Dry Eye Syndrome Market Size, Share & COVID-19 Impact Analysis, By Product (Anti-inflammatory and Artificial Tears & Lubricants), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, and Others), and Regional Forecast, 2020-2027

The global dry eye syndrome market size was USD 5.22 billion in 2019 and is projected to reach USD 6.54 billion by 2027, exhibiting a CAGR of 4.7% during the forecast period.

Dry eye treatment market growth is driven by a significant increase in the number of product launches considering the high prevalence of the dry eye disorder and potentially serious and chronic nature of the disease. The dry eye disease is mainly treated by by products such as Xiidra (lifitegrast) and RESTASIS (Cyclosporine Ophthalmic Emulsion) 0.05% may lead to an estimated cost of US$ 5,000.0 per year. These products are costly, however, huge unmet need and high effectivity of the products drive the adoption of the dry eye disease treatment products The increasing number of candidates in the pipelines by numerous major companies are anticipated to lead to certain regulatory approvals, further boosting the market size.

Decline in Dry Eye Drugs Sales amid COVID-19 to Affect Revenue

The COVID-19 outbreak had a negative impact on the sales of the dry eye drugs due to the lockdown and certain restrictions imposed in the regions to curb the spread of the infection. The market players witnessed a strong decline in their revenue of dry eye drugs. For instance, Novartis AG’s latest press release witnessed a decline of -31.4% in the revenue of its dry eye product Xiidra. The drug generated a revenue of US$ 104.0 Mn in a quarter second of 2019 whereas it generated US$ 79 Mn in the second quarter of 2020. The pandemic also led to a significant drop in the number of new eye examinations in the affected countries. The result has reduced the demand for dry eye drugs.

LATEST TRENDS

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Increasing R&D Initiatives and Growing Number of Drug Candidates to Consolidate Business

Rise in the R&D spending, successful clinical trials, and increasing new product approvals has been one of the leading market trend of the dry eye disease market. Large number of players are engaged in the clinical trials for example, Aldeyra Therapeutics, Inc.’s pipeline candidate of Reproxalap which is currently in Phase – III. This type of initiatives are poised to drive the revenue generation by dry eye disease treatment market.

DRIVING FACTORS

Growing Prevalence of the Dry Eye Syndrome to Augment the Market Growth

Dry eye disease, also known as keratoconjunctivitis sicca (KCS) is one of the common ophthalmic disorder affecting approximately 360 Million people worldwide. The patients experience, dryness, irritation, redness, fatigued eyes, and blurred vision. The prevalence varies with age however, the prevalence is increasing in young as well as older population due to growing use of screens, improper diet, growing use of contact lenses , and rise in the number of LASIK surgeries.

With increasing age, ability of the lachrymal glands to produce tears decreases leading to dry eye condition. The rising incidence of dry eye syndrome due to increasing geriatric population is one of the key factor contributed to the growth in global dry eye drugs market. The prevalence can be as high as 75.0% for the individuals over the age of 40.

According to American Association of Ophthalmology (AAO), approximately 20 million people in the United States (344 million people worldwide) have dry eye disease (DED), and that number is growing in both young and old adults, making it imperative that clinicians figure out how best to treat it.

RESTRAINING FACTORS

Limited Awareness About Dry Eye Disease to Limit Market Growth

The awareness about eye health is low among the population. There is a lack of understanding about many dry eye symptoms that can be treated or corrected easily with proper diagnosis and medications. People do not visit ophthalmologists on regular basis unless there is major symptomatic condition. The dry eye symptoms redness, burning, etc. are many times ignored and are not diagnosed which reduces the patient pool that can be treated with prescription drugs. A survey conducted in UK found out that one out of four adults are not conducting eye tests every two years as recommended by the NHS with a higher level of ignorance about eye health among youngsters.

SEGMENTATION

By Product Analysis

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Anti-inflammatory to Gain Momentum during the Forecast Period

Based on the product, the dry eye syndrome market is segmented into anti-inflammatory and artificial tears and lubricants. The anti-inflammatory segment can be further categorized into cyclosporine, lifitegrast, corticosteroids, and others. The anti-inflammatory segment accounted for the maximum share in 2019, which is attributable to the fact that in 2019, several key products belonged to this segment. However, artificial tears and lubricant eye drops also formed a key component in terms of treatment of the disease. Hence, this segment also held a sizable portion of the global keratoconjunctivitis sicca treatment market in 2019. 

