Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Dry eye syndrome can be present in people with autoimmune diseases or other systemic conditions such as diabetes mellitus, Parkinson’s disease, rosacea, rheumatoid arthritis, systemic lupus erythematous, sarcoidosis, Sjögren syndrome, and thyroid disease. Moreover, problems associated with inflammation of the eyelids (blepharitis) or surfaces of the eye can lead to development of dry eyes. Furthermore, certain medications such as antihistamines, antidepressants, decongestants, and blood pressure medications can reduce tear production leading to dry eye symptoms. People who frequently use computer or screens are also at high risk of developing dry eyes, as using screens for a long period can lead to reduced blinking and tear production. Digital device usage has increased significantly in recent years among all age groups, due to extensive use for social and professional purposes.
The global dry eye syndrome treatment market 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).
Figure 1. Global Dry Eye Syndrome Treatment Market Value (US$ Mn) & Y-o-Y Growth Analysis, (2016-2027)
Product development and launches by players are expected to drive growth of the dry eye Syndrome Treatment Market.
The development and launch of innovative products for treating dry eye syndrome are expected to drive the dry eye syndrome treatment market growth. For instance, in May 2018, Alcon, a division of Novartis, launched lubricant eye drops called Systane Complete. These are developed using advanced nano-droplet technology allowing fast-acting hydration. In April 2018, Allergan plc. launched TrueTear, the first and only U.S. FDA-cleared device developed to temporarily increase tear production during neurostimulation in adult patients. Moreover, several players are engaged in research and development of medications for treating dry eye syndrome. For instance, in July 2018, Aurinia Pharmaceuticals Inc., a clinical stage biopharmaceutical company focused on the global immunology market, announced the initiation of its phase 2 trial evaluating voclosporin ophthalmic solution (VOS) for the treatment of dry eye syndrome (DES).
Thus, the increasing number of lead candidates which may have the potential to gain FDA approval for further use, is expected to drive growth of the global dry eye Syndrome Treatment Market during the forecast period.
Figure 2. Global Dry Eye Syndrome Treatment Market Share (%), by Product Type, 2020
Global Dry Eye Syndrome Treatment Market: Restraints
Poor accessibility to eye care services in low and middle income countries and the restriction of existing treatment modalities to primary care practitioners are some of the reasons contributing to lack of care for dry eye disease. According to the University of Calabar, Nigeria, the main barriers to eye care in the country include high cost of treatment, lack of trained professionals, and low awareness among the population regarding eye care. Moreover, some people consider dry eye as a symptom rather than a disease and thus, fail to realize the importance of diagnosis and treatment to prevent progression to chronic ocular surface disease.
Dry Eye Syndrome Treatment Market Report Coverage
||Market Size in 2019:
||US$ 5,382.6 Mn
|Historical Data for:
||2016 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 15,430.8 Mn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East: GCC, Israel, and Rest of the Middle East
- Africa: South Africa, North Africa, and Central Africa
- By Product Type: Cyclosporine, Corticosteroids, Lifitegrast, Ocular Lubricant, Punctal Plug, Others.
- By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Supermarket/ Hypermarket, Other Stores, Online Pharmacies.
Allergan Plc., Novartis AG, Bausch Health Companies, Inc., Johnson and Johnson Vision Care Inc., I-Med Pharma Inc., Santen Pharmaceuticals Co. Ltd., AFT Pharmaceuticals, Novaliq GmBH, Otsuka Pharmaceutical Co. Ltd., Sun Pharmaceutical Industries Ltd., and Teva Pharmaceutical Industries Ltd.
- The rising geriatric population and the increasing incidence of autoimmune conditions leading to dry eyes
- The increasing usage of computers and mobile screens
|Restraints & Challenges:
- Poor accessibility to eye care services in low-and-middle income countries
- Difficulty in disease diagnosis
Global Dry Eye Syndrome Treatment Market: Impact of Coronavirus (Covid-19) Pandemic
COVID-19 can affect the economy in three main ways; by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as China, India, Saudi Arabia, UAE, Egypt, and others are facing problems with regards to the transportation of drugs from one place to another. Players operating in the dry eye syndrome treatment market are facing major challenges on various fronts due to the COVID-19 pandemic. The major challenges include supply of raw materials for manufacturing drug formulations due to irregularities in transportation facility. Moreover, distributors of drug products are experiencing irregular demand of products from the retailers.
Global Dry Eye Syndrome Treatment Market- Regional Analysis
On the basis of region, the global dry eye Syndrome Treatment Market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
Among regions, North America is expected to hold a dominant position in the global dry eye syndrome treatment market during the forecast period due to high prevalence of dry eye syndrome in the region. According to a study published by the American Optometric Association in 2017, more than 16 million people were suffering from dry eye syndrome in 2016, globally. High investment in management of dry eye syndrome is another factor driving the growth of the market in the U.S.
Moreover, the rising geriatric population, and the increasing usage of computers and mobile screens are major factors driving growth of the Europe dry eye syndrome treatment market. According to a 2018 study published by the National Center for Biotechnology Information (NCBI), in Europe, by 3 years of age, 68% of children regularly use a computer and 54% undertake online activities. As per the same source, in 2016, it was estimated that the adults in the U.K. spend around 4 hours 45 min per day using digital media.
Figure 3: Global Dry Eye Syndrome Treatment Market Share (%) in Terms of Value, By Region (2020 & 2027)
Global Dry Eye Syndrome Treatment Market- Competitive Landscape
Key players operating in the global dry eye Syndrome Treatment Market are Allergan Plc., Novartis AG, Bausch Health Companies, Inc., Johnson and Johnson Vision Care Inc., I-Med Pharma Inc., Santen Pharmaceuticals Co. Ltd., AFT pharmaceuticals, Novaliq GmBH, Otsuka Pharmaceutical Co. Ltd., Sun Pharmaceutical Industries Ltd., and Teva Pharmaceutical Industries Ltd.