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 part of the natural aging process. With increasing age, eyes produce less tears and the eyelids also become less active at spreading the tears whenever a person blinks. According to the Glaucoma Association’s 2017 report, one in every three people over the age of 65 experience problems with dry eyes worldwide. According to the Fellow of the American College of Surgeons, meibomian gland disease (also referred as evaporative dry eye), is one of the most common causes of dry eyes throughout the world. An estimated 50 to 70% of the elderly population have some degree of dry eye and nearly 70% of dry eye involves at least some degree of meibomian gland disease.
Browse 27 Market Data Tables and 30 Figures spread through 152 Pages and in-depth TOC on "Global Dry Eye Syndrome Treatment Market, 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) - Global Forecast to 2027"
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Various small manufacturers are also focusing on entering the dry eye syndrome treatment market with innovative and effective products. For instance, in December 2019, Aldeyra Therapeutics, Inc., a biotechnology company, announced positive results from its Phase 2b clinical trial of topical ocular reproxalap in patients with dry eye disease. Reproxalap is a first-in-class therapy with a novel mechanism of action, with no significant side effects and a rapid onset of action.
There are various late-stage pipeline drugs for dry eye treatment such as RegeneRx’s RGN-259, which is expected to be the strongest pipeline asset in the dry eye treatment market. In April 2018, RegeneRx Biopharmaceuticals, Inc. announced the outcome of discussions between its U.S. joint venture, ReGenTree LLC, and the FDA regarding the results of the completed phase 3 clinical trial (ARISE-2) and future development requirements for a New Drug Application (NDA) submission of RGN-259, a novel drug candidate to treat dry eye syndrome.
Moreover, in October 2018, Novaliq GmbH announced the positive results for its phase 2b/3 ESSENCE trial of CyclASol (cyclosporine) 0.1% in patients with dry eye disease. The company plans to file New Drug Application (NDA) in the US, Japan, and Europe). Thus, the increasing product development and launch are driving the market growth.
Global Dry Eye Syndrome Treatment Market: Impact of COVID-19 Pandemic
The outbreak of Coronavirus has caused a shortage in supply of ophthalmic drugs for the treatment of dry eyes as the pandemic has created a disruption in the global pharmaceutical supply chain which is heavily dependent on China. The major raw materials in drug production are manufactured in China and are exported to other parts of the world for production of the final drug. As a result, pharmacies and wholesalers have reported that several of these drugs are out of stock. Owing to the shortage of medications, governments are advising pharmacists to limit the dispensing of certain dry eye prescription medicines such as chloramphenicol (an antibiotic for conjunctivitis) eye drops and ointments to a one-month supply according to the prescribed dose. Also, pharmacists are recommended to sell certain over-the-counter (OTC) medicines to a maximum of one unit per purchase due to concerns regarding health impacts on patients due to the shortage of medicines during the pandemic.
Key takeaways of the Global Dry Eye Syndrome Treatment Market: