Dry Eye Syndrome Treatment Market

Global Market Study on Dry Eye Syndrome Treatment: Launch of Innovative Treatment Products Complementing Market Growth

  • March-2021
  • PMRREP32300
  • 314 Pages
  • Healthcare
  • PPT, PDF, WORD, EXCEL

About the Report

Dry eye syndrome is caused due to lack of moisturization and tears production on the eye surface. This leads to a lack of lubrication, irritation, and inflammation of the eye. There are several treatment options available such as oral medication, topical drugs, and surgical procedures. According to the National Institutes of Health, there is 54% prevalence of dry eye disease among the population above 40 years, whereas, the population above 71 years has 67% prevalence.

In its new study, ESOMAR-certified market research and consulting firm Persistence Market Research offers insights about key factors driving demand for dry eye syndrome treatment. The report tracks the industry in 20+ high-growth markets, where major traction is being witnessed in North America, followed by Europe. 

Artificial tears are most common for dry eye syndrome treatment, with increasing demand for non-invasive therapeutics. The report also analyzes the impact COVID-19 has had on the medical device industry in general, and the global dry eye syndrome treatment market in particular.

Find Out More about the Report Coverage

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

Future Outlook Looks Much Brighter than Previous Years

Rising product innovation and development is expected to boost demand for dry eye syndrome treatment. There has been an increase in the number of domestic biopharmaceutical manufacturers contributing their revenue share to this market in regions such as South Asia and East Asia. 

Increasing number of eye care products and centers is also expected to propel demand for global dry eye syndrome treatment over the coming years. On the other hand, increasing awareness of ophthalmic disorders is driving market growth across regions. Whereas, faster approval and commercialization of drugs in countries such as the U.S. and U.K. is creating huge market opportunities for players in this space.

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According to Persistence Market Research’s analysis, the market expanded at a steady 5% CAGR from 2015 to 2019.

Leading pharmaceutical organizations are focussed on developing a coronavirus cure, and this has led to postponement of most non-emergency medical treatments. On the other hand, there was significant decline in the number of patients visiting hospitals, creating a negative impact on the demand for dry eye syndrome treatment. Large scale halts on manufacturing activities due to lockdowns implemented across several parts of the world dented market growth further. However, as things open up, Persistence Market Research expects the global dry eye syndrome treatment market to progress at an impressive 7% CAGR through 2030.

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How is Increasing Number of LASIK Surgeries Impacting Market Growth?

LASIK surgeries have a major side-effect resulting in dry eye. Key manufactures of dry eye syndrome treatment products are focussed on developing supplements for patients suffering from dry eye after LASIK surgery. As such, increasing surgeries is the key driving factor for market growth.

For instance, according to the American Refractive Surgery Council, more than 30 percent of patients who undergo eye surgery are likely report dry eye syndrome within the first three months.

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How is Introduction of Collaborative Agreements among Key Players Shaping Market Dynamics?

Leading players are adopting strategic collaborations with small-scale players for market expansion and increasing their revenue. These collaborations also have a positive impact on sustaining in the price-competitive market and to target untapped populations. For instance, in October 2020, Santen Pharmaceutical announced its collaboration with Orbis International for ten years to contribute toward the increasing burden of ophthalmic disorders prevailing in low- and middle-income countries.

The following image represents regions’ share, including North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East & Africa. North America contributes the highest share in the global market. Artificial tears, among the product, are estimated to have the highest market share over the coming years.dry-eye-syndrome-treatment-market

Country-wise Insights

How Big is the Opportunity in the U.S. for Dry Eye Syndrome Treatment?

Persistence Market Research estimates North America to be the most lucrative region for dry eye syndrome treatment. The U.S. is a key contributing country in North America with increasing key players operating in the country.

The U.S. has a high rate of approval and commercialization for dry eye syndrome treatment products, contributing more than 80% revenue share in North America.

Also, the U.S. has high awareness regarding dry eye syndrome and an increasing treatment adoption rate. Cost of products in the U.S. is higher as compared to other countries, resulting in a high-profit margin for market players. The market in the U.S. is expected to progress at a healthy CAGR of over 7% during the forecast period.

What are the Restrains that GCC Countries Face in this Space?

The population in GCC countries has less awareness regarding dry eye syndrome treatment, leading to less diagnosis and treatment adoption rate. Poor economies of GCC countries have less per capita healthcare expenditure, making it less lucrative for market players.

There is significant shortage of healthcare professionals as well as non-availability of developed healthcare infrastructure, which will lead to slower market growth through 2030. The market in GCC countries is expected to witness sluggish growth as compared to other regions, at a CAGR of just around 5%.

Why is Demand for Dry Eye Syndrome Treatment Surging in the U.K?

The U.K. is expected to increase its market share at a high growth rate of 9% over the next ten years. The country has higher spending on research & development activities, leading to high product innovation and development in this space. The U.K. also has a large geriatric population that is more susceptible to dry eye syndrome. 

Increasing number of LASIK procedures in the country raises demand for dry eye syndrome treatment. Favourable reimbursement scenario in the country increases diagnosis and treatment adoption rates, and, as such, driving market growth in the U.K. High prevalence of dry eye syndrome in the U.K. allows the country to contribute more than 12% revenue share in Europe.

How Attractive is India for Dry Eye Syndrome Treatment?

