Dry eye syndrome can occur in individuals who have Sjögren syndrome, rheumatoid arthritis, Parkinson’s disease, thyroid disease, rosacea, sarcoidosis, diabetes, or systemic lupus erythematosus. Furthermore, dry eyes can develop as a result of problems with the inflammatory response of the eyelids (blepharitis) or the surfaces of the eye. Medications such as antidepressants, antihistamines, blood pressure medications, decongestants, and among others, can decrease tear production, resulting in dry eye symptoms. People who spend a lot of time in front of a computer or a screen are at a higher risk of developing dry eyes because prolonged use of a screen reduces blinking and tears generation. Due to widespread use for social and professional purposes, digital device usage is increasing significantly across all age range in recent times.
The global dry eye syndrome treatment market in 2020 is expected to be worth US$ 5,382.6 Mn and register a CAGR of 16.2% over the forecast period of 2020 to 2027.
The global dry eye syndrome treatment market is expected to grow due to product development and releases by major market players over the forecast period.
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The global dry eye syndrome treatment market is expected to witness growth due to the development and launch of new products for treating dry eye syndrome during the forecast period. For instance, in May 2018, Alcon, a Novartis division, introduced Systane Complete, a lubricant eye drop. These are made with advanced nano-droplet technology, which allows for quick hydration. TrueTear, the first and only U.S. Food and Drug Administration (FDA)-approved device for temporarily increasing tear production during neurostimulation in adult patients, was launched in April 2018 by Allergan plc. Furthermore, many market players are involved in the research and development of dry eye syndrome medications. For instance, Aurinia Pharmaceuticals Inc., a clinical-stage biopharmaceutical company concentrated primarily on the global immunology market, confirmed the start of a phase 2 trial evaluating voclosporin ophthalmic solution (VOS) for the treatment of dry eye syndrome in July 2018. (DES).
As a result, growing number of lead candidates with the potential to gain approval from the U.S. Food and Drug Administration (FDA) for further use is expected to fuel the global dry eye syndrome treatment market growth over the forecast period.
Global Dry Eye Syndrome Treatment Market: Restraints
The lack of access to eye care services in low and middle-income nations, as well as the limitation of existing treatment modalities to general practitioners, are some of the factors contributing to the scarcity of dry eye disease treatment. According to the University of Calabar in Nigeria, the primary obstacles to eye care in the country are high treatment costs, a scarcity of qualified professionals, and low awareness about eye care. Furthermore, a few people perceive dry eye as a symptom rather than a disease and thus overlook the value of early diagnosis and treatment to avoid the development of chronic ocular surface disease.
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Global Dry Eye Syndrome Treatment Market: Impact of Coronavirus (Covid-19) Pandemic
COVID-19 has the potential to impact the economy in three ways: directly impacting production and supply, causing distribution network disruptions, and having a financial effect on companies and financial markets. Several countries, such as India, China, Saudi Arabia, Egypt, the UAE, and others, are experiencing difficulties transporting drugs from one location to another as a result of the lockdown. Due to the COVID-19 pandemic, players in the dry eye syndrome treatment market are facing serious problems on multiple fronts. The supply of raw materials for production drug formulations is a major concern due to transportation facility irregularities. Furthermore, drug product distributors are facing fluctuating demand from retailers.
Global Dry Eye Syndrome Treatment Market- Regional Analysis
The global dry eye syndrome treatment market is divided into Latin America, North America, the Middle East, Europe, Africa, and the Asia Pacific based on region.
Owing to the high prevalence of dry eye syndrome in the region, North America is expected to dominate the global dry eye syndrome treatment market over the forecast period. According to a study report by the American Optometric Association in 2017, dry eye syndrome affected around 16 million individuals worldwide in 2016.
Furthermore, another factor driving the market growth in the U.S. is a high level of investment in the management of dry eye syndrome. Furthermore, the increasing use of computers and mobile screens, as well as the growing geriatric population, are key factors that drive the Europe dry eye syndrome treatment market. According to a 2018 study released by the National Center for Biotechnology Information (NCBI), 68 % of kids in Europe use a computer on a regular basis by the age of three, and 54 % engage in online activities. According to the same source, adults in the U.K. spent around 4 hours 45 minutes per day using digital technology in 2016.
Global Dry Eye Syndrome Treatment Market- Competitive Landscape
Some of the major players contributing to the global dry eye syndrome treatment market include Sun Pharmaceutical Industries Ltd., Johnson and Johnson Vision Care Inc., AFT Pharmaceuticals, Novartis AG, Teva Pharmaceutical Industries Ltd., Bausch Health Companies, Inc., Novaliq GmBH, Santen Pharmaceuticals Co. Ltd., I-Med Pharma Inc., Allergan Plc, and Otsuka Pharmaceutical Co. Ltd.
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