NEW YORK, March 16, 2021 /PRNewswire/ -- Dry eye syndrome results in irritated and burning eyes due to lack of tear production and moisturization. Meibomian Gland Dysfunction has more prevalence among the geriatric population. The market consists of several products used in therapeutics, such as cyclosporine, topical corticosteroids, punctal plugs, omega supplements, and the especially popular artificial tears. Fast approval and launch of products used for dry eye treatment is expected to drive market growth in future.
Several key market players are focused on collaborative product development, innovation, and expansion of product portfolio. For instance, in October 2020, Santen Pharmaceutical and Orbis International announced their long-term collaboration for ten years to contribute toward the increasing burden of eye diseases in low- and middle-income countries.
Rapidly increasing number of eye care centers due to rising focus on primary eye care is expected to propel dry eye syndrome treatment market growth. Increasing number of LASIK surgeries, which is one of the major causes leading to dry eyes, is estimated to further drive market growth over the coming years.
The artificial tears segment, by product, is estimated to generate the highest revenue share over the coming years, estimated to be valued at US$ 5 Bn by 2030, at an expected CAGR of over 7%.
COVID-19 has had a negative impact on the dry eye syndrome treatment market due to large-scale closures of manufacturing units and disruption in supply chain activities. Decreased hospital visits and focus on the pandemic further hurt market growth in 2020. However, long-term prospects look bright through 2030.
Among the prescriptions, Rx is expected to dominate the market with more than 70% revenue share, with increasing number of eye care centers and rising treatment adoption rate for dry eyes.
Among all distribution channels, retail pharmacies is the leading segment, followed by hospital pharmacies. Retail pharmacies are anticipated to grow at a CAGR of around 7% over the forecast period, owing to rise in the number of retail pharmacies and improving supply chain activities.
North America and Europe are leading regions in the global dry eye syndrome treatment market, with a revenue share of around 70%.
The market in the U.S. and Germany is projected to expand at a CAGR of around 7% through 2030.
The market in Japan is slated to progress at a steady CAGR of over 6% over the next ten years.
"Rising diagnosis and treatment adoption has led to increasing product innovation and development, contributing to market. Developing and under-developed countries with high prevalence of dry eye syndrome and lower product adoption will create several opportunities for leading market players," says a Persistence Market Research analyst.
Product Innovation & Development - Key Strategy for Market Players
Approvals by the U.S. FDA for dry eye syndrome treatment products are expected to push the market toward high competition. Leading companies are focusing on advanced product development with high efficacy and ease of use. For instance, in June 2020, I-MED Pharma Inc. announced the launch of "I-DEFENCE", an ointment for the moisturising and protection of the ocular surface, in Canada.
Key Participant Insights
The global market is set to broaden its scope over the forecast period, stimulated by high prevalence of dry eye syndrome, rising geriatric population, and increasing adoption of advanced dry eye syndrome treatment products that can be used for long-term care needs. Moreover, strategic collaborations and acquisitions by key manufacturers are leading to the expansion of the market.
Persistence Market Research brings a comprehensive research report on forecast revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2030. The global dry eye syndrome treatment market is segmented in detail to cover every aspect of the market, and present a complete market intelligence approach to the reader. The study provides compelling insights on the basis of product (cyclosporine, topical corticosteroids, artificial tears, punctal plugs [removable and dissolvable], omega supplements, and others [osteoporosis and others), prescription (Rx, OTC, and medical devices), and distribution channel (hospital pharmacies, eye health clinics, retail pharmacies, and online pharmacies), across seven major regions of the world.
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