Hyderabad, April 05, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Dry Eye Disease Market – (2023 – 2028),” the dry eye disease market is expected to register a CAGR of 5.1%. Several factors, including aging, declining supportive hormones, systemic inflammatory diseases, ocular surface diseases, and surgeries affecting the cholinergic nerves that stimulate tear secretion, are linked to the rising prevalence of dry eye-related diseases.
An article published in Frontiers in Medicine Journal predicted DED to be the fifth most common ocular condition in women and the ninth most common in men in the United States by 2021. Furthermore, an article published in the Journal of the British College of Ophthalmic Opticians predicted the global prevalence of dry eye disease is expected to be 11.59% in 2021. As a result, the burden of DED is expected to drive the country's market growth.
What are the major trends driving the Dry Eye Disease Market:
The Corticosteroids drug segment is expected to hold a significant market share due to the high demand for treating dry eye diseases and the benefits and increasing product launches and approvals.
- The mean age of patients surveyed was 57.8 and the MMP-9 positivity was 73.0%.
- This indicates the high prevalence of dry eye disease in the elderly population.
- Patients were treated with topical corticosteroids for one month, leading to up to a 90.6% improvement in symptoms and signs.
- Corticosteroids offer anti-inflammatory benefits and symptom relief, driving the market’s growth.
- Also, the elderly population is expected to grow in the coming years.
- This population group is more prone to eye-related disorders, which will ultimately drive the market in the future.
- Rising product approvals and new product launches are some other factors anticipated to propel the demand for corticosteroids.
In February 2021, the US FDA approved an abbreviated new drug application (ANDA) submitted by Akorn Operating Company LLC for loteprednol etabonate ophthalmic gel 0.5%, which is indicated for the treatment of post-operative inflammation and pain following ocular surgery.
How is the growth being addressed?
Because of the high prevalence of dry eye diseases and the ease with which solutions are available in the region, North America is expected to hold a significant share of the dry eye disease market.
- DED is a progressive eye disease that can affect people of all ages and backgrounds.
- It is expected to drive growth in the North American market in the next few years, due to increased demand for better and more effective therapeutics.
- An article published in Cureus Journal in July 2022 stated that the prevalence of DED in Canada was estimated at 21%.
- Eye cosmetics are a risk factor for DED. Individuals using them are more likely to have DED than the general population.
- The high prevalence of the disease is estimated to boost the market growth in the region during the forecast period.
- Additionally, drug launches are one of the key factors boosting the market’s growth.
- Kala Pharmaceuticals Inc. launched EYSUVIS, a 0.25% treatment of short-term (up to two weeks) dry eye disease symptoms.
- EYSUVIS is now available in national and regional United States pharmaceutical distribution centers.
- Patients with a prescription can access EYSUVIS through their local retail pharmacies or get it delivered to their homes.
Furthermore, in January 2022, Sun Pharma Canada Inc., a subsidiary of the Mumbai-based company Sun Pharmaceutical Industries Limited, launched Cequa (cyclosporine ophthalmic solution 0.09 percent w/v), a calcineurin inhibitor immunomodulator. Such novel product launches can give the country a cutting edge in the market.
Who are the key players in the Dry Eye Disease Market?
The Dry Eye Disease Market is fragmented in nature due to the presence of many companies operating globally as well as regionally. The competitive landscape includes companies such as:
- Santen Pharmaceutical Co. Ltd
- OASIS Medical
- Alcon Inc.
- Bausch Health Companies Inc.
- AbbVie Inc. (Allergan PLC)
- Horus Pharma
- Johnson & Johnson
- Mitotech
- Novaliq GmbH
- Otsuka Pharmaceutical Co. Ltd
- Prestige Consumer Healthcare
- Sentiss Pharma Pvt. Ltd
- Sun Pharmaceutical Industries Ltd
- VISUfarma
Recent developments in the Dry Eye Disease Market:
- In October 2022: Aldeyra Therapeutics, Inc. completed the phase 3 clinical trial of 0.25% reproxalap ophthalmic solution, an investigational new drug candidate, for treating allergic conjunctivitis. The company presented the clinical data from the trial at the American Academy of Optometry 2022 Annual Meeting.
- In January 2022: NovaBay Pharmaceuticals launched its Avenova lubricating eye drops to treat dry eye symptoms.
In a nutshell, the Mordor Intelligence Market Research Report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the https://www.mordorintelligence.com/industry-reports/dry-eye-disease-market
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Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
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