Rising Healthcare Expenditure to Better Dry Eye Syndrome Market Scenario
The dry eye syndrome is a condition of the eye in which tear production reduces drastically and symptoms such as irritation, light sensitivity, and others manifest. However, the healthcare sector is making notable progress in their bid to invent cure for the disease. This drive from the healthcare sector is bound to take the dry eye syndrome market to the next level. The global dry eye syndrome market is anticipating a CAGR of 6.6% during the forecasted period (2017-2023), as revealed by Market Research Future (MRFR) in their latest article on the market.
The global dry eye syndrome market is expecting traction from disease like diabetes which spur the malfunctioning in the eye. At the same time, FDA’s clearance of new drugs and companies taking initiative to take the market forward through innovation can be a boon for the market in the coming years. The dry eye syndrome market can ride on some additional benefits such as increasing per capita income and growing awareness to make the market more lucrative.
MRFR had made their stance clear for the global dry eye syndrome market by segmenting it into type, diagnosis, treatment, distribution channel and end-user.
Based on the type, the dry eye syndrome market includes aqueous dry eye syndrome, evaporative dry eye syndrome, and others.
Based on the diagnosis, the dry eye syndrome market comprises eye exam, Schirmer test, and others.
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Based on the treatment, the dry eye syndrome market can be segmented into serum eye drops, lubricant eye drops, nutritional supplements, surgery, anti-inflammatory drugs segments, and others. The lubricant eye drops segment consists oily tear eye drops, preservative-free drops, ointments, and others. The anti-inflammatory drugs segments segment comprises corticosteroids, tetracyclines, and others. The surgery segment encompasses intense pulsed light therapy, punctal occlusion, and others.
Based on the distribution channel, the dry eye syndrome market includes retail pharmacies, hospital pharmacies, online pharmacies, and others. The online pharmacies segment is expecting good hike during the forecast period.
Based on the end-users, the dry eye syndrome market includes hospitals, clinics, home care, and others. The home care segment is expected to provide better traction owing to growing intake of medicines related to this disease.
The global dry eye syndrome market is studied by MRFR based on regions, namely, the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
The presence of a healthcare sector with robust infrastructure, substantial reimbursement policies, high expenditure capacity, well-structured research & development facilities, and remarkable investments from both governments & private investors have ensured the supremacy of the Americas. The region is expecting further prospects from several market leaders who have their operational base in the region.
Europe’s growth follows similar features like that of the Americas. Those features have ensured its second leading position.
The APAC market, on the other hand, is expected to be the fastest growing region during the forecast period. With a vast patient pool and several emerging economies such as India, China, Australia, and others, the region is all set to score big.
The MEA market is deemed to provide the least revenue during the forecast period owing to several complexities such as the presence of poor economies, low healthcare expenditure, especially within the African region. The Middle East is expected to contribute the maximum as several countries Dubai, Kuwait, Dubai, and others are showing positive attitude towards revamping their healthcare sector.
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Among the notable contributors to the dry eye syndrome market, several are imposing strategic discourses to gain individually and help the market progress holistically. These companies are Novartis AG (Switzerland), Allostera Pharma (Canada), Otsuka Pharmaceutical Co. Ltd. (Japan), Allergan (Republic of Ireland), Acadia Pharmaceutical (U.S.), Valent Pharmaceuticals (Canada), Santen Pharmaceuticals Co. Ltd., (Japan), Auven therapeutics (U.S.), AFT pharmaceuticals (New Zealand), Johnson & Johnson Vision (U.S.), I-Med Pharma Inc. (Canada), Novaliq GmBh (Germany), and others.
In 2019, Allergan launched their new product TrueTear that would increase tear production in adults suffering from dry eyes syndrome. They got their FDA clearance recently. At the same time, they have teamed up with Flex, known as a Sketch-to-Scale solution provider. This would help Allergan in designing new products and stay connected to the global market with better profit margin.
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