The global dry eye syndrome treatment market is estimated to be valued at over US$ 4.2 Bn in 2020, and is expected to exhibit an impressive CAGR of 7% over the forecast period (2020-2030).
Dry eye syndrome results in irritated and burning eyes due to lack of tear production and moisturization. Meibomian Gland Dysfunction has more prevalence among the geriatric population. The market consists of several products used in therapeutics, such as cyclosporine, topical corticosteroids, punctal plugs, omega supplements, and the especially popular artificial tears. Fast approval and launch of products used for dry eye treatment is expected to drive market growth in future.
Several key market players are focused on collaborative product development, innovation, and expansion of product portfolio. For instance, in October 2020, Santen Pharmaceutical and Orbis International announced their long-term collaboration for ten years to contribute toward the increasing burden of eye diseases in low- and middle-income countries.
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Rapidly increasing number of eye care centers due to rising focus on primary eye care is expected to propel dry eye syndrome treatment market growth. Increasing number of LASIK surgeries, which is one of the major causes leading to dry eyes, is estimated to further drive market growth over the coming years.
Key Takeaways from Market Study
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“Rising diagnosis and treatment adoption has led to increasing product innovation and development, contributing to market. Developing and under-developed countries with high prevalence of dry eye syndrome and lower product adoption will create several opportunities for leading market players,” says a Persistence Market Research analyst.
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Product Innovation & Development – Key Strategy for Market Players
Approvals by the U.S. FDA for dry eye syndrome treatment products are expected to push the market toward high competition. Leading companies are focusing on advanced product development with high efficacy and ease of use. For instance, in June 2020, I-MED Pharma Inc. announced the launch of “I-DEFENCE”, an ointment for the moisturising and protection of the ocular surface, in Canada.
Key Participant Insights
The global market is set to broaden its scope over the forecast period, stimulated by high prevalence of dry eye syndrome, rising geriatric population, and increasing adoption of advanced dry eye syndrome treatment products that can be used for long-term care needs. Moreover, strategic collaborations and acquisitions by key manufacturers are leading to the expansion of the market.
Key market players covered in the study include Allergan Plc., Novartis AG, Otsuka Pharmaceutical Co. Ltd., Santen Pharmaceutical Co. Ltd., Bausch Health Companies, Inc., Akorn, Inc., Johnson & Johnson, Inc., Thea Pharmaceuticals Limited, OASIS Medical, Altaire Pharmaceutical Inc., Boison USA, Similasan Corporation, Scope Ophthalmic Ltd., Reckitt Benckiser Group Plc, Medicom Healthcare Ltd., FDC Limited, Lupin Limited, Jamjoom Pharmaceuticals Co., and Sentiss Pharma Private Limited, who are consolidating their positions through mergers, acquisitions and new product launches.
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