Pune, India., May 07, 2021 (GLOBE NEWSWIRE) -- Dry Eye Products Market: Key Insights
According to our new research study on “Dry Eye Products Market to 2027 – Global Analysis and Forecast – by Product and Type,” the Dry Eye Products Market Size was valued at US$ 6,385.14 million in 2019 and is projected to reach US$ 9,141.01 million by 2027; it is expected to grow at a CAGR of 4.8% during 2020–2027. Rising incidence of dry eye and growing geriatric population are expected to boost the growth of the global dry eye products market.
Dry Eye Products Market: Competition Landscape and Key Developments
Novartis AG; Santen Pharmaceutical Co., Ltd; Johnson and Johnson Services, Inc; OASIS Medical; URSAPHARM Arzneimittel GmbH; ROHTO Pharmaceutical Co., Ltd; OCuSOFT Inc; Bausch Health Companies Inc; AbbVie Inc; and Prestige Consumer Healthcare Inc. are among the key companies operating in the dry eye products market. The companies have utilized organic strategies such as launches, expansion, and product approvals. Moreover, inorganic strategies such as mergers & acquisitions, partnership, and collaborations, were widely seen in the dry eye products market.
In January 2020, Santen Pharmaceutical Co., Ltd announced the opening of a new manufacturing plant in China. This was a part of business expansion plan by the company.
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In June 2020, OCuSOFT Inc. and EKKDA Research, LLC entered into a sales-distribution agreement. This partnership will help the partners to establish and develop ophthalmology and optometry related business. EKKDA’s research LLC's projects are focused fundamentally on eye care.
In 2019, North America dominated the global dry eye products market. The market growth in the region is attributed to key factors such as increase in incidence of dry eye, rise in demand for dry eye products, presence of various companies, increase in government support, and surge in healthcare expenditure. According to the American Academy of Ophthalmology data for 2019, in 2012, the total prevalence of dry eye condition increased by 5.28% in all age groups. The percentage for females increased by 7.78%, and in males, it increased by 2.96%. Similarly, according to the National Health and Wellness Survey data published in 2020, 6.8% of the adult population in the US was diagnosed with dry eye in 2017. The increasing incidence of dry eye is expected to boost the demand for dry eye products during the forecast period.
Based on product, the dry eye products market is segmented into antibiotic drops, hormone drops, artificial tears, and others. The artificial tears segment held ~49.32% of the market share in 2019. In terms of type, the dry eye products market is segmented into OTC Drugs and prescription drugs; The OTC segment held larger market share in 2019, and it is further anticipated to register a significant CAGR during 2020–2027.
The incidence and prevalence of dry eye are rising among the population, especially in developed nations. Dry eye is caused by multiple factors that result in discomfort, irritation, and visual disturbance. For instance, in April 2020, according to a study “National Health and Wellness Survey” conducted in the US, ~16.4 million people were diagnosed with dry eye. The data also stated that the prevalence has gone up by 2.7% among the people of age 18−34 years. Additionally, the prevalence was 18.6% among older people. Based on sex, the percentage of prevalence was higher in women; it accounted for 8.8% than men with 4.5%.
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The incidence of dry eye is higher among the population in Europe and Asia Pacific. Regions like the Middle East & Africa also have increasing prevalence due to the chronic health conditions and environmental conditions. According to an article published in 2019 by the Department of Research, King Khaled Eye Specialist Hospital, Riyadh, Saudi Arabia, the incidence of dry eye is high among women. The primary cause of dry eye is the medication of glaucoma.
The rising incidence of dry eye is leading to increase in direct cost of treatment. According to the Ocular Surgery News, the annual direct cost for mild dry eye symptom treatment was US$ 678, for moderate dry eye symptom was US$ 771, and for the severe dry eye symptom was US$ 1,267. Thus, the increasing prevalence of dry eye is expected to drive the dry eye products market.
The outbreak of COVID-19 has negatively influenced the ophthalmic industry. Companies manufacturing ophthalmic products have faced losses during the COVID-19 pandemic. Some companies have enough funds to sustain during the lockdown period. The lockdown situation has resulted in a decrease in number of visits to healthcare facilities centers, and fewer prescriptions have been issued for ophthalmic conditions. Therefore, it has affected various companies' sources of revenue generation.
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Dry Eye Products Market: Segmental Overview
In terms of type, the prescription drugs segment is anticipated to register higher CAGR in the dry eye products market during the forecast period. Doctors usually prescribe eye drops when enough results are not obtained by the over-the-counter teardrops. In 2019, Novartis acquired Xiidra from Takeda Pharmaceutical, which is FDA approved for the treatment of dry eye disease caused by inflammation on the surface of the eye. Restasis from Allergan Inc. provides relief from dry eye disease. It helps in reducing inflammation and promoting tear production. Cyclosporine eye drops are recommended for long term use in chronic dry eye. Furthermore, in 2019, Sun Pharmaceutical Industries Ltd. launched CEQUA ophthalmic solution for the treatment of keratoconjunctivitis sicca for the US market. In terms of product, the artificial tears segment accounted for more than 45% share of the dry eye products market in 2019.
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