India is one of the leading countries in terms of population, making it an attractive opportunity for manufacturers of dry eye syndrome treatment market products. Large target population and low labour costs have led to leading players of the dry eye syndrome treatment space setting up manufacturing units in India. The country is also observing an increase in per capita healthcare expenditure and developing healthcare infrastructure. According to the United Nations, India is expected see 20% percent of its population above 60 years of age in the next thirty years with improving quality of life. Hence, the country is expected to observe exponential rise in demand for dry eye syndrome treatment over the coming years.

Category-wise Insights

Why are Artificial Tears Highly Sought-after in Dry Eye Syndrome Treatment? 

Artificial tears will continue accounting for over 60% of the global share among the products through the forecast period. This is due to increasing diagnosis and treatment adoption for dry eye syndrome treatment. On the other hand, higher efficacy and easy-to-use nature of artificial tears makes this segment more lucrative for market players.

Why Do Prescription Drugs Hold a High Market Share?

The dry eye syndrome treatment market is mainly dominated by prescription drugs as compared to OTC and medical devices. Increasing number of eye care centers has led to growing patient visits, catering to growth of the prescription drugs segment.

Why are Retail Pharmacies Proliferating in this Market?

Revenue from retail pharmacies is expected to increase 2X by 2030-end as compared to that in 2019. Increasing prevalence of dry eye Meibomian gland dysfunction is expected to boost demand for dry eye syndrome treatment during the forecast period. Retail pharmacies with developing supply chain activities is the leading distribution channel in this market. Further, with increasing adoption of e-Commerce, online pharmacies will observe a high growth rate over the next ten years.

Competitive Landscape 

Key players in the dry eye syndrome treatment market are focusing on expanding their product portfolios through continuous product innovation and developments. Leading players are entering into strategic collaborations with mid-size of small-size players to increase their market presence for dry eye syndrome treatment. For instance, in December 2018, Alcon, an eye care division of Novartis, announced the acquisition of Tear Film Innovations for its key proprietary iLux Device used in therapeutics of Meibomian Gland Dysfunction, which tends to be the leading cause for dry eye syndrome.

Some of the leading companies operating in the market are: 

  • 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 Ophthalmic Ltd.
  • Reckitt Benckiser Group PLC
  • Medicom Healthcare Ltd.
  • FDC Limited
  • Lupin Limited
  • Jamjoom Pharmaceuticals Co.
  • Sentiss Pharma Private Limited

*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report. 

Scope of Report

Attribute

Details

Forecast Period

2020-2030

Historical Data Available for

2015-2019

Market Analysis

USD Million for Value and Volume in 000’ Units

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East & Africa

Key Countries Covered

  • U.S.
  • Canada
  • Brazil
  • Mexico
  • Germany
  • Italy
  • France
  • U.K.
  • Spain
  • Russia
  • Poland
  • India
  • Thailand
  • Indonesia
  • Malaysia
  • Vietnam
  • China
  • Japan
  • South Korea
  • Australia
  • New Zealand
  • GCC Countries
  • North Africa and South Africa

Key Segments Covered

  • Product
  • Prescription
  • Distribution Channel
  • Region

Key Companies Profiled

  • 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

Report Coverage

  • Market Forecasts
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & Pricing

Available upon Request

Market Segmentation by Category

Product

  • Cyclosporine
  • Topical Corticosteroids
  • Artificial Tears
  • Punctal Plugs
    • Removable
    • Dissolvable
  • Omega Supplements
  • Others

Prescription

  • Rx
  • OTC
  • Medical Devices

Distribution Channel

  • Hospital Pharmacies
  • Eye Health Clinics
  • Retail Pharmacies
  • Online Pharmacies

Region

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East and Africa (MEA)

Key Questions Answered in Report

Q1. Which is the most lucrative market for dry eye syndrome treatment? 

North America is estimated to dominate the global market with high rate of development, approval, and commercialization of products used for the treatment of dry eye. Further, high rate of diagnosis and treatment adoption is a key contributing factor for market growth in the region. The U.S. leads the global market share, with revenue expected to be valued around US$ 2.4 Bn by 2030. 

Q2. How is increasing number of pharmaceutical players changing the market dynamics?

In regions such as South Asia and East Asia, rising geriatric population and increasing medical needs are resulting in rising number of pharmaceutical players operating in the market. Key biopharmaceutical players are setting up manufacturing units in countries such as China and India, contributing to growth of the dry eye syndrome treatment industry in the region.

Q3. Which are some of the leading companies in this market place? 

Some of the leading companies offering dry eye syndrome treatment products are Allergan Plc., Novartis AG, Otsuka Pharmaceutical Co. Ltd., Santen Pharmaceutical Co. Ltd., Bausch Health Companies Inc., Akorn, Inc., Johnson & Johnson, Inc., Thea Pharmaceutical 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, and others.

Q4. How are online pharmacies driving market revenue? 

Retail pharmacies are the leading distribution channel for global dry eye syndrome treatment. Online pharmacies are expected to observe rising demand with increasing adoption of e-Commerce across regions. e-Commerce platforms have made the purchase of over-the-counter medications easier, with particularly higher adoption in countries such as the U.S and U.K.

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Is this research conducted by Persistence Market Research?

Yes, the research has been conducted by expert analysts of Persistence Market Research, through a combination of primary research and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Persistence Market Research?

Persistence Market Research follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions. Request a detailed methodology.

Who are the respondents for primary research?

Persistence Market Research speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

What are the sources of secondary research?

Persistence Market Research conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request. 

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