DUBLIN–(BUSINESS WIRE)–Feb 16, 2021–
The "Dry Eye Medication Global Market Report 2020-30: COVID-19 Impact and Recovery" report has been added to ResearchAndMarkets.com’s offering.
The global dry eye medication market is expected to decline from $3.8 billion in 2019 to $3 billion in 2020 at a compound annual growth rate (CAGR) of -21.7%.
The decline is mainly due to the COVID-19 outbreak and the measures to contain it. COVID-19 pandemic is affecting industries across the globe including the pharmaceutical sector. The restrictions on non-essential medical services including ophthalmology services coupled with slowed production of drugs due to extended factory closures in various countries, shortage of APIs and other chemicals, and rise in prices of key ingredients are the key factors for this decline. The market is then expected to recover and grow at a CAGR of 6.6% from 2021 and reach $5.1 billion in 2023.
The global dry eye medication market was worth $3.95 billion in 2018. It is expected to grow at a compound annual growth rate (CAGR) of 6.14% and reach $5.32 billion by 2023.
The dry eye medication market in Asia Pacific is forecasted to register the highest CAGR during 2018-2023.
The increased number of cases for dry eye disease results in the increased demand for its treatment. Factors such as aging, lack of vitamin A, wearing lenses, eye surgeries, direct contact with dry wind or smoke, and exposing one’s eyes to screens for long duration increase the occurrence of the dry eye more likely.
For example, a survey conducted by the American Academy of Ophthalmology in 2015 reported that in the USA, nearly 3.2 million women and 1.68 million men, over the age of 50 were affected by dry eye syndrome. Similarly, a 2017 study conducted by Indian Journal Ophthalmology indicated a 32% prevalence of dry eye disease in the Northern part of India. Rising prevalence of the disease would increase the demand for its treatment and ultimately facilitate the growth of this market.
The market for dry eye medication is restricted by the long approval process that is undertaken before any drug is approved by the concerned authority. The standard protocol for testing any new drug demands a series of tests and trials including laboratory tests, animal model tests, and clinical trials. Most drugs fail during clinical trials and only a small percent of them successfully move forward. The cumbersome process of obtaining approvals takes longer duration of time and restricts the growth of this market.
For example, Xiidra, a drug for dry eyes was approved by FDA in 2016 after its safety and effectiveness were assessed on more than 1,000 adults in four different clinical trials. Similarly, Kissei Pharmaceutical announced to discontinue the development of KCT-0809 drug after it failed to pass the 3rd phase of clinical trials in 2017.
Treatment for dry eye disease improved with incorporation of modern techniques that helped invent advanced hyaluronic acid-based lubricants and lipid emulsions. This technology replaces artificial tears that include isotonic sodium chloride and provide long-lasting lubrication on the surface of the eye.
Major players in the market are Novartis, Allergan, Otsuka, Santen Pharmaceutical and Auven Therapeutics.
Key Topics Covered:
1. Executive Summary
2. Dry Eye Medication Market Characteristics
3. Dry Eye Medication Market Size And Growth
3.1. Global Dry Eye Medication Historic Market, 2015-2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Dry Eye Medication Forecast Market, 2019-2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Dry Eye Medication Market Segmentation
4.1. Global Dry Eye Medication Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Aqueous dry eye syndrome
- Evaporative dry eye syndrome
4.2. Global Dry Eye Medication Market, Segmentation By end-user, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Hospital Pharmacies
- Eye Health Clinics
- Retail Pharmacies
- Online Pharmacies
4.3. Global Dry Eye Medication Market, Segmentation By Product Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Liquid Drops
- Liquid Wipes
- Eye Ointment
5. Dry Eye Medication Market Regional And Country Analysis
5.1. Global Dry Eye Medication Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Dry Eye Medication Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Santen Pharmaceutical
- Auven Therapeutics
- Valent Pharmaceuticals
- Johnson and Johnson Vision
- Bausch & Lomb
- I-Med Pharma Inc
- Sun Pharmaceutical Industries Ltd
- Sentiss Pharma Pvt Ltd
- Reckitt Benckiser Group PLC
- Alcon Laboratories Inc
- Pfizer’s InnoPharma
- Altaire Pharmaceuticals Inc
- AFT pharmaceuticals
- Kala Pharmaceuticals
- Similasan Corporation
- Abbott Laboratories
- FDC Limited
- Lupin Limited
- OASIS Medical
For more information about this report visit https://www.researchandmarkets.com/r/cu4fs6
View source version on businesswire.com:https://www.businesswire.com/news/home/20210216005567/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
INDUSTRY KEYWORD: PHARMACEUTICAL HEALTH OPTICAL
SOURCE: Research and Markets
Copyright Business Wire 2021.
PUB: 02/16/2021 04:47 AM/DISC: 02/16/2021 04:47 AM