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Dry Eye Medication Global Market Report 2023
Major players in the dry eye medication market are Novartis, Allergan, Otsuka, Santen Pharmaceutical, Auven Therapeutics, Akorn, Valent Pharmaceuticals, Johnson and Johnson Vision, Alcon and Bausch & Lomb.
New York, Feb. 20, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Dry Eye Medication Global Market Report 2023" - https://www.reportlinker.com/p06245021/?utm_source=GNW
The global dry eye medication market will grow from $8.67 billion in 2022 to $9.62 billion in 2023 at a compound annual growth rate (CAGR) of 11.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The dry eye medication market is expected to grow to $13.99 billion in 2027 at a CAGR of 9.8%.
The dry eye medication market consists of sales of polyethylene glycol, polyvinyl alcohol, propylene glycol, carboxymethylcellulose, povidone, glycerine, and mineral oil.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Dry eye medication refers to the drugs or medication that is used to treat dry eye by increasing your eye moisture. A multifactorial condition of the tears and ocular surface known as dry eye causes symptoms such as pain, blurred vision, and tear film instability, as well as the possibility of ocular surface injury.
North America is the largest region in the dry eye medication market in 2022.Middle East is expected to be the fastest growing region in the forecast period.
The regions covered in the dry eye medication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of dry eye medication are aqueous dry eye syndrome and evaporative dry eye syndrome.Dry eye syndrome is a frequent problem that arises when the tears aren’t able to keep the eyes lubricated enough.
Tears may be insufficient and unstable for a variety of causes. The different types of products include liquid drops, gel, liquid wipes, and eye ointment and are used by hospital pharmacies, eye health clinics, retail pharmacies, and online pharmacies.
The increased number of cases of dry eye disease results in an increased demand for its treatment.Factors such as aging, lack of vitamin A, wearing lenses, eye surgeries, direct contact with dry wind or smoke, and exposing one’s eyes to screens for a long duration increase the occurrence of the dry eye more likely.
For example, a survey conducted by the American Academy of Ophthalmology reported that in the USA, nearly 3.2 million women and 1.68 million men, over the age of 50 were affected by dry eye syndrome. Similarly, a study conducted by the Indian Journal of Ophthalmology indicated a 32% prevalence of dry eye disease in the Northern part of India. the rising prevalence of the disease would increase the demand for its treatment and ultimately facilitate the growth of this market.
The market for dry eye medication is restricted by the long approval process that is undertaken before any drug is approved by the concerned authority.The standard protocol for testing any new drug demands a series of tests and trials including laboratory tests, animal model tests, and clinical trials.
Most drugs fail during clinical trials and only a small percent of them successfully move forward.The cumbersome process of obtaining approvals takes a longer duration of time and restricts the growth of this market.
For example, in 2020, Eysuvis, a drug that addresses the short-term treatment needs of patients living with dry eye disease, was approved by the Food and Drug Administration (FDA) after its safety and effectiveness were assessed on more than 2900 patients with the disease in different clinical trials. Similarly, Kissei Pharmaceutical announced to discontinue the development of the KCT-0809 drug after it failed to pass the 3rd phase of clinical trials.
Treatment for dry eye disease improved with the incorporation of modern techniques that helped invent advanced hyaluronic acid-based lubricants and lipid emulsions.This technology replaces artificial tears that include isotonic sodium chloride and provides long-lasting lubrication on the surface of the eye.
For instance, Allergan, a global pharmaceutical company, launched Refresh Repair Lubricant Eye Drops which are designed to repair and protect the eyes from dry eye disease and improve the clarity of vision and are formulated with carboxymethylcellulose (CMC), hyaluronic acid, and osmoprotectants.These components maintain the health of the ocular surface and safeguard epithelial cells.
Advances in technology will have a positive effect on the market.
The dry eye medication market is strictly regulated by government agencies such as USFDA (Food and Drug Administration), the European Medicines Agency (EMA), and others.For instance, in the USA, FDA evaluates and approves the drugs meant for dry eye treatment.
According to Section 201(g) of the FDA and CFR (Code of federal regulations) act, the licenses are granted to drug manufacturing companies allowing them to sell only those drugs that are safe and clinically effective.FDA demands several tests and several clinical trial rounds before granting such approvals.
For example, FDA approved Kala Pharmaceuticals’ eye-related drug called INVELTYS.
In July 2022, Alcon, a Switzerland-based ophthalmology company acquired Eysuvis pharmaceutical eye drops from Kala Pharmaceuticals for a deal amount of $60 million.Through this acquisition, Alcon acquires Inveltys treatment of post-operative inflammation and pain following ocular surgery and expands its portfolio.
Kala Pharmaceuticals is a US-based pharmacuetical company operating in drug eye medication.
The countries covered in the dry eye medication market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The dry eye medication market research report is one of a series of new reports that provides dry eye medication market statistics, including dry eye medication industry global market size, regional shares, competitors with a dry eye medication market share, detailed dry eye medication market segments, market trends and opportunities, and any further data you may need to thrive in the dry eye medication industry. This dry eye medication market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06245021/?utm_source=GNW
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