By Distribution Channel Analysis

Hospital Pharmacies To Retain Leading Position

By distribution channel, the global market is categorized into hospital pharmacies, retail pharmacies, online pharmacies, and others. Among them, the hospital pharmacies segment held dominating share of the market in 2019. This was attributable to the high preference given to hospitals as majority of the medications can be only prescribed after thorough examinations by trained medical professionals. The retail pharmacies segment registers moderate CAGR, but will still account for a considerable dry eye syndrome market share because of the over-the-counter availability of certain therapeutic options. The online pharmacies will register the highest CAGR because of the ease and convenience afforded by these institutions in terms of the availability of the drugs.

REGIONAL INSIGHTS

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The North America was USD 2.43 billion in 2019. The findings based on our research methodology indicate North America to hold the largest share in the global dry eye syndrome treatment market during the forecast period. The strategic presence of key manufacturers in the U.S. and high awareness and incidence of dry eye syndrome in the U.S. and Canada are the key factors estimated to boost the expansion of the market during the forecast period. Followed by North America, Europe held the second leading position in terms of market share in 2019 and is projected to grow at considerable growth rate by 2027.

The market in Asia Pacific region is projected to expand at significantly high growth rateduring the forecast period. Increased awareness regarding the disorder is anticipated to improve the accessibility and adoption of high-cost treatment options. For instance, in the key regions of Asia such as Japan, the prevalence of dry eye syndrome is considered to be on the higher side as compared to other regions across the world. In Latin America, the rising incidence of the disorder among the regional population is boosting the dry eye syndrome market growth.

The market for dry eye syndrome in Latin America and Middle East & Africa are estimated to show steady growth of the market during the forecast period, which is attributable to the growing prevalence of the disorder in the Middle Eastern countries. Moreover, increased awareness in countries in Africa such as South Africa regarding the severity of the disease and rise in the healthcare spending are the key factors estimated to propel the revenue from the Middle East & Africa Keratoconjunctivitis Sicca treatment market during the forecast period.

KEY INDUSTRY PLAYERS

 Introduction of Advanced Therapeutics by Players to Reinforce Market Position

ALLERGAN and Alcon accounted for the highest share of the market in 2019, owing to their key products for the treatment and management of dry eye disease. ALLERGAN, for instance, holds the key product of RESTASIS. Xiidra by Shire (now Takeda Pharmaceutical Company Limited), now owned by Novartis, is the prescription treatment approved to treat both signs and symptoms of dry eye.

Alcon has several key products used for the treatment and management of dry eye disease. Hence, these two companies dominate the landscape in terms of market share. Other companies such as Novartis and Santen Pharmaceutical Co., Ltd. hold key product type offerings, some of which make these companies the key leaders in the global market.

LIST OF KEY COMPANIES PROFILED:

• ALLERGAN (Dublin, Ireland)


• Alcon (Geneva, Switzerland)  


• Novartis AG (Basel, Switzerland)


• Santen Pharmaceutical Co., Ltd. (Japan)


• OASIS Medical (California, U.S.)


• Sun Pharmaceutical Industries Ltd (Mumbai, India)


• Otsuka Pharmaceutical Co., Ltd. (Tokyo, Japan)


• Sentiss Pharma Pvt. Ltd. (Haryana, India)


• Johnson & Johnson Vision Care, Inc. (Jacksonville, U.S.)


• VISUfarma (Amsterdam, Netherlands)


• Other Prominent Players

KEY INDUSTRY DEVELOPMENTS:

• October 2019 - Sun Pharmaceutical Industries Ltd announced the launch of CEQUA for the treatment of dry eye disease in the U.S. CEQUA offers the highest concentration of cyclosporine for ophthalmic use approved by the U.S. Food and Drug Administration (FDA).


• July 2019 – Novartis announced the completion of the successful acquisition of Xiidra (lifitegrast ophthalmic solution) 5%, the first and only prescription treatment approved to treat both signs and symptoms of dry eye by controlling the inflammation caused by the disease


• August 2016 – Shire (now Takeda Pharmaceutical Company Limited) announced the launch of the dry eye drug called Xiidra (lifitegrast) in the U.S.

REPORT COVERAGE

An Infographic Representation of Dry Eye Syndrome Market

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The market research report offers qualitative and quantitative insights on the dry eye syndrome therapeutics market and a detailed analysis of market size & growth rate for all possible segments in the market. Along with this, the report provides an elaborative analysis of market dynamics, emerging trends, and the competitive landscape. Key insights offered in the report are the prevalence of dry eye disease for key countries, key industry developments, pipeline analysis, new product launches, reimbursement policies, regulatory scenario, an overview of novel approaches to treat dry eyes, and key industry trends.

Report Scope & Segmentation