Dry Eye Disease Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

Dry Eye Disease Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The dry eye disease market is expected to register a CAGR of nearly 5.12% over the forecast period, 2022-2027.

Lockdowns imposed in response to COVID-19 significantly changed people's habits, pursuits, and conduct and since then, multiple waves of the COVID-19 epidemic have already spread over the world which had to serve impact on healthcare practices other than COVID-19. During the lockdown, the screen time of people (irrespective of their age) increased significantly which had a severe impact, and an increase in ophthalmic disorders was observed or it was observed that the severity of ophthalmic disorders increased in people already suffering from it. For instance, the research study published in December 2021, titled “Provocation of dry eye disease symptoms during COVID-19 lockdown”, the study showed that both dry eye disease (DED) patients and healthy participants up to the age of 60 experienced worsening dry-eye symptoms during the COVID-19 lockout due to increased visual display terminal (VDT) period and also, a shift in the study's findings showed that younger persons had more severe dry-eye problems than older respondents, particularly during the lockdown. Therefore, there is expected to be a long-term impact of COVID-19 on the dry eye disease market which is expected to propel the market towards growth over the forecast period.

Several factors, such as aging, decreasing supportive hormones, systemic inflammatory diseases, ocular surface diseases, or surgeries that affect the cholinergic nerves, which stimulate tear secretion, may be associated with the rising prevalence of dry eye-related diseases. In an article titled “Estimated Annual Economic Burden of Dry Eye Disease Based on a Multi-Center Analysis in China: A Retrospective Study” published in December 2021, among people who require eye care, DED has become the fifth most prevalent ocular condition in women and ninth most prevalent in men in the United States. Additionally, a survey published by the American Journal of Ophthalmology in August 2020, titled “Patient-Reported Burden of Dry Eye Disease in the United States: Results of an Online Cross-Sectional Survey” reported that DED prevalence ranges from 5% to 15% and increases with age in the United States. Thus, the burden of DED is anticipated to drive the studied market growth in the country.

A significant percentage of the global population (middle to older age) suffers from dry eye disease. The disease is particularly more common among women than in men. According to the World Health Organization Facts of 2021, the proportion of the global population aged 60 and up will nearly double from 12% to 22% between 2015 and 2050. By 2050, 80% of the world's elderly will live in low- and middle-income countries. The number of elderly is projected to increase, and this group is more prone to eye-related disorders, such as dry eye. This factor may drive the market in the future.

The launch of products in the market is also driving growth. For instance, in October 2020, The Food and Drug Administration approved Eysuvis for the short-term treatment of dry eye disease signs and symptoms. The drug was the first ocular corticosteroid approved for dry eye disease. Additionally, In May 2021, The Food and Drug Administration approved the newest treatment for dry eye an Intense pulsed light (IPL) therapy device called OptiLight. OptiLight aims to improve symptoms of dry eye caused by meibomian gland dysfunction.

However, the high cost of specialty dry eye products with complex reimbursement scenarios and the availability of alternative therapies are likely to limit the market’s growth over the forecast period.

Key Market TrendsThe Corticosteroid Drugs Segment is Expected to Hold a Major Market Share Over the Forecast Period

Corticosteroids are effective anti-inflammatory drugs. These drugs are highly useful in short-term efficacy, and thus, they 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. Moreover, new entrants are entering the market by focusing on developing new formulations based on steroids to treat dry eye syndrome (DES), which is also a major factor driving the market. For instance, in March 2020, Kala Pharmaceuticals reported the preliminary results from an additional clinical trial performed to study the efficacy of its product Inveltys on relieving signs and symptoms of dry eye disease temporarily and planning to resubmit the regulatory filing based on new data to the United States Food and Drug Administration (USFDA).

It has also been found that the elderly population is expected to grow in the coming years. This population group is more prone to eye-related disorders, which will ultimately drive the market in the future. Rising product approvals and new product launches are other factors anticipated to propel the market for corticosteroids. For instance, in February 2021, the US Food and Drug Administration approved an Abbreviated New Drug Application (ANDA) submitted by Akorn Operating Company LLC for loteprednol etabonate ophthalmic gel 0.5%, which is indicated for the treatment of post-operative inflammation and pain following ocular surgery.

Overall, this segment has the largest share of anti-inflammatory drugs in the market studied, and it is expected to register steady growth over the forecast period.

North America is Expected to Hold a Significant Share in the Market Over the Forecast Period

Geographically, North America is expected to hold a major share in the dry eye disease market owing to the high prevalence of dry eye diseases and the easy availability of solutions in the region. There are people of various ages found living in this multi-screen world. Computer or digital screen use may cause less blinking, which may contribute to symptoms of dry eye disease (DED), thereby, increasing the demand for better and more effective therapeutics against DED which is expected to fuel growth in the studied market in the North American region. Also, the growing older population in the region is boosting the market's growth as they are more prone to various ophthalmic disorders including DED. For instance, according to the May 2021 report published by the Administration for Community Living (ACL) of the United States, about 54.1 million people 65 years and older were living in the country in 2019, which was about 16% of the total population of the country and further projected to increase to reach 21.6% of the total population by 2040. Hence, these factors are expected to boost growth in the dry eye disease market over the forecast period in North America.

Additionally, drug launches are one of the key factors boosting the market’s growth in the region. For instance, in January 2021, Kala Pharmaceuticals Inc. launched EYSUVIS (loteprednol etabonate ophthalmic suspension) 0.25% for the short-term (up to two weeks) treatment of the signs and symptoms of dry eye disease. EYSUVIS is now available in national and regional United States pharmaceutical distribution centers. Patients with a prescription can access EYSUVIS through their local retail pharmacies or home delivery.

Further, in January 2022, Sun Pharma Canada Inc, a wholly-owned subsidiary of the Mumbai-based drug major Sun Pharmaceutical Industries Limited introduced Cequa (cyclosporine ophthalmic solution 0.09 percent w/v), a calcineurin inhibitor immunomodulator. All these novel product launches may give the country a cutting edge in the market. Thus, due to the above-mentioned factors, the North American market for dye eye disease is expected to occupy a major share in the studied market and grow over the forecast period.

Competitive Landscape

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, a 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.

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