Dry Eye Syndrome Treatment Market Growth in Future Scope 2021-2028 | Allergan Plc., Novartis AG, Bausch Health Companies, Inc., Johnson and Johnson Vision Care Inc.

Global Dry Eye Syndrome Treatment Market, by Product Type (Cyclosporine, Corticosteroids, Lifitegrast, Ocular Lubricant, Punctal Plug, and Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Supermarket/ Hypermarket, Other Stores, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 5,382.6 Million in 2020 and is expected to exhibit a CAGR of 16.2% during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.

Dry eyes are a natural part of the aging process. As people get older, their eyes make fewer tears, and their eyelids become less active at spreading the tears when they blink. According to a 2017 report by the Glaucoma Association, globally, one out of every 3 adults of 65 years and above suffers from dry eyes. Meibomian gland disease (also known as evaporative dry eye) is among the most main sources of dry eyes around the world, according to the Scholar of the American College of Surgeons. An estimated 50 to 70 % of the geriatric population suffers from dry eye, with around 70 %of dry eye cases involving meibomian gland disease.

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Several small manufacturers are attempting to break into the global dry eye syndrome treatment market with novel and efficient products. For instance, Aldeyra Therapeutics, Inc., a biotech company, confirmed positive results of its Phase 2b clinical trial of topical ocular reproxalap in dry eye disease patients in December 2019. Reproxalap is a first-in-class treatment with a novel mechanism of action, minimal side effects, and a quick duration of action.

RegeneRx's RGN-259, which is expected to be the best pipeline asset in the dry eye treatment market, is one of several late-stage pipeline drugs for dry eye treatment. In April 2018, RegeneRx Biopharmaceuticals, Inc. published the results of deliberations between ReGenTree LLC, its U.S. joint venture, and the U.S. Food and Drug Administration (FDA) regarding the outcome of the finalized phase 3 clinical trial (ARISE-2) and future growth demands for a New Drug Application (NDA) submission of RGN-259, a new drug candidate for the treatment of dry eye syndrome.

Furthermore, Novaliq GmbH announced in October 2018 the outcomes of its phase 2b/3 ESSENCE trial of CyclASol (cyclosporine) 0.1 % in dry eye disease patients. In Europe, Japan, and the U.S. and, the company intends to file a New Drug Application. As a result, the rising product releases and developments are fueling the global dry eye syndrome market over the forecast period.

Global Dry Eye Syndrome Treatment Market: Impact of COVID-19 Pandemic

The Coronavirus outbreak has resulted in a shortage of ophthalmic drugs in the treatment of dry eyes, as the pandemic has disrupted the worldwide pharmaceutical distribution network, which is heavily reliant on China. The majority of raw resources used in drug manufacturing are produced in China and then shipped overseas to other regions of the world for final drug manufacturing. As a result, many of these drugs have been reported as being out of stock by pharmacies and wholesalers. Due to the medication shortage, governments are recommending pharmacists to control the prescribing of some of these dry eye prescription medicines such as chloramphenicol (an antibiotic for conjunctivitis) eye drops, and ointments to a one-month supply based on the recommended dose. Moreover, pharmacists are recommended to reduce the sale of some over-the-counter (OTC) medicines to one unit per purchase citing concerns about the health effects of the scarcity of medications during the pandemic.

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Key takeaways of the Global Dry Eye Syndrome Treatment Market:

Due to product launches by major manufacturers, the global dry eye syndrome treatment market is expected to exhibit a CAGR of 16.2 % over the forecast period 2020 to2027. For instance, a subsidiary of Teva Pharmaceutical Industries, Teva Canada Limited introduced a twice-daily eye drop solution, the first generic form of Allergan's Restasis in Canada, in May 2018.

Over the forecast period, the segment is expected to propel due to acquisitions and partnerships by major market players. For instance, Takeda Pharmaceutical Company Limited acquired Shire plc in January 2019 and became Japan's global, value-based, R&D-driven biopharma leader.

Some of the key players contributing to the global dry eye Syndrome Treatment Market include Sun Pharmaceutical Industries Ltd., Johnson and Johnson Vision Care Inc., AFT Pharmaceuticals, Novartis AG, Teva Pharmaceutical Industries Ltd., Bausch Health Companies, Inc., Novaliq GmBH, Santen Pharmaceuticals Co. Ltd., I-Med Pharma Inc., Allergan Plc, and Otsuka Pharmaceutical Co. Ltd.

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