Dry Eye Syndrome Market Size, Share & Industry Analysis, By Product (Anti-inflammatory and, Artificial Tears and Lubricants), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, and Others), and Regional Forecast, 2019-2026

The global dry eye syndrome market size was valued at USD 4.22 billion in 2018 and is projected to reach USD 7.73 billion by 2026, exhibiting a CAGR of 6.9% during the forecast period.

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Dry eye treatment market growth is driven by significant increase in the number of product launches considering the high prevalence of the disorder and potentially serious and chronic nature of the disease. The treatment of dry eye syndrome through therapeutics such as Xiidra (lifitegrast) and RESTASIS (Cyclosporine Ophthalmic Emulsion) 0.05% may lead to an estimated cost of US$ 5,000.0 per year. Despite such high costs, the severity of the disorder, which is considered to be one of the most common chronic ophthalmic disorders, is driving the adoption of these drugs. The increasing number of pipeline candidates in the pipelines of numerous major companies are anticipated to lead to certain regulatory approvals, further boosting the market size.

MARKET TRENDS

Increasing R&D Initiatives in Treatment of Dry Eye Syndrome and Presence in Pipelines of Key Players

One of the growing market trends in the dry eye disease medications is the increasing R&D initiatives resulting the appearance of potential treatment options in the pipelines of major companies. Some of the major companies with pipeline candidates in the initial and advanced stages of clinical trials includes ALLERGAN’s pipeline candidate of Vimirogant (AGN-242428) and AGN-242428, which currently in Phase – I and Phase – II respectively. Such R&D initiatives are leading to a greater awareness and choices of treatment for the patients. This is estimated to propel the number of patients opting for treatment through advanced therapeutics in coming years.

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Increasing Reimbursement Access to Patients Across the Globe

One of the market trends in the global dry eye disease treatment market is the increasing access to the reimbursement of the expensive drugs across the world in many regions. This is anticipated to positively affect the adoption of the expensive therapeutics, leading to a substantial growth of the global market. For instance, in the U.S., Xiidra (lifitegrast) and RESTASIS (Cyclosporine Ophthalmic Emulsion) 0.05% are subject to considerable reimbursements. But, the complex nature of the reimbursement process for these drugs are anticipated to stall the market growth due to less than optimum adoption of these advanced therapeutics.

MARKET DRIVERS

Significant Rise in the Awareness and Incidence of the Disorder to Augment the Dry Eye Syndrome Market Growth

The overall burden of dry eye syndrome is one of the highest in terms of cost and healthcare services because it affects a considerable portion of the population. The rising incidence of dry eye syndrome due to increasing population is one of the key factor for the growth in global Dry eye treatment market. Identified as one of the most common chronic ophthalmic disorders, it is estimated that the prevalence rates are highly variable and subject to the age of the individuals. The prevalence can be as high as 75.0% for the individuals over the age of 40. Thus, rising prevalence of the disorder is one of the key factors for the increasing revenue generation from dry eye disease treatment market. This has led to the increasing attention and focus from major pharmaceutical companies in terms of the R&D for new therapeutics. Product launches with high efficacies due to increasing awareness and incidence are some of the key driving factors for the global market. Coupled with the increasing awareness of potentially serious nature of the disorder, the increasing demand for better treatment outcomes and quality of life for the patients are further contributing to the growth of the market.

New Product Launches Coupled with Strong Pipeline Products to Address Unmet Medical Needs To Boost Market Growth

The increasing incidence and awareness for dry eye syndrome has increased remarkably which is propelling the demand for efficient therapeutic options leading to better patient outcomes. In recent times, there have been some substantial and very significant product launches in this disease for the effective treatment of dry eye syndrome. Dry eye syndrome is a common disorder affecting a substantial portion of the global population leading to high burden of cost. Two product launches: Xiidra (lifitegrast) and RESTASIS (Cyclosporine Ophthalmic Emulsion) 0.05% for the treatment of the disorder are anticipated to drive the market greatly. Coupled with high efficiency of the therapeutics, these factors are anticipated to drive dry eye syndrome treatment market. A number of key pipeline candidates in the advanced stages of clinical trials is also anticipated to boost the market in the forecast period.

