Dry Eye Disease Market - Development of Novel Therapeutics by Market Players to Boost Market Growth
Dry eyes, which is a very common phenomenon these days characterized by inadequate tears in the eye, can be treated by number of methods such as medical device therapies, medications, and surgical interventions. The dry eye disease is something which many individuals experience sometime or the other in his or her lifetime. Dry eye is a problem which needs to be treated because insufficient lubrication of the eye causes redness, burning sensation, as well as pain in the eye. It is caused by Meibomian Gland Dysfunction (MGD) wherein there is an insufficiency of the tear producing glands. According to a recent research report by a research firm called Transparency Market Research (TMR), the global dry eye disease market will exhibit a 4.5% CAGR in the period from 2017 to 2025 reaching an evaluation of US$7.78 bn by the end of 2025.
The blog post below answers three important questions regarding the global dry eyes disease market by TMR analysts:
Factors Responsible for the Growth of the Dry Eyes Disease Market
From many years now, dry eyes has become increasingly prevalent among people across all age groups. This is obviously helping the market to grow. In addition to this, the growing awareness among the people regarding the medications available, the introduction of technologically advanced diagnostic tools, and the involvement of the treatment administered for treating dry eyes are some of the other factors aiding the growth of the global dry eye disease market. Leading players within the market are launching effective eye drops such as Restasis and Ikervis. Other players have started directing their efforts for the development of novel therapeutics for treating the inflammation of the eye. Growing investments in R&D and for the development of devices such as drug-eluting contact lenses and drug loaded punctual plugs will propel the growth of the dry eyes disease market.
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Demand for Anti-inflammatory Drugs to Remain High Through Forecast Period
Among the different products such as artificial tears anti-inflammatory drugs, it is the latter which will contribute the maximum to the revenue of the global dry eye disease market. The introduction of various new and inflammatory drugs such as Lifitegrast (Xiidra) will be a key reason for the growth of this segment. The advancements in the existing eye drops such as cyclosporine will also lead to the expansion of anti-inflammatory drugs segment.
Recent Developments in the Dry Eye Disease Market
Recently, in vitro models are being used for obtaining a thorough understanding of dry eyes disease related inflammatory processes at the cellular level. Advanced Techniques such as conjunctivitis biopsy, multiplex tear analysis, and impression cytology are some of the ways which have resulted in improved assessment of the inflammation among patients suffering from dry eye disease. The latest strategy is to focus on breaking the inflammatory cycle perpetuating the ocular surface disease which has led to the development of anti-inflammatory compounds that show promising results. Agents such as corticosteroids and essential fatty acids which have anti-inflammatory properties are also being used and proven to show positive results.
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Rising Approval of Novel Drugs Pushes North America to Market’s fore
Geographically, dry eye disease market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America dominated the global dry eye disease market in terms of revenue in 2016 and is projected to retain its dominant position during the forecast period from 2017 to 2025. High adoption of prescription dry eye disease drugs in the U.S. and increasing number of approvals for new drugs and devices from the U.S. FDA are some of the major factors responsible for high share held by North America in 2016. Asia Pacific is anticipated to gain market share during the forecast period owing to large patient pool, increasing per capita health care expenditure and increasing investment of key players in this market.
Key companies profiled in the report include Santen Pharmaceutical Co., Ltd., Novartis AG, Valeant Pharmaceuticals International, Inc., Allergan plc, Shire plc, TRB Chemedica International SA, Sun Pharmaceutical Industries Ltd., Senju Pharmaceutical Co., Ltd., Sentiss Pharma Pvt. Ltd., Johnson & Johnson, Otsuka Pharmaceutical Co., Ltd., Mitotech S.A. and FCI S.A.S.
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