gain market share during the forecast period owing to large patient pool, increasing per capita health care expenditure and increasing investment of key players in this market.
Key companies profiled in the report include Santen Pharmaceutical Co., Ltd., Novartis AG, Valeant Pharmaceuticals International, Inc., Allergan plc, Shire plc, TRB Chemedica International SA, Sun Pharmaceutical Industries Ltd., Senju Pharmaceutical Co., Ltd., Sentiss Pharma Pvt. Ltd., Johnson & Johnson, Otsuka Pharmaceutical Co., Ltd., Mitotech S.A. and FCI S.A.S.
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