Dublin, July 14, 2021 (GLOBE NEWSWIRE) -- The "Dry Eye Medication Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
The global dry eye medication market is expected to grow from $3.25 billion in 2020 to $3.72 billion in 2021 at a compound annual growth rate (CAGR) of 14.5%.
Major players in the dry eye medication market are Novartis, Allergan, Otsuka, Santen Pharmaceutical, and Auven Therapeutics.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $4.81 billion in 2025 at a CAGR of 6.6%.
The dry eye medication market consists of sales of dry eye medications (drugs) to reduce eyelid inflammation, redness, cornea inflammation, and tear-stimulating drugs.
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 the drug manufacturing companies allowing them to sell only those drugs that are safe and clinically effective. FDA demands a number of tests and several clinical trial rounds before granting such approvals. For example, in January 2019, FDA approved Kala Pharmaceuticals eye-related drug called INVELTYS.
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.
The increased number of cases for 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 dry eye more likely.
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, in 2018 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 is 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.
Key Topics Covered:
1. Executive Summary
2. Dry Eye Medication Market Characteristics
3. Dry Eye Medication Market Trends And Strategies
4. Impact Of COVID-19 on Dry Eye Medication
5. Dry Eye Medication Market Size And Growth
5.1. Global Dry Eye Medication Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on The Market
5.2. Global Dry Eye Medication Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Dry Eye Medication Market Segmentation
6.1. Global Dry Eye Medication Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Aqueous dry eye syndrome
Evaporative dry eye syndrome
6.2. Global Dry Eye Medication Market, Segmentation By end-user, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Eye Health Clinics
6.3. Global Dry Eye Medication Market, Segmentation By Product Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7. Dry Eye Medication Market Regional And Country Analysis
7.1. Global Dry Eye Medication Market, Split By Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Dry Eye Medication Market, Split By Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Johnson and Johnson Vision
Bausch & Lomb
I-Med Pharma Inc
Sun Pharmaceutical Industries Ltd
Sentiss Pharma Pvt Ltd
Reckitt Benckiser Group PLC
Alcon Laboratories Inc
Altaire Pharmaceuticals Inc
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