Dry Eye Medication Global Market Report 2022
Major players in the dry eye medication market are Novartis, Allergan, Otsuka, Santen Pharmaceutical, Auven Therapeutics, Akorn, Valent Pharmaceuticals, Johnson and Johnson Vision, Alcon and Bausch & Lomb.
New York, March 16, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Dry Eye Medication Global Market Report 2022" - https://www.reportlinker.com/p06245021/?utm_source=GNW
The global dry eye medication market is expected to grow from $7.63 billion in 2021 to $8.62 billion in 2022 at a compound annual growth rate (CAGR) of 12.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $13.27 billion in 2026 at a CAGR of 11.4%.
The dry eye medication market consists of sales of dry eye medications (drugs) to reduce eyelid inflammation, redness, cornea inflammation, and tear-stimulating drugs.
The main types of dry eye medication are aqueous dry eye syndrome, evaporative dry eye syndrome.Dry eye syndrome is a frequent problem that arises when the tears aren’t able to keep the eyes lubricated enough.
Tears may be insufficient and unstable for a variety of causes. The different types of products include liquid drops, gel, liquid wipes, eye ointment and is used by hospital pharmacies, eye health clinics, retail pharmacies, online pharmacies.
North America is the largest region in the dry eye medication market in 2021.Middle East is expected to be the fastest growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increased number of cases for dry eye disease results in an increased demand for its treatment.Factors such as aging, lack of vitamin A, wearing lenses, eye surgeries, direct contact with dry wind or smoke, and exposing one’s eyes to screens for a long duration increase the occurrence of dry eye more likely.
For example, a survey conducted by the American Academy of Ophthalmology reported that in the USA, nearly 3.2 million women and 1.68 million men, over the age of 50 were affected by dry eye syndrome. Similarly, a study conducted by Indian Journal Ophthalmology indicated a 32% prevalence of dry eye disease in the Northern part of India. the rising prevalence of the disease would increase the demand for its treatment and ultimately facilitate the growth of this market.
The market for dry eye medication is restricted by the long approval process that is undertaken before any drug is approved by the concerned authority.The standard protocol for testing any new drug demands a series of tests and trials including laboratory tests, animal model tests, and clinical trials.
Most drugs fail during clinical trials and only a small percent of them successfully move forward.The cumbersome process of obtaining approvals takes a longer duration of time and restricts the growth of this market.
For example, in 2020, Eysuvis, a drug that addresses the short-term treatment needs of patients living with dry eye disease, was approved by the Food and Drug Administration (FDA) after its safety and effectiveness were assessed on more than 2900 patients with the disease in different clinical trials. Similarly, Kissei Pharmaceutical announced to discontinue the development of the KCT-0809 drug after it failed to pass the 3rd phase of clinical trials.
Treatment for dry eye disease improved with the incorporation of modern techniques that helped invent advanced hyaluronic acid-based lubricants and lipid emulsions.This technology replaces artificial tears that include isotonic sodium chloride and provides long-lasting lubrication on the surface of the eye.
For instance, Allergan, a global pharmaceutical company, launched Refresh Repair Lubricant Eye Drops which are designed to repair and protect the eyes from dry eye disease and improve the clarity of vision and is formulated with carboxymethylcellulose (CMC), hyaluronic acid, and osmoprotectants.These components maintain the health of the ocular surface and safeguard epithelial cells.
Advances in technology will have a positive effect on the market.
The dry eye medication market is strictly regulated by government agencies such as USFDA (Food and Drug Administration), the European Medicines Agency (EMA), and others.For instance, in the USA, FDA evaluates and approves the drugs meant for dry eye treatment.
According to Section 201(g) of the FDA and CFR (Code of federal regulations) act, the licenses are granted to the drug manufacturing companies allowing them to sell only those drugs that are safe and clinically effective.FDA demands a number of tests and several clinical trial rounds before granting such approvals.
For example, in January 2019, FDA approved Kala Pharmaceuticals eye-related drug called INVELTYS.
In 2019, Takeda, the largest pharmaceutical in Asia acquired Shire plc for $62 billion.This acquisition expands Takeda’s portfolio which is strengthened by innovative drugs to different therapeutics including dry eyes and has expanded the geographic footprint of the company in Japan and the USA.
Shire was founded in 1986 and is headquartered in Massachusetts, USA. Shire develops medicines that aim to improve the patient’s quality of life.
The countries covered in the dry eye medication market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06245021/?utm_source=GNW
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