Dry Eye Syndrome Treatment Market

The global dry eye syndrome treatment market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing geriatric population and rising cases of dry eye issues such as conjunctivitis.
 

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Dry eye syndrome, shortly known as conjunctivitis, is a disorder related to the dryness of fluid that lubricates the eyes. This can be caused by various conditions such as low fluid or fast evaporation of tear present around the film on the eyes’ surface. At first, the symptoms of dry eye illness are similar to those of other eye-related diseases such as itching, burning, heavy eyes, red eyes, aching eyes, and blurred vision. This disorder is considered to be one of the most prevailed eye-related problems and is widely occurred among the aging population globally. A major cause of dry eye syndrome among the aging population is due to rapid decrease in tear production due to weakening of eye muscles of this group. Additionally, those people who are constantly using contact lens due to several eye-related disorders are likely to have a higher chance of developing this syndrome.

According to a poll conducted by Shire plc, women over the age of 50 are more likely to suffer from dry eye illness. Furthermore, rising healthcare expenditure from governments and awareness about the disease's diagnosis and treatment among people present key factors driving the market expansion. Under the direction of Shire plc, the National Eye C.A.R.E (Current Attitudes Related to Eye Health) conducted an online study of about 1,000 eye care professionals in 2015 to access the number of patients among the adult population. Spending long hours using tablet, smartphone, and computer are likely to cause eye strain and may result in the onset of eye-related issues. Moreover, factors related to environmental variables, and autoimmune illnesses with systemic drugs are also responsible for this syndrome.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing geriatric population and rising use of contact lens among the young population globally is expected to boost the market growth during the forecast period.
• Growing awareness about advanced treatment and diagnosis of the disease is anticipated to spur the market expansion in the coming years.
• Availability of a wide range of treatment alternatives for dry eye disease, such as lubricating eye drops, punctual bags, artificial tears, and medicines, is projected to propel the market.
• Rising healthcare expenditure and several governments’ awareness programs for eye-related issues are projected to propel the market growth during the forecast period.
• Lack of skilled ophthalmologists is estimated to impede the market expansion during the forecast period.

Scope of the Report

The report on the global dry eye syndrome treatment market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Aqueous dry eye syndrome segment is expected to grow at a rapid pace
Based on types, the global dry eye syndrome treatment market is bifurcated into evaporative dry eye syndrome and aqueous dry eye syndrome. The aqueous dry eye syndrome segment is expected to grow at a rapid pace during the forecast period owing to rapid development of technology for the treatment of the disorder type. Santen Pharmaceutical Co., Ltd. and Oxford Biomedica signed an R&D partnership agreement as well as an Option and License agreement in June 2019 to advance gene therapy vectors for inherited retinal illnesses. The partnership deal was to generate pre-clinical proof of concept for treating inherited retinal illnesses with OXB's lentiviral vectors.

Corticosteroid segment is projected to hold a key market share
On the basis of treatments, the market is divided into cyclosporine, corticosteroids, artificial tears, and punctual bags. The corticosteroids segment is expected to account for a key share of the market during the forecast period. Corticosteroids are anti-inflammatory medications widely adopted for the disease treatment especially for acute cases of dry eye disease because of their great short-term efficacy. These medications are frequently prescribed by doctors and medical practitioners in conjunction with antibiotic therapy. Other factors expected to push the segment growth include increasing product approvals and new product launches related to the treatment type. For example, the US Food and Drug Administration authorized loteprednol etabonate ophthalmic suspension 0.25 percent in 2020 for the short-term treatment of dry eye disease signs and symptoms.
 

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Online pharmacies segment is anticipated to register a substantial CAGR
In terms of distribution channels, the dry eye syndrome treatment market is segmented into online pharmacies, hospital pharmacies, and retail pharmacies. The online pharmacy segment is anticipated to register a substantial CAGR during the forecast period owing to rising preference to buy medicines and drugs from online pharmacy. These online stores provide fast delivery service and offer heavy discounts on buying medications, which draw the attention of a large number of costumers.

North America is anticipated to dominate the market
On the basis of regions, the dry eye syndrome treatment market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period owing to the presence of several key global players and wide awareness about the availability of advanced diagnostic and treatment centers in the region. Moreover, factors such as early adoption of innovative technology among players and increasing use of computer or digital screens to ensure easy and convenient diagnostic process for the patients are expected to push the regional market growth.
 

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Segments

Segments Covered in the Report
The global dry eye syndrome treatment market has been segmented on the basis of

Types

• Evaporative Dry Eye Syndrome
• Aqueous Dry Eye Syndrome

Treatments

• Cyclosporine
• Corticosteroids
• Artificial Tears
• Punctual Bags

Distribution Channels

• Online Pharmacies
• Hospital Pharmacies
• Retail Pharmacies

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Novartis AG (Alcon)
• ALLERGAN
• Johnson & Johnson Vision Care, Inc.
• Otsuka Pharmaceutical Vo. Ltd.
• Shire plc
• OASIS Medical
• Santen Pharmaceutical Co. Ltd.
• AFT Pharmaceuticals
• I-Med Pharma Inc.
• Novaliq GmbH
• Sentiss Pharma Pvt. Ltd.
• Scope Ophthalmics Ltd.

Competitive Landscape

Key players competing in the dry eye syndrome treatment market include Novartis AG (Alcon); ALLERGAN; Johnson & Johnson Vision Care, Inc.; Otsuka Pharmaceutical Vo. Ltd.; Shire plc; OASIS Medical; Santen Pharmaceutical Co. Ltd.; AFT Pharmaceuticals; I-Med Pharma Inc.; Novaliq GmbH; Sentiss Pharma Pvt. Ltd.; and Scope Ophthalmics Ltd. Several strategies such as new product launch, technological development, mergers, and acquisitions are the adopted by these market players to expand their consumer base globally. For instance, Johnson & Johnson Vision Care, Inc. presented its program called New Data and Innovations in Eye Care at the British Contact Lens Association Conference (BCLA), which was held in the UK from 30th of May to the 1st of June, 2019.