Telehealth Services Boost Uptake of Anti-inflammatory Products amidst COVID-19 Outbreak

Telemedicine consultations are being highly publicized for the management of dry eye disease amidst the coronavirus (COVID-19) pandemic. Clinicians are resorting to Zoom videoconference, since patients are creating a demand for remote healthcare services. Thus, telemedicine holds promising potentials in revenue generation activities for companies in the dry eye disease treatment market.

More number of patients have been appreciative about telehealth services. This has helped to increase the uptake of anti-inflammatory and artificial tears products. However, clinicians are coming across compliance issues in patients such as erratic consumption of their omega-3 fatty acid supplements. Hence, doctors are holding positive hopes for the pandemic to subside soon so that they can provide written prescriptions and special instructions to patients for effective management of DED. This is likely to drive the dry eye disease treatment market.

Intense Pulsed Light Technology Devices Help Reduce Inflammation in DED Patients

Although anti-inflammatory and artificial tears products hold a major share of the revenue in the dry eye disease treatment market, manufacturers are innovating in state-of-the-art devices to improve patient outcomes. For instance, Device Technologies AU-a medical devices supplier to Australia and New Zealand, is strengthening its distribution channels for medical equipment manufacturer Quantel Medical’s device LacryStim IPL that helps in treating DED. As such, device manufacturers in the dry eye disease treatment market are gaining proficiency in intense pulsed light technology, which is intended to treat dry eye diseases such as meibomian gland dysfunction. Thus, technological innovations contribute a modest share to the market, which is predicted to expand at a CAGR of ~4% during the forecast period.

Device manufacturers are aiming to acquire European regulatory clearance for the intense pulsed light technology that is instrumental in reducing inflammation in DED patients.

Novel Contact Lenses Emerge as Effective Solution for Dry Eye Disease

Innovative contact lens hold promising potentials for dry eye disease treatment. For instance, Swanson School of Engineering graduate student researcher Alexis Nolfi who is suffering from the disease from the past several years, has introduced CyteSolutions Lens that target inflammatory dry eye pathways. Researchers in the dry eye disease treatment market are collaborating with eye doctors to innovate in contact lenses that are capable of replacing artificial tears products. Such breakthrough innovations are bolstering the growth for the dry eye disease treatment market, which is estimated to cross the value of ~US$ 8.7 Bn by the end of 2030.

Inadequate relief from artificial tears products are posing as a challenge for companies in the market for dry eye disease treatment. Hence, companies in the market for dry eye disease should collaborate with researchers and innovators to design contact lenses that help in the management of inflammatory dry eye pathways.

Multistage Management Algorithm Holds Potential to Prevent Progression of DED

The growing awareness about multistage management algorithm for dry eye disease is acquiring increased credibility, owing to its evidence-based and personalized approach. Healthcare companies in the dry eye disease treatment market are increasing their R&D muscle to develop products that restore the homeostasis of the ocular surface and tear film of the eyes. The Tear Film and Ocular Surface Society (TFOS) is working relentlessly to create awareness about multistage management algorithms for the management of dry eye disease.

Healthcare companies in the dry eye disease treatment market are increasing efforts to educate patients about the negative ramifications of dry eye disease, which is emerging as a key solution to prevent its progression. Manufacturers are increasing their production capabilities to develop fatty acid oral supplements that help to improve overall patient comfort.

Analysts’ Viewpoint

Binge watching streaming TV and spending extensive hours with devices have bolstered the uptake of DED products amidst the COVID-19 outbreak. Manufacturers are increasing their focus in devices with the intense pulsed light technology that is expecting high demand in Europe, whilst the revenue of the dry eye disease treatment market in the region is projected for aggressive growth.

The revenue of anti-inflammatory products is anticipated to take a leap from ~42% in 2019 and reach 51.5% by 2030 during the forecast period. However, clinical evidence of the LASIK (laser in-situ keratomileusis) surgery being ineffective in patients is likely to impede market growth. Hence, companies should innovate in contact lenses that help in treating inflammatory dry eye diseases.

