Dry Eye Disease Market size is poised to grow between 2022 and 2028 with the chronic nature of the disease and the rising geriatric population. Some of the medical conditions, such as allergic eye disease, rheumatoid arthritis and Parkinson’s disease may lead to a drop in tear production.
Dry eye is a type of ocular surface disease that causes the eye not to produce enough tears and is linked with symptoms of ocular discomfort. Dry eye disease is also called keratitis sicca, keratoconjunctivitis sicca (KCS), xerophthalmia, dry eye syndrome (DES) and dysfunctional tear syndrome (DTS). Research and development activities and clinical trials are expected to gain traction to boost the penetration of dry eyes treatments and medications.
Based on drugs type, dry eye disease market share from artificial tears will grow at an appreciable rate through 2028. Artificial tears, also called lubricating eye drops, help tear film work effectively to protect the eyes’ surface. Preservative-free eye drops have gained momentum as they have fewer additives and could be recommended for people with severe to moderate dry eye.
In terms of distribution channel, e-commerce is likely to account for a considerable share of global market. The influence of the COVID-19 pandemic has prompted end-users to seek online channels. Patients prefer e-commerce websites for convenience and cost savings and could help suppliers streamline the process. Online shopping for eye disease treatment will also help collect feedback from patients and track the store’s activities.
North America dry eye disease market growth will be strong during 2022 to 2028 owing to the growing presence of leading companies. Besides, ophthalmic consultation using advanced technologies will gain momentum across the U.S. and Canada. In March 2020, the U.S. Centers for Medicare & Medicaid Services introduced temporary regulatory waivers and issued new rules for virtual visits using online applications for telemedical services.
North America dry eye market size will experience an increase on account of the rising burden of thyroid disorders in the region as well. As per the American Thyroid Association’s data, above 12% of the population in the U.S. is likely to develop a thyroid condition during their lifetime, which could enhance the market dynamics, as thyroid disorder is a significant cause of decreased tear production. In February 2021, investigators at the University of Chicago gained a $10.15 million 5-year grant to develop immunomodulatory eye drops for patients with dry eye and ocular surface disease, which will further augment the regional growth.
The global market is characterized by massive portfolios of leading companies in innovations and R&D activities, and they are likely to emphasize mergers & acquisitions and collaborations. Some of the major companies in the landscape are Altaire Pharmaceuticals, Otsuka Pharmaceutical, Similasan AG, Novartis, Santen Pharmaceutical, Bausch Health Companies, Takeda Pharmaceutical Company and Thea Pharmaceuticals Limited, among others. In September 2021, Bausch + Lomb announced investigational drug NOVO3 would foray into the market and is likely to file a New Drug Application to the U.S. FDA in 2022.
The onslaught of the COVID-19 variants, including Delta and Omicron, has disrupted the healthcare industry with concerns for the potential risk of infection in ophthalmic practice. Ophthalmologists tend to be at an increased risk of infection due to exposure to particles through face-to-face clinical examinations. Amidst prevailing uncertainties, rapid advancements of AI and 5G mobile networks are likely to complement online consultations, telemedicine and smartphone-based apps. Organizations in North America, Asia Pacific and Europe are projected to be at the forefront to implement online platforms.
At a time when dry eye disease has become one of the most prevalent ocular surface disorders causing discomfort, leading companies are likely to introduce potential new treatment options. A surge in the number of product approvals and new product launches are anticipated to foster the market expansion.
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