Burlingame, Feb. 10, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global dry eye syndrome treatment market is estimated to be valued at US$ 7,245.3 million in 2022 and is expected to exhibit a CAGR of 16.4% during the forecast period (2022-2030).
Key Trends and Analysis of the Global Dry Eye Syndrome Treatment Market:
Major players operating in the market are focusing on adopting strategies such as collaboration to conduct clinical trial study, which is expected to drive the market growth over the forecast period. For instance, in September, 2021, Bausch Health Companies Inc., a Canadian multinational specialty pharmaceutical company, in collaboration with Novaliq GmbH, a biopharmaceutical company focusing on first- and best-in-class ocular therapeutics announced topline data from the second Phase 3 trial evaluating the investigational drug NOV03 (perfluorohexyloctane), an eye drop with used to treat the signs and symptoms of dry eye disease (DED). The trial met all of its secondary endpoints, showing statistically significant improvements in each of the signs and symptoms of dry eye syndrome associated with Meibomian gland dysfunction (MGD) that were evaluated.
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Key Market Takeaways:
The global dry eye syndrome treatment market is expected to exhibit a CAGR of 16.4% during the forecast period due to increasing product launch of ophthalmic solution for dry eye treatment is expected to drive the market growth over the forecast period. For instance, in November 2022, Santen Pharmaceutical Co., Ltd., one of the global leader in ophthalmological research and development company, announced that it has launched the dry eye treatment DIQUAS LX Ophthalmic Solution 3% (diquafosol sodium) in Japan. DIQUAS LX Ophthalmic Solution 3% (diquafosol sodium) are eye drops indicated for the ophthalmic dry-eye treatment.
Among Product Type, Cyclosporine segment is estimated to hold a dominant position in the global dry eye syndrome treatment market over the forecast period, owing to the U.S. Food and Drug Administration (FDA) approval. For instance, in February 2022, Viatris Inc., one of the global pharmaceutical company, announced that it has received the U.S. Food and Drug Administration (FDA) approval for its Abbreviated New Drug Application (ANDA) for Cyclosporine Ophthalmic Emulsion 0.05%. Cyclosporine Ophthalmic Emulsion is indicated to increase tear production in patients for ocular inflammation associated with keratoconjunctivitis sicca, also known as dry eye.
Among regions, North America is estimated to account for the largest market share in the global dry eye syndrome treatment market over the forecast period, owing to the submission of a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA). For instance, in August 2022, Novaliq GmbH, a medical technology company based in Massachusetts, U.S., announce the submission of a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for the approval for CyclASol (cyclosporine ophthalmic solution). CyclASol is a topical anti-inflammatory and immunomodulating ophthalmic drug solution, developed for the treatment of dry eye disease.
Competitive Landscape:
Key players operating in the global dry eye syndrome treatment market include AbbVie Inc., Novartis AG, Bausch Health Companies Inc., Johnson & Johnson, Inc., I-MED Pharma inc., Santen Pharmaceutical Co., Ltd, AFT Pharmaceuticals, Novaliq GmbH, Otsuka Pharmaceutical Co., Ltd., Sun Pharmaceutical Industries, Inc., Teva Pharmaceutical Industries Ltd., Mitotech, SA, Viatris Inc., among other prominent players
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Market Segmentation:
- Global Dry Eye Syndrome Treatment Market, By Product Type:
- Cyclosporine
- Oral Corticosteroid
- Artificial Tears
- Omega Supplements
- Punctual Bags
- Others
- Global Dry Eye Syndrome Treatment Market, By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Supermarket/ Hypermarket
- Other Stores
- Online Pharmacies
- Global Dry Eye Syndrome Treatment Market, By Region:
- North America
- By Country
- U.S.
- Canada
- By Country
- Latin America
- By Country
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country
- Europe
- By Country
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country
- GCC
- Israel
- Rest of Middle East
- By Country
- Africa
- By Region/Country
- South Africa
- Central Africa
- North Africa
- By Region/Country
- North America
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