ALBANY, New York, January 22, 2018 /PRNewswire/ --
Dry Eye Disease Market: Research Aimed at Developing Novel Therapeutics and Devices for Effective Treatment Fuels Growth Prospects
The incidence of dry eye disease is increasing and so is the competition prevailing in the global dry eye disease market. In a recent study, Transparency Market Research (TMR) has predicted positive trajectory for the market, during the course of which it is likely to witness heightened competition. With several market players standing on the brink of patent expiries, investment toward research and development of novel drugs will accelerate. With this, the market can expect increased enrollments in clinical trials. Furthermore, market players are likely to forge strategic collaborations and ink licensing agreements to establish a stronger foothold in the global dry eye disease market. During this time the market will also witness the leading companies backing their powerhouse drugs to cut off rivalry.
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The effect of a majority of these strategies will be felt on the global dry eye diseases market in terms of growth push. Spurred by this other factors, the market will exhibit a CAGR of 4.5% between 2017 and 2025. Therefore, the global dry eye disease market will reach US$7.78 bn by the end of 2025, as against US$5.04 bn in 2016. In terms of product, anti-inflammatory drugs accounted for the leading market share in 2016 and is likely to remain dominant through the course of the forecast period. Regionally, North America emerged as the largest market for dry eye disease globally on the back of the presence of a sophisticated healthcare infrastructure.
Rising Incidence of Dry Eye Disease Fuels Demand for Effective Drugs
Over the years, the incidence of dry eye disease has become a common phenomenon affecting millions around the world. This provides the market an obvious push, besides which the rising awareness among patients and surging healthcare expenditures have created an environment conducive to the market's growth. Besides medication, the launch of advanced diagnostic tools was witnessed, which is likely to give the global dry eye disease market significant impetus. The treatment administered for dry eye treatment has evolved considerably over time. For instance, the earlier prescribed artificial tears containing isotonic sodium chloride is replaced with advanced lipid in oil emulsion and hyaluronic based lubricants.
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With leading companies cashing in from launch of eye drops such as Ikervis and Restasis, several prominent vendors have jumped into the bandwagon to develop novel therapeutics that will effectively treat inflammation in eye. Also the rising investment in research and development of novel therapeutics and devices such as drug eluting contact lenses and drug loaded punctual plugs will fuel prospects for the market's expansion in the coming years. Review of Optometry has recently published an article, which states that nearly 30 million people across the US are suffering from dry eye diseases. Also a few case studies suggest that Asia witnesses a significantly high prevalence of dry eye diseases, which is expected to bolster even further in the coming years.
High Cost and Limited Availability of Effective Therapeutics Pose Threat
On the downside, several of the leading players are looming under patent expiry. For those who have patent of producing drugs required for the treatment of dry eye diseases are often accused of exorbitantly pricing, which may exert adverse influence on the global dry eye diseases market. Besides high cost, limited availability of prescription dry eye disease drugs may hamper the market's trajectory to an extent.
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Some of the leading market players are Novartis AG, Santen Pharmaceutical Co., Ltd., Allergan plc, Valeant Pharmaceuticals International, Inc., Shire plc, TRB Chemedica International SA, Sentiss Pharma Pvt. Ltd., Senju Pharmaceutical Co., Ltd., Mitotech S.A., Otsuka Pharmaceutical Co., Ltd., Johnson & Johnson, and FCI S.A.S.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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