The dry eye is the state of condition of the eye in an individual where tears quality is less for lubricating and nourishing the eye. It is a prolonged and advanced problem which impacts the life quality. DED is common among elderly people who are not much healthy. This happens owing to changes in hormone and results in less production of tears. The OTC or the over-the-counter or the non-prescribed medicines eye drops like the Restasis (cyclosporine), prescription eye drops, and Xiidra (lifitegrast) and artificial tears are better for treating dry eye disease. Remedies at home include avoiding wind and smoke, humidifier, and having warm compresses or scrubbing eyelids.
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Globally, the market for dry eye disease is projected to report for US$ 5,470.5 million as per value by 2022.
Rise in need for safe and accurate treatment for dry eye disease worldwide is anticipated to accelerate the market growth of the DED across the world in the predicted period. For example, with the increase in consciousness amongst people about dry eye disease, the need for safe and accurate treatment for dry eye disease is rising at an increased pace. NovaBay Pharmaceuticals in January 2022, declared the introduction of Avenova Lubricating Eye Drops for treating symptoms of dry eye. It is so made to give relief to person suffering from dry eye disease. For severe dry eye disease with corneal damage, in Europe, only one formulation of cyclosporine, Ikervis (Santen) is applied, while in U.S., the prescription eye drop is Restasis (Allergen).
Increase in incidence of DED and increasing elderly population across the world is anticipated to provide profitable opportunities of growth for the companies in the market of DED worldwide. For example, as per the National Center for Biotechnology Information, elderly or the geriatric population is more prone to dry eye disease in comparison to young people. The incidence of dry eye is 3.90% amongst men with age group from 50-54 years in comparison to 7.67% amongst men who are 80 years and above. Furthermore, as per World Health Organization (WHO) by the end of the year 2030 every 1 in 6 people worldwide will age 60years and more and by the end of the year 2050, the population of the world aging 60 years and more will get doubled which is about 2.1 Bn.
The product costs of DED are high, alternate therapies’ availability and the complicated reimbursement policy are the main cause anticipated to hinder the market growth of the DED across the world. For example, various treatments can be availed at present to mark the dry eye disease linked with ocular surface inflammation. Alternate methods for treating DED are also preferred at times by people. Castor eye oil drops, acupuncture, use of mild soaps on eyelids, using warm cloth as compress can be used for treating dry eye disease. This is restricting the growth of the market.
Global Dry Eye Disease Market – Impact of Coronavirus (Covid-19) Pandemic_PR
The COVID-19 outbreak had severely affected the market of DED, mainly in the initial pandemic phase, due to the decrease in visits to the ophthalmologists. Many hospitals had less use of the devices in dry eye disease treatments. Owing to the virus’ menacing nature, most ophthalmic treatments were reduced. Furthermore, the recurrent variants of COVID-19 like Delta and Omicron had interrupted the healthcare industry across the world with regards to potential risk of infection in the field of ophthalmology.
Globally, the market of DED was priced at US$ 5,206.1 million in the year 2021 and is predicted to the extent of US$ 7,394.1 million by the year 2028 at a CAGR of 5.1% from 2022 to 2028.
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Based on the product segment, the segment for anti-inflammatory holds a dominating place in the market of DED worldwide in the year 2021, reporting for 48.4%value of share, raising the consent and introduction of novel products is anticipated to fuel the segment’s growth in the predicted period.
The main tendency pushing the market growth of the dry eye disease is the rise in R&D activities for growth of new therapeutics or treatments. Doctors and patients eagerly wait for the new therapeutics; the pharmaceuticals are going through the consent process with many favorable drugs completing the Phase-III medical testing. Companies operating in the market and also the governments worldwide are emphasizing on growth and the introduction of new therapies. This tendency is anticipated to last in the predicted period, pushing the market growth of the DED across the world.
The main companies functioning in the market of DED worldwide are VISUfarma, Johnson and Johnson, Otsuka Holdings Co. Ltd., OASIS Medical, Novartis AG, Sentiss Pharma Pvt. Ltd., AbbVie Inc. (Allergan PLC), Bausch Health Companies Inc., Santen Pharmaceutical Co. Ltd., and Sun Pharmaceutical Industries Ltd., among others.
SIFI in January 2021 announced the introduction of SYNFO which is a new medical device showcasing the extra modern comprehensive portfolio of the dry eyes.
Novaliq GmbH and Jiangsu Hengrui Medicine Co. Ltd. in November 2019 came in partnership to develop, manufacture and commercialize the advanced water-free drugs, NOVO3 and CyclASoL for treating dry eyes in China.
Israel’s Ocular discovery in April 2019, started a new research collaboration with All India Institute of Medical Sciences (AIIMS), India to research on enhanced delivery and therapeutic treatment of many ocular surface disorders (OSD).
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The Dry Eye Disease Market is displayed in 13 Chapters:
Chapter 1: Market Overview, Drivers, Restraints and Opportunities
Chapter 2: Market Competition by Manufacturers
Chapter 3: Production by Regions
Chapter 4: Consumption by Regions
Chapter 5: Production, By Types, Revenue and Market share by Types
Chapter 6: Consumption, By Applications, Market share (%) and Growth Rate by Applications
Chapter 7: Complete profiling and analysis of Manufacturers
Chapter 8: Manufacturing cost analysis, Raw materials analysis, Region-wise manufacturing expenses
Chapter 9: Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 10: Marketing Strategy Analysis, Distributors/Traders
Chapter 11: Market Effect Factors Analysis
Chapter 12: Market Forecast
Chapter 13: Dry Eye Disease Research Findings and Conclusion, Appendix, methodology and data source
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