Dry Eye Disease Treatment Market: Advances in Treatment of Dry Eye and Product Approvals & Launches to Augment Global Market
Dry Eye Disease Treatment Market: Introduction
Transparency Market Research has published a new report titled, ‘Global Dry Eye Disease Treatment Market.’ According to the report, the global dry eye disease treatment market was valued at ~US$ 5.4 Bn in 2019 and is projected to expand at a CAGR of ~4% from 2020 to 2030. The rise in incidence of dry eye disease, increase in research & developmental activities, surge in awareness, and growth in co-morbidities & risk factors boost the expansion of the global dry eye disease treatment market.
Anti-inflammatory Drugs to Account for Leading Share of Global Market
In terms of product, the anti-inflammatory segment is anticipated to account for major share of the global dry eye disease treatment market by 2030. The segment is expected to witness strong growth from 2020 to 2030. The anti-inflammatory segment has been split into cyclosporine, corticosteroids, and others (plastoquinonyl decyl triphenylphosphonium (Mitotech), Reproxalap (Aldeyra Therapeutics), and Lifitegrast (Xiidra)). Restasis was the market leading dry eye disease drug during 2018; however, its market share is expected to contract significantly with the arrival of generics and nine new dry eye disease drugs during the forecast period.
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The uptake of these novel therapeutics is anticipated to be a major driver of sales. The anti-inflammatory segment’s large market share is due to increase in clinical studies, approvals, and launch of various novel products. In February 2019, ReGenTree initiated the ARISE-3 study, the phase 3 clinical trial of the new drug RGN-259 for the treatment of dry eye syndrome. In July 2019, Novartis AG completed the acquisition of Xiidra. This acquisition enabled the company to strengthen its products portfolio.
Artificial Tears Product to Account for Significant Market Share
Based on product, the artificial tears segment held major share of the global dry eye disease treatment market in 2019. However, the anti-inflammatory drugs segment is projected to capture the largest share of the global market by 2030. High sensitivity of topical corticosteroids, cyclosporine, and liftegrast eye drops is anticipated to contribute to the leading share of the segment.
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The penetration of liftegrast eye drops in Europe, Asia Pacific, Latin America, and MEA is expected to propel the segment. In the U.S., anti-inflammatory topical medications Restasis and Xiidra are the only two approved therapeutics available for the treatment of dry eye disease. In France, Germany, Italy, and the U.K., the first prescription drug for dry eye disease, the anti-inflammatory Ikervis, was only launched in 2015.
Dry Eye Disease Treatment Market: Prominent Regions
North America held the largest share of the global dry eye disease treatment market in 2019. The market in the region is projected to grow at a rapid pace during the forecast period, driven by presence of key players, technological advancements, and a highly structured healthcare industry. Increase in clinical trials, product launches, and approvals, and rise in investment by key players are anticipated to propel the dry eye disease treatment market in North America.
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The U.S. is expected to dominate the dry eye disease treatment market in the region during the forecast period, owing to early adoption of new technologies. The country is likely to be the most attractive market for dry eye disease treatment products, with high attractiveness index. Well-equipped hospitals, technological advancements, rise in research & development on dry eye disease for novel treatment and appropriate cure, and surge in demand for novel products & treatments are projected to augment the dry eye disease treatment market in the U.S.
Dry Eye Disease Treatment Market: Key Players
Key players focus on strengthening their positions in the global dry eye disease treatment market. Companies are collaborating with other companies, conducting research studies, participating in mergers & acquisitions, and increasing product approvals and launches to secure and strengthen their positions in the global dry eye disease treatment market.
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In May 2020, Wize Pharma, Inc. announced the phase IV clinical trial of its prescription eye drop formula, LO2A, for the symptomatic treatment of dry eye syndrome (DES) in patients with Sjögren's syndrome. Harbour BioMed announced completion of phase 2 study of HBM9036 in China in adult patients with moderate-to-severe dry eye disease (DED). Seciera and NOV03 & CyclASol are in clinical trial phase 3 conducted by Sun Pharmaceutical Industries Ltd. and Bausch Health Companies, Inc. (Novaliq), respectively.
Major players operating in the global dry eye disease treatment market include Novartis AG, Allergan, Bausch Health Companies, Inc., Santen Pharmaceutical Co., Ltd., OASIS Medical, Sun Pharmaceutical Industries Ltd., Johnson & Johnson, Otsuka Pharmaceutical Co., Ltd., Sentiss Pharma Pvt. Ltd., and RegeneRx (ReGenTree, LLC).
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