The Dry Eye Disease Market is expected to register a CAGR of nearly 5.6% over the forecast period, with estimated market size of USD 4,998 million in 2020 and expected to reach 6,960 million by 2026.
The initiation into the COVID-19 pandemic in the year 2020 relatively led to the disruption of healthcare systems by posing several challenges. It was also massively disruptive to the practice of ophthalmology. However, urgent and essential treatments were being allowed in most countries. The American Society of Retina Specialists released guidelines to help retina practices and medical personnel decrease the risk and assure the health and safety of the patients during the COVID-19 pandemic. The guidelines outline the essential visits for patients and provide a means to categorize emergent, urgent and non-urgent, and non-elective cases during this period of limited operating room access. However, in addition, dry eye disease patients were affected due to a break in follow-ups.
Several factors, such as aging, decrease in the supportive hormones, systemic inflammatory diseases, ocular surface diseases, or surgeries that affect the cholinergic nerves, which stimulate tear secretion, may be associated with the rise in dry eye-related diseases.
A significant percentage of the global population (middle age to older age) suffers from the dry eye disease. The disease is particularly more common among women than in men. According to the World Ageing 2019 report, estimates that there were about 703 million population aged 65 years or over in the world in 2019. This number is projected to double to 1.5 billion in 2050. As number of elderly population are projected to increase and this population are more prone to eye related disorders such as dry eye which ultimately drives the market in near future.
The major companies functioning in this market are continuously focusing on developing novel therapeutics and diagnostics for the same. For instance, TearScience, a subsidiary of Johnson and Johnson introduced in the market a latest diagnostic system for the DED named LipiView II Ocular Surface Interferometer. This system provides a sophisticated assessment. Additionally, the same company introduced a system named LipiScan Dynamic Meibomian Imager that is helpful in the diagnosis of the dry eye disease.
More recently, in 2018, Quantel Medical launched the LacryDiag ocular surface analyzer for the diagnosis of dry eye. Approved by the FDA and CE marked, the device analyzes the three tear film layers with four non-contact exams. Furthermore, a point of care testing for tear osmolarity and an inflammatory marker MMP-9 are also gaining attraction in the diagnosis of the dry eye disease, stated by the article published by Healio, Ocular Surgery News. This is accelerating the growth of the market over forecasting period.
However, high cost of specialty dry eye products with complex reimbursement scenario and availability of alternative therapies is likely to limit the market growth over forecast period.
Key Market Trends
Corticosteroid Drugs Segment is Expected to Hold a Major Market Share Over the Forecast Period
The lockdown measures in 2020 due to COVID-19, across the world, resulted in decreased public mobility and impacted the therapeutic industry significantly, as the rate of treatment that is non-immediate was being postponed to decrease the burden on healthcare infrastructure.?
Corticosteroids are effective anti-inflammatory drugs. These drugs are highly useful in short-term efficacy, and thus, are prescribed mostly for acute cases of dry eye diseases. Two of the major companies established in this segment are Bausch Health and AbbVie Inc (Allergan Plc). Often, these companies, as well as doctors, recommend corticosteroids, along with antibiotic therapy.
It has also been found that as the number of the elderly population is expected to grow in coming years who are more prone to eye-related disorders will ultimately drive the market in the future. Rising product approvals and new product launches are some of the other factors anticipated to propel the market for corticosteroids. For instance, in 2020, the FDA had approved loteprednol etabonate ophthalmic suspension 0.25% for short-term treatment of the signs and symptoms of dry eye disease.
Overall, this segment has the largest share under anti-inflammatory drugs in the market studied and is expected to register a steady CAGR over the forecast period.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
Governments and institutions are likely to take advantage of their advanced technologies during this period to turn the challenges brought by COVID-19 into opportunities. Ophthalmic consultation largely through smartphones has become a lifeline for consultation. For follow up on eye disorders, doctors are using images via electronic media. For poor patients in remote rural areas with no phone, this follow up was not possible. In remote areas, rural medicine supply for dry eye disorder patients has dried up.
On March 30, 2020, the US Centers for Medicare & Medicaid Services released temporary regulatory waivers and issued new rules for virtual visits using online applications for billable ophthalmic telemedical services. Such low-technology solutions may be one mechanism to assist with decompressing an office schedule in the post-COVID era. Thus, the patient opting for ophthalmic telemedical service is increasing, which has a positive impact on the market studied.
