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The dry eye disease market is expected to register a CAGR of nearly 5.6% over the forecast period, with estimated market size of USD 4,998 million in 2020 and it is expected to reach USD 6,960 million by 2026.
The initiation of the COVID-19 pandemic in 2020 relatively led to the disruption of healthcare systems by posing several challenges. It was also massively disruptive to the practice of ophthalmology. However, urgent and essential treatments were being allowed in most countries. The American Society of Retina Specialists released guidelines to help retina practices and medical personnel decrease the risk and assure the health and safety of the patients during the COVID-19 pandemic. The guidelines outline the essential visits for patients and provide a means to categorize emergent, urgent and non-urgent, and non-elective cases during this period of limited operating room access. However, in addition, dry eye disease patients were affected due to a break in follow-ups.
Several factors, such as aging, decrease in the supportive hormones, systemic inflammatory diseases, ocular surface diseases, or surgeries that affect the cholinergic nerves, which stimulate tear secretion, may be associated with the rise in dry eye-related diseases.
A significant percentage of the global population (middle age to older age) suffers from the dry eye disease. The disease is particularly more common among women than in men. According to the World Ageing 2019 report, there were about 703 million population aged 65 years or over in the world in 2019. This number is projected to double to 1.5 billion in 2050. As number of elderly population is projected to increase, and this population are more prone to eye-related disorders, such as dry eye, which ultimately drives the market in the near future.
The major companies functioning in this market are continuously focusing on developing novel therapeutics and diagnostics for the same. For instance, TearScience, a subsidiary of Johnson and Johnson, introduced the latest diagnostic system for the DED named LipiView II Ocular Surface Interferometer. This system provides a sophisticated assessment. Additionally, the same company introduced a system named LipiScan Dynamic Meibomian Imager that is helpful in the diagnosis of the dry eye disease.
More recently, in 2018, Quantel Medical launched the LacryDiag ocular surface analyzer for the diagnosis of dry eye. Approved by the FDA and CE marked, the device analyzes the three tear film layers with four non-contact exams. Furthermore, a point-of-care testing for tear osmolarity and an inflammatory marker MMP-9 are also gaining attraction in the diagnosis of the dry eye disease. This is accelerating the growth of the market over the forecast period.
However, high cost of specialty dry eye products with complex reimbursement scenario and availability of alternative therapies is likely to limit the market growth over the forecast period.
Scope of the Report
As per the scope of the report, dry eye disease refers to the disturbance of the lacrimal functional unit, which comprises the lacrimal glands, ocular surface (cornea, conjunctiva, and meibomian glands), and lids, along with the sensory and motor nerves that connect them. There are various ocular manifestations, for which, several dry eye treatment products are used. The dry eye disease market is segmented by product (artificial tears, anti-inflammatory drugs, punctal plugs, secretagogues, and other products), distribution channel (hospital pharmacies, independent pharmacies and drug stores, and online pharmacies), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (in USD million) for the above segments.
|Independent Pharmacies and Drug Stores|
Key Market Trends
The Corticosteroid Drugs Segment is Expected to Hold a Major Market Share Over the Forecast Period
The lockdown measures in 2020 due to COVID-19, across the world, resulted in decreased public mobility and impacted the therapeutic industry significantly, as the rate of treatment that is non-immediate was being postponed, to decrease the burden on healthcare infrastructure.
Corticosteroids are effective anti-inflammatory drugs. These drugs are highly useful in short-term efficacy, and thus, they are prescribed mostly for acute cases of dry eye diseases. Two of the major companies established in this segment are Bausch Health and AbbVie Inc. (Allergan PLC). Often, these companies, as well as doctors, recommend corticosteroids, along with antibiotic therapy.
It has also been found that the number of the elderly population is expected to grow in coming years, who are more prone to eye-related disorders, which will ultimately drive the market in the future. Rising product approvals and new product launches are some of the other factors anticipated to propel the market for corticosteroids. For instance, in 2020, the FDA had approved loteprednol etabonate ophthalmic suspension 0.25% for the short-term treatment of the signs and symptoms of dry eye disease.
Overall, this segment has the largest share under anti-inflammatory drugs in the market studied, and it is expected to register a steady CAGR over the forecast period.
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North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
Governments and institutions are likely to take advantage of their advanced technologies during this period to turn the challenges brought by COVID-19 into opportunities. Ophthalmic consultation largely through smartphones has become a lifeline for consultation. For follow up on eye disorders, doctors are using images via electronic media. For poor patients in remote rural areas with no phone, this follow up was not possible. In remote areas, rural medicine supply for dry eye disorder patients has dried up.
On March 30, 2020, the US Centers for Medicare & Medicaid Services released temporary regulatory waivers and issued new rules for virtual visits using online applications for billable ophthalmic telemedical services. Such low-technology solutions may be one mechanism to assist with decompressing an office schedule in the post-COVID era. Thus, the patient opting for ophthalmic telemedical service is increasing, which has a positive impact on the market studied.
Geographically, North America holds a major share. As per the Government of Canada Statistics report 2019, Canadian older population included 6,592,611, which accounted for 17.5% of the Canadian population.
Several other factors, such as the increasing usage of computer or digital screens, may cause less blinking, which may contribute to symptoms of DED, thereby, driving the overall market. Majority of the population uses computers and even more of them constantly deal with smartphones, digital devices, and tablet computers.
