Dry Eye Medication Market Definition
The dry eye medication market consists of sales of dry eye drugs and other related services by entities (organizations, sole traders and partnerships) that manufacture dry eye medication (or drugs) used to treat dry eyes. The dry eye medication market covers drugs that are used in the treatment of diseases related to dry eyes, irritation, pain, and infection.
Dry Eye Medication Market Size
The global dry eye medication market is expected to decline from $3,727.5 million in 2019 to $2919.9 million in 2020 at a compound annual growth rate (CAGR) of -22%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 6.5% from 2021 and reach $5,047.9 million in 2023. The market is expected to grow at a CAGR of 7.1% to nearly $5,794.7 million by 2025, and at a CAGR of 6.9% to $8,078.4 million by 2030.
Growth in the historic period resulted from an aging population, a rising number of contact lens users, and increase in disposable income, increase in number of treatment options and an increased number of allergies. Factors that negatively affected growth in the historic period were low healthcare access and a lack of awareness of the dry eye medication products amongst the common population.
Going forward, rising laser surgeries, rising screen time, busy lifestyles, the increasing burden of diabetes, increase in prevalence of dry eye disease, promising pipeline for dry eye disease and side effects of other medications will drive growth. Factors that could hinder the growth of the dry eye medication market in the future include long and costly drug approvals, stringent rules and regulations and disruption in the supply chain of drugs related to dry eyes due to the impact of covid-19.
Dry Eye Medication Market Drivers
The key drivers of the dry eye medication market include:
Rise In Laser Surgeries
Ophthalmology research has proved a significant link between laser eye surgeries and the prevalence of dry eye disorders. Dry eye is a common side effect after laser vision correction surgeries. It is estimated that almost half of the patients that undergo laser, experience some degree of dry eyes following the procedure. Rising number of people going in for laser eye surgeries is expected to increase the demand for dry eye medications in the forecast period. In a LASIK procedure, cutting of some nerves in the cornea leads to reduction in corneal sensitivity to some degree. In response, eyes may not sense the need for lubrication, causing the body to produce fewer tears, leading to dry eyes.
According to a study by Refractive Surgery Council, the number of laser vision correction procedures in the US grew for the third consecutive year in 2018. In the US, in 2018, more than 843,000 laser vision correction procedures had been conducted, including LASIK, photorefractive keratectomy (PRK) and small incision lenticule extraction (SMILE).
Dry Eye Medication Market Restraints
The key restraints on the dry eye medication market include:
Disruption In The Supply Chain Of Drugs Related To Dry Eyes Due To The Impact Of COVID-19
The disruption in supply chain caused to the impact of COVID-19 could affect the dry eye medication market in the forecast period. With the spread of the coronavirus originating in China, some drugs, including dry eye medication are expected to become in short supply.
China and India manufacture and sell many of the ingredients used in certain drugs, along with dry eye medication, and are facing challenges in getting medications to pharmaceutical companies, due to disruption in supply chains. This is expected to severely impact the dry eye medication market in the forecast period.
Dry Eye Medication Market Trends
Major trends influencing the dry eye medication market include:
Single Dose Preservative Free Eye Drops
Eye drops are used for treating dry eye, eye redness, and allergic reactions. But most eye drops contain an element known as benzalkonium chloride (BAK), a preservative. This ingredient can be harmful when used regularly to treat the symptoms. Often eye drops containing preservatives are likely to cause certain eye allergies, and repeated use can impair an individual`s sight. The trend of using single-dose free-eye preservative drops has increased. These eye drops are considered safe for extended use, as they are free from preservatives. Allergan has recently released their OPTIVE REFRESH product, which is preservative free eye drops for single use. Biocia Inc. has promoted its developments in viscoadaptive eye drop in a preservative free delivery system. Viscoadaptive eye drops are lubricant eye drop solutions that show coherent and dispersive behaviors in the solution depending on the shear energy.
Non-Steroidal Anti-Inflammatory Drugs (NSAIDs) For Dry Eye Treatment
Drug manufacturers are increasingly developing ophthalmic drugs with anti-inflammatory agents to improve treatments for dry-eye syndrome. Anti-inflammatory drugs are widely used for the treatment of the inflammation produced by the disease with the topical corticosteroid drops being the most common therapy. Corticosteroids can rapidly and effectively relieve the symptoms and signs of moderate or severe dry eye. However, prolonged usage of corticosteroids has been seen to produce side effects that include the risk of bacterial or fungal infection, elevated intraocular pressure and cataract formation. As a consequence, NSAIDs are increasingly being used as dry-eye treatment instead of steroids because of their non-severe side effects. For instance, Aciex Therapeutics, a US-based pharmaceutical company, is developing NSAIDs which decrease ocular discomfort.
Opportunities And Recommendations In The Dry Eye Medication Market
Opportunities – The top opportunities in the dry eye medication market segmented by type will arise in aqueous and evaporative segment, which will gain $1,071.1 million of global annual sales by 2023. The top opportunities in the dry eye medication market segmented by distribution channel will arise in the retail pharmacies segment, which will gain $714.9 million of global annual sales by 2023. The top opportunities in the dry eye medication market segmented by type of prescription will arise in the prescription drugs segment, which will gain $796.3 million of global annual sales by 2023. The top opportunities in the dry eye medication market segmented by delivery system will arise in the liquid drops segment, which will gain $1,267.7 million of global annual sales by 2023. The top opportunities in the dry eye medication market segmented by drug variation will arise in the branded drugs segment, which will gain $706.5 million of global annual sales by 2023.