Geographically, North America holds a major share. As per the Government of Canada Statistics report 2019, in 2019 Canadian older population included 6,592,611 which accounted for 17.5% of the Canadian population. Although the proportion of seniors in Canada has been increasing over time.
Several other factors, such as the increasing usage of computer or digital screens may cause less blinking, which may contribute to symptoms of DED, thereby driving the overall market. Majority of the population use computers and even more of them constantly deal with smartphones, digital devices, and tablet computers, are driving the market in North American region.
Many drugs are in the pipeline for the disease, which is boosting the market growth in the region. For instance, RegeneRx’s RGN-259, a T?4-based sterile and preservative-free eye drop, is designed to be a novel treatment for dry eye and neurotrophic keratitis. This is in the Phase II/III study for dry eye syndrome that includes 317 patients.
Bausch Health has acquired an exclusive license for the commercialization and development of the investigational treatment NOV03 in the United States and Canada. It is in Phase 3 clinical trials and showed very good results in Phase 2 trials.
Abbvie expanded the REFRESH Portfolio by introducing the over-the-counter (OTC) artificial tear formulation, REFRESH Repair Lubricant Eye Drops, to treat dry eye disease in 2018. All these novel product launches may give the country a cutting edge in the market growth.
The Dry Eye Disease Market is moderately competitive. In terms of market share, a few of the major players currently dominate the market. With the rising geriatric population and high prevalence of diseases, few other smaller players are expected to enter the market in the coming years. Some of the major players in the market are AbbVie Inc (Allergan Plc), Alcon Inc, Santen Pharmaceutical Co. Ltd, OASIS Medical, and Bausch Health Companies Inc, among others.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Burden of Dry Eye Disease
4.2.2 Technological Advancements and Emergence of Novel Diagnostic Tools
4.3 Market Restraints
4.3.1 High Cost of Specialty Dry Eye Products with Complex Reimbursement Scenario
4.3.2 Availability of Alternative Therapies
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Product
5.1.1 Artificial Tears
5.1.2 Anti-inflammatory Drugs
18.104.22.168 Other Anti-inflammatory Drugs
5.1.3 Punctal Plugs
5.1.5 Other Products
5.2 By Distribution Channel
5.2.1 Hospital Pharmacies
5.2.2 Independent Pharmacies and Drug Stores
5.2.3 Online Pharmacies
5.3.1 North America
22.214.171.124 United States (By Product and By Distribution Channel)
126.96.36.199 Canada (By Product and By Distribution Channel)
188.8.131.52 Mexico (By Product and By Distribution Channel)
184.108.40.206 Germany (By Product and By Distribution Channel)
220.127.116.11 United Kingdom (By Product and By Distribution Channel)
18.104.22.168 France (By Product and By Distribution Channel)
22.214.171.124 Italy (By Product and By Distribution Channel)
126.96.36.199 Spain (By Product and By Distribution Channel)
188.8.131.52 Rest of Europe (By Product and By Distribution Channel)
184.108.40.206 China (By Product and By Distribution Channel)
220.127.116.11 Japan (By Product and By Distribution Channel)
18.104.22.168 India (By Product and By Distribution Channel)
22.214.171.124 Australia (By Product and By Distribution Channel)
126.96.36.199 South Korea (By Product and By Distribution Channel)
188.8.131.52 Rest of Asia-Pacific (By Product and By Distribution Channel)
5.3.4 Middle-East & Africa
184.108.40.206 GCC (By Product and By Distribution Channel)
220.127.116.11 South Africa (By Product and By Distribution Channel)
18.104.22.168 Rest of Middle-East & Africa (By Product and By Distribution Channel)
5.3.5 South America
22.214.171.124 Brazil (By Product and By Distribution Channel)
126.96.36.199 Argentina (By Product and By Distribution Channel)
188.8.131.52 Rest of South America (By Product and By Distribution Channel)
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 AbbVie Inc (Allergan Plc)
6.1.2 AFT Pharmaceuticals
6.1.4 Alcon Inc.
6.1.5 Bausch Health Companies Inc
6.1.6 ENTOD Research Cell UK Ltd
6.1.7 Horus Pharma
6.1.8 Johnson & Johnson
6.1.9 MiBo Medical Group
6.1.10 Otsuka Pharmaceutical Co. Ltd
6.1.11 Novaliq GmbH
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.