The Dry Eye Disease Market is expected to register a CAGR of 5. 8% during the forecast period. Several factors, such as aging, decrease in the supportive hormones, systemic inflammatory diseases, ocular surface diseases, or surgeries that affect the cholinergic nerves, which stimulate tear secretion, may be associated with the rise in dry eye-related diseases.
New York, Aug. 27, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Dry Eye Disease Market - Growth, Trends, and Forecasts (2020 - 2025)" - https://www.reportlinker.com/p05790925/?utm_source=GNW
- A significant percentage of the global population (middle age to older age) suffers from the dry eye disease. The disease is particularly more common among women than in men.
- According to the World Ageing 2019 report, estimates that there were about 703 million population aged 65 years or over in the world in 2019. This number is projected to double to 1.5 billion in 2050. Moreover, by 2050, 1 in 6 people in the world will be over the age of 65, up from 1 in 11 in 2019. As number of elderly population are projected to increase and this population are more prone to eye related disorders such as dry eye which ultimately drives the market in near future.
- Additionally, exposure to computer screens for long hours and long-term usage of contact lens may cause dry eye disease.
- Several manufacturers are exploring the alternative drug class or procedure, with improvement in diagnostic tools, to identify and enhance the tear stimulating factors.
- Thus, the rise in geriatric population, technological advancements, and upcoming products are expected to help in the growth of the market.
Key Market Trends
Corticosteroid Drugs Segment is Expected to Hold a Major Market Share in the Dry Eye Disease Market
Corticosteroids are effective anti-inflammatory drugs. These are widely available and rapidly relieve the symptoms and signs of moderate and severe dry eye diseases. These drugs are highly useful in short-term efficacy, and thus, are prescribed mostly for acute cases of dry eye diseases. However, the long-term usage of these drugs has major side effects, such as intraocular pressure elevation and cataract progression. Two of the major companies established in this segment are Bausch Health and AbbVie Inc (Allergan Plc). Often, these companies, as well as doctors, recommend corticosteroid, along with antibiotic therapy.
According to the World Population Ageing 2019 report, in Italy population aged 65 years or over in 2019 was 13.93 million (23%) and this number is projected to reach to 16.46 million (27.9%) in 2030. As the number of the elderly population is expected to grow in coming years who are more prone to eye-related disorders which ultimately drives the market in future.
Some of the common interventions include dietary omega-3 essential fatty acids, such as fish oils or flaxseed oil, or the use of lipid-based artificial tears to augment the deficient lipid layer, and/or a short course of a topical ester-based corticosteroid, in order to address the inflammatory component of the dry eye. Overall, this segment has the largest share under anti-inflammatory drugs in the market studied, and is expected to register a steady CAGR over the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
Geographically, North American holds a major share. As per Government of Canada Statistics report 2019, in 2019 Canadian older population included 6,592,611 which accounted for 17.5% of the Canadian population. Although the proportion of seniors in Canada has been increasing over time. Moreover, aging of Canada’s population was influenced by the baby boomers who turned 65 in the last five years as well as increasing life expectancy. As number of older population is expected to grow in near future this population are more prone to eye related diseases which shows positive impact on market. Thus, North America dominates with major share in near future. Whereas the Asia-Pacific region is estimated to be the fastest growing. Several factors, such as hospital infrastructure, procurement of new technology devices for the diagnoses of diseases, early market approvals of the product, large number of ophthalmic surgeries, and awareness in the society, drive the market in North American. Meanwhile, in Asia-Pacific, the large number of generic production, good distribution of local and international players, and the fast economic growth of the countries are the factors driving the growth of the market.
The Dry Eye Disease Market is moderately competitive. In terms of market share, a few of the major players currently dominate the market. With the rising geriatric population and high prevalence of diseases, few other smaller players are expected to enter the market in the coming years. Some of the major players in the market are AbbVie Inc (Allergan Plc), Alcon Inc, Santen Pharmaceutical Co. Ltd, OASIS Medical, and Bausch Health Companies Inc, among others.
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