Many drugs are in the pipeline for the disease, which is boosting the market growth in the region. For instance, RegeneRx’s RGN-259, a Tβ4-based sterile and preservative-free eye drop, is designed to be a novel treatment for dry eye and neurotrophic keratitis. This is in the Phase II/III study for dry eye syndrome that includes 317 patients.
Bausch Health acquired an exclusive license for the commercialization and development of the investigational treatment NOV03 in the United States and Canada. It is in Phase 3 clinical trials and showed very good results in Phase 2 trials.
Abbvie expanded the REFRESH Portfolio by introducing the over-the-counter (OTC) artificial tear formulation, REFRESH Repair Lubricant Eye Drops, to treat dry eye disease, in 2018. All these novel product launches may give the country a cutting edge in the market growth.
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The dry eye disease market is moderately competitive. In terms of market share, a few of the major players currently dominate the market. With the rising geriatric population and high prevalence of diseases, a few other smaller players are expected to enter the market in the coming years. Some of the major players in the market are AbbVie Inc. (Allergan PLC), Alcon Inc., Santen Pharmaceutical Co. Ltd, OASIS Medical, and Bausch Health Companies Inc., among others.
- In 2021, Kala Pharmaceuticals Inc. announced the launch of EYSUVIS (loteprednol etabonate ophthalmic suspension) 0.25% for the short-term (up to two weeks) treatment of the signs and symptoms of dry eye disease. EYSUVIS is now available in national and regional US pharmaceutical distribution centers. Patients with a prescription can access EYSUVIS through their local retail pharmacies or through home delivery.
- In 2021, SIFI, a leading international ophthalmic company launched SYNFO for dry eye disease. The new hypotonic formulation is a synergistic blend of two polymers, sodium hyaluronate and xanthan gum, and two osmoprotectants, betaine and glycine. In addition to moisturizing and lubricating, SYNFO is designed to compensate for tear instability, restore tears' volume and ocular surface's health, and provide antioxidant and osmoprotective properties.
Table of Contents
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Burden of Dry Eye Disease
4.2.2 Technological Advancements and Emergence of Novel Diagnostic Tools
4.3 Market Restraints
4.3.1 High Cost of Specialty Dry Eye Products with Complex Reimbursement Scenario
4.3.2 Availability of Alternative Therapies
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.1 Artificial Tears
5.1.2 Anti-inflammatory Drugs
126.96.36.199 Other Anti-inflammatory Drugs
5.1.3 Punctal Plugs
5.1.5 Other Products
5.2 Distribution Channel
5.2.1 Hospital Pharmacies
5.2.2 Independent Pharmacies and Drug Stores
5.2.3 Online Pharmacies
5.3.1 North America
188.8.131.52 United States (By Product and By Distribution Channel)
184.108.40.206 Canada (By Product and By Distribution Channel)
220.127.116.11 Mexico (By Product and By Distribution Channel)
18.104.22.168 Germany (By Product and By Distribution Channel)
22.214.171.124 United Kingdom (By Product and By Distribution Channel)
126.96.36.199 France (By Product and By Distribution Channel)
188.8.131.52 Italy (By Product and By Distribution Channel)
184.108.40.206 Spain (By Product and By Distribution Channel)
220.127.116.11 Rest of Europe (By Product and By Distribution Channel)
18.104.22.168 China (By Product and By Distribution Channel)
22.214.171.124 Japan (By Product and By Distribution Channel)
126.96.36.199 India (By Product and By Distribution Channel)
188.8.131.52 Australia (By Product and By Distribution Channel)
184.108.40.206 South Korea (By Product and By Distribution Channel)
220.127.116.11 Rest of Asia-Pacific (By Product and By Distribution Channel)
5.3.4 Middle-East and Africa
18.104.22.168 GCC (By Product and By Distribution Channel)
22.214.171.124 South Africa (By Product and By Distribution Channel)
126.96.36.199 Rest of Middle-East and Africa (By Product and By Distribution Channel)
5.3.5 South America
188.8.131.52 Brazil (By Product and By Distribution Channel)
184.108.40.206 Argentina (By Product and By Distribution Channel)
220.127.116.11 Rest of South America (By Product and By Distribution Channel)
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 AbbVie Inc (Allergan PLC)
6.1.2 AFT Pharmaceuticals
6.1.4 Alcon Inc.
6.1.5 Bausch Health Companies Inc.
6.1.6 ENTOD Research Cell UK Ltd
6.1.7 Horus Pharma
6.1.8 Johnson & Johnson
6.1.9 MiBo Medical Group
6.1.11 Novaliq GmbH
6.1.12 OASIS Medical
6.1.13 Otsuka Pharmaceutical Co. Ltd
6.1.14 Prestige Consumer Healthcare
6.1.15 Santen Pharmaceutical Co. Ltd
6.1.16 Sentiss Pharma Pvt. Ltd
6.1.17 Sun Pharmaceutical Industries Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Dry Eye Disease Market market is studied from 2018 - 2026.
What is the growth rate of Global Dry Eye Disease Market?
The Global Dry Eye Disease Market is growing at a CAGR of 5.6% over the next 5 years.
Which region has highest growth rate in Global Dry Eye Disease Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Dry Eye Disease Market?
North America holds highest share in 2020.
Who are the key players in Global Dry Eye Disease Market?
- Alcon Inc
- Bausch Health Companies Inc
- Santen Pharmaceutical Co. Ltd
- OASIS Medical
- AbbVie Inc (Allergan Plc)
Are the major companies operating in Global Dry Eye Disease Market.