LONDON, May 28, 2020 /PRNewswire/ -- In the historic period, the dry eye medications market witnessed a rise in the number of research collaborations as well as research funding approvals. Companies in the market are expected to increase their research and development (R&D) expenditure to develop innovative and novel therapies to treat dry eye disorders. For instance, in November 2017, an Israeli-Australian company, Azura Ophthalmics, raised $16 million for the research and development of its new treatment of meibomian gland dysfunction, a common eye condition caused due to the lack of secretion of oil by the meibomian glands. It is a leading cause of dry eye syndrome. The funding came from Brandon Capital, TPG Biotech, OrbiMed, and Ganot Capital. In September 2017, HanAll Biopharma Co., Ltd., a subsidiary of South Korea-based Daewoong Pharmaceutical Co., Ltd., announced its collaboration with China's Harbour BioMed to research and develop HanAll's two novel biologics in Greater China. One of the biologics is the HL036, an anti-TNF ophthalmic solution devised for the treatment of dry eyes and other inflammatory diseases.
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Another trend in the dry eye medication market is that companies in the market are increasing their investments in the developing regions of South America, Africa, and Asia, to capitalize on untapped market opportunities. For example, in January 2019, Takeda Pharmaceutical, a Japan-based pharmaceutical company specialized in manufacturing, research and development of pharmaceutical drugs such as oncology, gastrointestinal, and central nervous system disease, acquired Shire Plc for £46 billion ($59 billion). The acquisition helped Takeda Pharmaceutical to become a global, R&D driven biopharmaceutical leader. Shire Plc is a biotechnology company that specializes in developing products in areas such as hematology, immunology, ophthalmics, gastrointestinal, internal medicine endocrine and oncology.
New Product Development In The Market
There has been a significant rise in new drugs and medications to treat symptoms and disorders related to dry eyes in the last five years. Ophthalmology drug companies are increasingly investing in research and development for new and innovative dry eye medications. For instance, Eleven Biotherapeutics is working towards the development of potential protein therapeutics to treat dry-eye diseases. The company's EBI-005, which is currently in its late-stage clinical development, is intended to treat dry-eye disease and allergic conjunctivitis. It is expected to achieve a significant improvement in ocular itching, tearing and nasal symptoms associated with the disorder. In July 2016, the US Food and Drug Administration (FDA) approved Xiidra's LFA-1 eye drops, the country's first prescription drug to treat dry eyes, after being tested on more than 1,000 adults in four separate clinical trials.
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The global dry eye medication market will grow from $3,727.5 million in 2019 to $5,047.9 million in 2023 at a compound annual growth rate (CAGR) of 7.9%. Promising drugs under pipeline is expected to boost the dry eye disease market in the forecast period. There are several drugs that are being studied in Phase 3 trials for dry eye treatment such as reproxalap (Alderya Therapeutics), tanfanercept (HanAll BioPharma), tivanisiran (Sylentis), Loteprednol etabonate (Kala Pharma), timbetasin (Regenerx) and NOV03 (Bausch + Lomb). Among the most promising drugs, Kala Pharma plans to file the Loteprednol etabonate (KPI-121) by second quarter 2020 with the U.S Food and Drug Administration (FDA), based on the STRIDE 3 trial results. KPI-121 0.25% is developed by utilizing the AMPPLIFY mucus-penetrating particle (MPP) drug delivery technology for the treatment of dry eye. Loteprednol etabonate (KPI-121) met both the primary efficacy endpoints in Phase 3 (Stride 3) trial. Upon review and approval by the USFDA, the drug may be available for commercialization soon.
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