Companies in the Ophthalmology Drugs Market are Investing in Global Expansion and Acquisitions, TBRC Report Suggests
LONDON, June 2, 2020 /PRNewswire/ -- Companies in the ophthalmology drugs market are increasing their investments in the developing regions of South America, Africa, and Asia, to capitalize on untapped market opportunities. For example, in January 2019, Takeda Pharmaceutical, a Japan-based pharmaceutical company specialized in manufacturing, research and development of pharmaceutical drugs such as oncology, gastrointestinal, and central nervous system disease, acquired Shire Plc for £46 billion ($59 billion). The acquisition helped Takeda Pharmaceutical to become a global, R&D driven biopharmaceutical leader. Shire Plc is a biotechnology company that specializes in developing products in areas such as hematology, immunology, ophthalmics, gastrointestinal, internal medicine endocrine and oncology.
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Increasing Research And Collaborations
In the historic period, the ophthalmology drugs market witnessed a rise in the number of research collaborations as well as research funding approvals. Companies in the market are expected to increase their R&D expenditure to develop innovative and novel therapies to treat dry eye disorders. For instance, in November 2017, an Israeli-Australian company, Azura Ophthalmics, raised $16 million for the research and development of its new treatment of meibomian gland dysfunction, a common eye condition resulted by the lack of secretion of oil by the meibomian glands. It is a leading cause of dry eye syndrome. The funding came from Brandon Capital, TPG Biotech, OrbiMed and Ganot Capital. In September 2017, HanAll Biopharma Co., Ltd., a subsidiary of South Korea-based Daewoong Pharmaceutical Co., Ltd., announced its collaboration with China's Harbour BioMed to research and develop HanAll's two novel biologics in Greater China. One of the biologics is the HL036, an anti-TNF ophthalmic solution devised for the treatment of dry eye and other inflammatory diseases.
New Product Development In The Market
There has been a significant rise in new drugs and medications to treat symptoms and disorders related to dry eyes in the last five years. Ophthalmology drug companies are increasingly investing in research and development for new and innovative dry eye medications. For instance, Eleven Biotherapeutics is working towards the development of potential protein therapeutics to treat dry-eye diseases. The company's EBI-005, which is currently in its late-stage clinical development, is intended to treat dry-eye disease and allergic conjunctivitis. It is expected to achieve a significant improvement in ocular itching, tearing and nasal symptoms associated with the disorder. In July 2016, the US Food and Drug Administration (FDA) approved Xiidra's LFA-1 eye drops, the country's first prescription drug to treat dry eyes, after being tested on more than 1,000 adults in four separate clinical trials.
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Digitalization Of The Workspace Is Driving The Ophthalmology Drugs Market
The global ophthalmology drugs market will grow from $24,640 million in 2019 to nearly $33,273 million in 2023 at a compound annual growth rate (CAGR) of 7.8%. Despite slight decline in market growth due to COVID-19, the market is expected to recover and stabilize in the forecast period. Changes and shifts in working lifestyles towards digitalization of the workspace and rise in sedentary jobs are forcing people to spend long hours in front of a computer screen, which is driving the demand for dry eye medication. Increasing cases of dry eyes from excessive time spent on electronic devices such as phones and computers has led to the development of the term "digital eye strain" or "computer vision syndrome." It is increasingly becoming a widespread problem as more and more people are spending hours staring at computers, cellphones, and other electronic devices. According to a survey conducted by the Vision Council, almost 70% of US adults have experienced some of the symptoms of digital eye strain. It is also found that people who use digital devices blink at a rate that is one-third less than normal. The continuous digitalization of the workplace is expected to be a major driver for dry eye medications, thus contributing to the growth of the ophthalmology drugs market.
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