Global Dry Eye Medication Market Analysis and Outlook, 2020-2030
LONDON, Jan. 14, 2020 /PRNewswire/ -- TheBusinessResearchCompany.com offers "Dry Eye Medication Global Market Report 2020" from its research database where the study is segmented into Aqueous dry eye syndrome and Evaporative dry eye syndrome. Browse Complete Research Report @ https://www.thebusinessresearchcompany.com/report/dry-eye-medication-global-market-report.
The Strictly Regulated Dry Eye Medication Market Will Grow At 6.14% CAGR
Dry eye medications (drugs) are used to reduce eyelid inflammation, redness, cornea inflammation and tear-stimulating drugs. The global dry eye medication market is expected to grow at an annual growth rate of 6.14% and reach $5.32 billion by 2023. The dry eye medication market is strictly regulated by government agencies such as the USFDA (Food and Drug Administration), European Medicines Agency (EMA), and others. For instance, in the USA, the 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. The FDA demands a number of tests and several clinical trial rounds before granting such approvals. For example, in January 2019, the FDA approved Kala Pharmaceuticals' eye related drug called INVELTYS.
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Restraints On The Dry Eye Medication 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 longer duration of time and restricts the growth of this market. For example, Xiidra, a drug for dry eyes was approved by the FDA in 2016 after its safety and effectiveness were assessed on more than 1,000 adults in four different clinical trials. In another example, Kissei Pharmaceutical announced to discontinue the development of KCT-0809 drug after it failed to pass the 3rd phase of clinical trials in 2017.
Increased Number Of Cases For Dry Eye Disease
The increased number of cases for dry eye disease results in the 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 long duration increase the occurrence of the dry eye disease. For example, a survey conducted by the American Academy of Ophthalmology in 2015 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 2017 study conducted by Indian Journal Ophthalmology indicated a 32% prevalence of dry eye disease in the Northern part of India. Rising prevalence of the disease would increase the demand for its treatment and ultimately facilitate the growth of this market.
Technology To Improve Dry Eye Disease Treatment
Treatment for dry eye disease improved with 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 provide long-lasting lubrication on the surface of the eye. For instance, in 2018, 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 are 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 global dry eye medication market.
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Takeda Acquires Shire PLC
Major players in the global dry eye medication market such as Novartis, Allergan, Otsuka, Santen Pharmaceutical and Auven Therapeutics are investing in acquisition strategies to strengthen their dry eye medication business. For example, 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 their patient's quality of life.
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