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The Dry Eye Syndrome Treatment Market to grow through resilient digitization

01-19-2022 09:00 AM CET | Health & Medicine

Press release from: Persistence Market Research

The Dry Eye Syndrome Treatment Market to grow through resilient

The Dry Eye Syndrome Treatment Market is bound to grow at a remarkable rate in the forecast period. Vital Sign monitoring, in combination with wearables, does aid in symptoms check-in as well as education 24/7. There are also hand-held dongles being made available for attaching to smartphones to measure biomarkers for chronic ailments. This monitoring proves to be more cost-effective and convenient in comparison with in-person care. This trend would be prevalent in the healthcare vertical going forward.
Dry eye syndrome results in irritated and burning eyes due to lack of tear production and moisturization. Meibomian Gland Dysfunction has more prevalence among the geriatric population. The market consists of several products used in therapeutics, such as cyclosporine, topical corticosteroids, punctal plugs, omega supplements, and the especially popular artificial tears. Fast approval and launch of products used for dry eye treatment is expected to drive market growth in future.

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Several key market players are focused on collaborative product development, innovation, and expansion of product portfolio. For instance, in October 2020, Santen Pharmaceutical and Orbis International announced their long-term collaboration for ten years to contribute toward the increasing burden of eye diseases in low- and middle-income countries.

Rapidly increasing number of eye care centers due to rising focus on primary eye care is expected to propel dry eye syndrome treatment market growth. Increasing number of LASIK surgeries, which is one of the major causes leading to dry eyes, is estimated to further drive market growth over the coming years.

The global dry eye syndrome treatment market is estimated to be valued at over US$ 4.2 Bn in 2020, and is expected to exhibit an impressive CAGR of 7% over the forecast period (2020-2030).

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Companies
Allergan Plc.
Novartis AG
Otsuka Pharmaceutical Co.,Ltd.
Santen Pharmaceutical Co Ltd.
Bausch Health Companies Inc.
Akorn, Inc.
Johnson & Johnson, Inc.
Thea Pharmaceuticals Limited
OASIS Medical
Altaire Pharmaceuticals Inc.
Boiron USA
Similasan Corporation
Scope Ophthalmics Ltd.
Reckitt Benckiser Group PLC
Medicom Healthcare Ltd
FDC Limited.
Lupin Limited
Jamjoom Pharmaceuticals Co.
Sentiss Pharma Private limited

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Key Takeaways from Market Study

The artificial tears segment, by product, is estimated to generate the highest revenue share over the coming years, estimated to be valued at US$ 5 Bn by 2030, at an expected CAGR of over 7%.
COVID-19 has had a negative impact on the dry eye syndrome treatment market due to large-scale closures of manufacturing units and disruption in supply chain activities. Decreased hospital visits and focus on the pandemic further hurt market growth in 2020. However, long-term prospects look bright through 2030.
Among the prescriptions, Rx is expected to dominate the market with more than 70% revenue share, with increasing number of eye care centers and rising treatment adoption rate for dry eyes.
Among all distribution channels, retail pharmacies is the leading segment, followed by hospital pharmacies. Retail pharmacies are anticipated to grow at a CAGR of around 7% over the forecast period, owing to rise in the number of retail pharmacies and improving supply chain activities.
North America and Europe are leading regions in the global dry eye syndrome treatment market, with a revenue share of around 70%.
The market in the U.S. and Germany is projected to expand at a CAGR of around 7% through 2030.
The market in Japan is slated to progress at a steady CAGR of over 6% over the next ten years.
“Rising diagnosis and treatment adoption has led to increasing product innovation and development, contributing to market. Developing and under-developed countries with high prevalence of dry eye syndrome and lower product adoption will create several opportunities for leading market players,” says a Persistence Market Research analyst.

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Business intelligence is the foundation of every business model employed by Persistence Market Research. Multi-dimensional sources are being put to work, which include big data, customer experience analytics, and real-time data collection. Thus, working on “micros” by Persistence Market Research helps companies overcome their “macro” business challenges.

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