MARKET RESTRAINT

High Costs Associated with the Approved Products To Restrict Dry Eye Syndrome Market Growth

One of the key factors that have limited the growth of the global market are high prices associated with the treatment options. For instance, both the key products of Xiidra (lifitegrast) and RESTASIS (Cyclosporine Ophthalmic Emulsion) 0.05% cost an estimated US$ 5,000 to the patient, with RESTASIS boasting a payer coverage rate of 85.0%. Such high costs of treatment for non-insured patients may deter them from the adoption of such advanced drugs. These high costs often affect the adoption of treatment for many patients, but an overwhelming number of emerging countries across the world may move towards the adoption of generics. Despite the steps taken by the manufacturers of Xiidra to not charge premium rates of the product in order to combat the market share held by the comparatively lower priced RESTASIS, such high costs may limit the market growth.

SEGMENTATION

By Product Analysis

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Anti-inflammatory to Gain Momentum during the Forecast Period

Based on product, the Dry eye treatment 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. Anti-inflammatory segment accounted for the maximum share in 2018, which is attributable to the fact that in 2018, a number of key products belonged to this segment. However, artificial tears and lubricants also formed a key component in terms of treatment of the disease. Hence, this segment also held a sizeable portion of the global dry eye disease treatments market in 2018. 

By Distribution Channel Analysis

Hospital Pharmacies To Retain Its Leading Position

By distribution channel, the global dry eye disease treatment market is categorized into hospital pharmacies, retail pharmacies, online pharmacies, and others. In terms of value, hospital pharmacies accounted for the leading market share in 2018, which is attributable to the fact that the majority of the medications for treatment can be only prescribed after thorough examinations by trained medical professionals. Hence, the retail pharmacies segment registers a comparatively lower CAGR, but will still account for a strong 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 ANALYSIS

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The dry eye syndrome market in North America was valued USD 2.42 billion in 2018. 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. 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 dry eye disease treatment market during the forecast period. Europe is expected to hold the second leading position in terms of market share by witnessing strong growth in long-term period. As per our market research study, Asia Pacific is expected to witness relatively significant growth in terms of Dry eye treatment market value. Increased awareness regarding the disorder is anticipated to improve the accessibility and adoption of high cost treatment options which is likely to augment the expansion of dry eye syndrome treatment market during the forecast period. 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. This boosts the market for greater adoption of therapeutics for dry eye syndrome  and is projected to boost the expansion of the market in Asia Pacific during the forecast period.

In Latin America, the rising incidence of the disorder among the regional population is boosting the dry eye syndrome treatment market growth. The Middle East & Africa is estimated to reflect a steady growth during the forecast period, which is attributable to the high incidence of the disorder in the Middle Eastern countries. However, higher incidences and increased awareness in countries in Africa such as South Africa regarding the severity of the disease are the key factors estimated to propel the revenue from Middle East & Africa Dry eye treatment market during the forecast period.

KEY INDUSTRY PLAYERS

ALLERGAN and Alcon Focuses On Introduction Of Advanced Therapeutics To Gain Strategic Position Across The Globe

ALLERGAN and Alcon accounted for the highest share of the market in 2018, 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 first and only prescription treatment approved to treat both signs and symptoms of dry eye. Alcon has a number of key products used for the treatment and management of dry eye disease. Hence, these two companies dominate the landscape in terms of the market share. Other companies such as Novartis and Santen Pharmaceutical Co., Ltd. hold key product offerings, some of which make these companies, the key leaders in the global market.

LIST OF KEY COMPANIES PROFILED IN THE REPORT:

• ALLERGAN


• Alcon  


• Novartis AG


• Santen Pharmaceutical Co., Ltd.


• OASIS Medical


• Sun Pharmaceutical Industries Ltd


• Otsuka Pharmaceutical Co., Ltd.


• Sentiss Pharma Pvt. Ltd.


• Johnson & Johnson Vision Care, Inc.


• VISUfarma


• 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 report offers qualitative and quantitative insights on dry eye syndrome products and the 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 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, overview of novel approaches to treat dry eyes, and key industry trends.

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Report Scope & Segmentation