The dry eye medication market size will gain the most in USA at $336.7 million. Market-trend-based strategies for the dry eye medication market include investing in research and development of new and advanced drugs, develop innovative drugs to survive in the market, develop non-steroidal anti-inflammatory ophthalmic drugs for the treatment of dry-eye syndrome, and develop combination therapies for the treatment of dry eye diseases. Player-adopted strategies in the dry eye medication market include expanding through acquisitions, expanding through building diverse dry eye medication portfolio and launching new innovative drugs.
Recommendations – To take advantage of the opportunities, The Business Research Company recommends the dry eye medication manufacturing companies to focus on focus on developing non-steroidal anti-inflammatory ophthalmic drugs for the treatment of dry-eye syndrome, consider investing in innovations and research and development, leverage Digital technologies such as big data analytics to maximize reach, provide competitively priced offerings to reach new users, and focus on collaborations and strategic partnerships with other companies and research institutes, to expand product portfolios.
Dry Eye Medication Market Segmentation
The dry eye medication market is segmented by type of product, by prescription type, by distribution channel, by delivery system, by drug variation, and by geography.
The dry eye medication market can be segmented by type
The aqueous and evaporative market was the largest segment of the dry eye medication market, accounting for $3,071 billion or 82% of the total in 2019. The evaporative market is expected to be the fastest-growing segment going forward at a CAGR of 7.5%.
- a) Aqueous
- b) Evaporative
- c) Aqueous And Evaporative
By Prescription Type-
The dry eye medication market can be segmented by prescription type
The OTC drugs was the largest segment of the dry eye medication market, accounting for $2,016 million or 54% of the total in 2019. The prescription drugs market is expected to be the fastest-growing segment going forward at a CAGR of 8.0%.
- a) OTC Drugs
- b) Prescription Drugs
By Distribution Channel-
The dry eye medication market can be segmented by distribution channel
The retail pharmacies was the largest segment of the dry eye medication market, accounting for $2,393 million or 64% of the total in 2019. The online pharmacies market is expected to be the fastest-growing segment going forward at a CAGR of 10.7%.
- a) Hospital Pharmacies,
- b) Eye Health Clinics,
- c) Retail Pharmacies And
- d) Online Pharmacies
By Delivery System-
The dry eye medication market can be segmented by delivery system
The liquid drops were the largest segment of the dry eye medication market, accounting for $3,638 million or 98% of the total in 2019. The eye ointment market is expected to be the fastest-growing segment going forward at a CAGR of 17.3%.
- a) Liquid
- b) Gel
- c) Ointment
- d) Others
By Drug Variation-
The dry eye medication market can be segmented by drug variation
The branded drugs segment was the largest segment of the ophthalmology drugs market in 2019 at 64.5% or $2,404.2 million. Going forward, the generic drugs is expected to be the fastest-growing segment going forward at a CAGR of 10.0%.
- a) Branded Drugs
- b) Generic Drugs
The dry eye medication market is segmented into
North America was the largest region in the dry eye medication market, accounting for 31% of the global market in 2019. It was followed by Asia Pacific, Western Europe, and then the other regions. Going forward, the fastest growing regions in the dry eye medication market will be Middle East and Africa, where growth will be at CAGRs of 15% and 9.4% respectively. These will be followed by the South America and Eastern Europe where the markets are expected to grow at CAGRs of 6.7% and 6.3% respectively.
- o North America
- o Western Europe
- o Asia Pacific
- South Korea
- o Eastern Europe
- o South America
- o Middle East
- o Africa
Dry Eye Medication Competitive Landscape
Major Competitors are:
Other Competitors Include:
- • Allergan Plc.
- • Alcon Inc.
- • Bausch Health Companies Inc.
- • Novartis AG
- • Otsuka Holdings Co, Ltd
- • Shanghai Pharmaceuticals
- • Santen Pharmaceutical
- • Bayer AG
- • Pfizer
- • Sun Pharma
- • Johnson & Johnson
- • Daiichi Sankyo
- • Endo International plc
- • Aurinia Pharmaceuticals Inc
- • Herzig Eye Institute
- • Thomas Eye Group
- • ReGenTree, LLC
- • Regenerx Biopharmaceuticals Inc
- • Shire
- • Gama Vision
- • Biolab Farmaceutica
- • ERC Labs
- • Vision gain
- • Medicom Health care
- • Implandata ophthalmic
- • The Geuder Group
- • MORCHER® GmbH
- • Novamedika
- • Aflofarm Farmacja Polska Sp. z o. o
- • VUAB Pharma, Inc
- • Mitotech
- • Novaliq GmbH
- • Horus Pharma
- • Prestige Consumer Healthcare, Inc
- • VISUfarma
- • Similasan
- • Roche
- • Adcock Ingram