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Sodium Hyaluronate Eye Drops Market Is Projected to Grow at a Substantial Rate by 2025
Sodium Hyaluronate Eye Drops Market
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It can efficaciously protect the ocular tissues against harmful oxidative wounds caused by free radicals due to its antioxidant properties. Topical ophthalmic sodium hyaluronate application has been observed to be safe and well-tolerated in both short and long-term usages. Most cases of dry eye are associated with diabetes.
Rise in government initiatives and awareness among people, increase in prevalence of dry eye disease, and upsurge in clinical trial activity for sodium hyaluronate eye drops are the key accelerating factors for the global sodium hyaluronate eye drops market. According to Touch Digital Media Limited, dry eye disease (DED) is a leading cause of visits to ophthalmologists. However, stringent regulations for product approval are anticipated to hinder the growth of the global sodium hyaluronate eye drops market growth. Nonetheless, factors such as unmet medical needs and rise in demand in emerging countries are projected to create attractive opportunities for the sodium hyaluronate eye drops market. According to a study, worldwide about 100 million people are affected with dry eye disease and yet in most cases dry eye remains undiagnosed and therefore untreated.
The global sodium hyaluronate eye drops market can be segmented based on indication, age group, distribution channel, and geography. In terms of indication, the sodium hyaluronate eye drops market can be classified into sjögren’s syndrome, conjunctival and corneal epithelial injuries, Stevens-Johnson syndrome, and others. Based on age group, the sodium hyaluronate eye drops market can be divided into adult and pediatrics. In terms of distribution channel, the sodium hyaluronate eye drops market can be categorized into hospital pharmacies, retail pharmacies, and others.
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Based on geography, the global sodium hyaluronate eye drops market can be segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America dominates the sodium hyaluronate eye drops market. Factors such as increase in the number of clinical trial activities, early adoption of treatment products, and rise in the patient pool undergoing diagnosis in the U.S. are anticipated to drive the sodium hyaluronate eye drops market in North America during the forecast period. According to the National Health and Wellness Survey 2017, 6.8% of the adult population in the U.S., which is 16.4 million people, has been diagnosed with dry eye disease. Europe is the second leading sodium hyaluronate eye drops market.
The sodium hyaluronate eye drops market in Asia Pacific is expected to expand at a significant pace during the forecast period due to rise in awareness among people regarding eye diseases, awareness programs conducted by leading players, growth of aging population, etc. In November 2017, Novartis International AG promoted awareness on dry eye syndrome, a common condition prevalent among computer users. Latin America and Middle East & Africa are emerging markets for sodium hyaluronate eye drops. Rapid population growth, rise in awareness among people regarding eye diseases, and government initiatives are the key drivers of the sodium hyaluronate eye drops market in these regions.
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Major players operating in the sodium hyaluronate eye drops market include TRB Chemedica International SA, Alcon, Bausch & Lomb, Santen Pharmaceutical Co., Ltd., Abbott Medical Optics Inc., Altacor Limited, Medicom Healthcare, Thea Pharmaceuticals Limited, Scope Ophthalmics Ltd., and Mid-Optic Ltd.
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