Dry Eye Disease Treatment Market: Overview

  • According to Transparency Market Research’s latest report on the global dry eye disease treatment market for the historical period 2018–2019 and forecast period 2020–2030, rise in reported cases of dry eye disease, increase in the number of surgical procedures such as LASIK surgery, adverse effects of rising pollution levels, advances in treatment of dry eye, and introduction of new therapies are projected to drive the global dry eye disease treatment market
  • According to the report, the global dry eye disease treatment market was valued at US$ 5.4 Bn in 2019 and is anticipated to expand at a CAGR of ~4% from 2020 to 2030

Increase in Reported Cases of Dry Eye Disease: Key Drivers

  • In the U.S., dry eye disease is considered a critical and significant public health issue. An article published in the American Journal of Ophthalmology stated that the estimated prevalence of dry eye disease was 5.28% in the U.S. between 2003 and 2015.
  • According to an article published in the Journal of Ophthalmology, prevalence and incidence of dry eye disease vary from 5% to 50% and the prevalence is rising due to higher incidence of some risk factors and gradual aging of the population. Hence, rise in prevalence of dry eye disease is expected to drive the market.
  • Production of tears decreases with age. This, in turn, is anticipated to increase the prevalence of dry eye in elderly people. Moreover, use of several classes of medicines have been hypothesized as a major cause of dry eye, especially in the elderly. For instance, according to an article published in the American Journal of Ophthalmology, in the U.S., prevalence of dry eye disease increased with age from 0.20% for ages 2 to 17 years to 11.66% for individuals aged 50+. According to the World Health Organization (WHO) projections (2018), the global geriatric population is expected to reach about 1.5 billion by 2050.
  • Dry eye is one of the common problems, which occurs when eyes do not produce enough tears. Several factors can cause dry eyes including natural aging and side effects of drugs such as histamines. Additionally, diabetes increases the risk of dry eye disease. Moreover, people who wear contact lenses complain of dry eye disease.

Advances in Treatment of Dry Eye and Product Approvals & Launches to Augment Global Market

  • Wize Pharma, Inc. is a clinical stage biopharmaceutical company focused on the treatment of ophthalmic disorders, including dry eye syndrome and other inflammatory conditions. The company’s LO2A Eye Drops is an artificial tear currently registered and marketed in Germany and Switzerland for the treatment of dry eye syndrome. It has also been registered in several other countries in Europe.
  • A newly developed treatment strategy for dry eye disease is tear film-oriented therapy. It is a treatment concept for dry eye recommended by the Japanese Dry Eye Society and Asia Dry Eye Society.
  • Novaliq is a pharmaceutical company focusing on the development and commercialization of ocular therapeutics based on EyeSol water-free technology. The company has two investigational drug designs to target predominantly evaporative or aqueous dry eye disease. Its NOV03 and CyclASol are currently in phase 3 development. Bausch Health Companies, Inc. acquired exclusive license from Novaliq GmbH for the development and commercialization of the investigational treatment NOV03 to treat dry eye disease in the U.S. and Canada.

Introduction of New Generics and Over-reliance on OTC Products to Hamper Global Market

  • Over-the-counter (OTC) artificial tears were used as the first line of treatment of dry eye syndrome in the last few decades. Several products are commercially available in the market for artificial tears. Hence, increase in the use of over-the-counter medications for the treatment of dry eye is likely to hamper the growth of the market.
  • Moreover, key players operating in the market are engaged in developing generic products. Therefore, the introduction of generic products increases the pricing pressure on branded prescription products, thereby restraining the market. For instance, in May 2018, Teva Pharmaceutical Industries Ltd. launched the generic version of Restasis in Canada for the treatment of dry eye disease.

North America to Account for Major Share of Dry Eye Disease Treatment Market

  • North America is projected to account for leading share of the global dry eye disease treatment market due to rise in product approvals, well-established healthcare infrastructure, increase in technological advancements, rise in number of well-equipped laboratories, surge in research & developmental activities in dry eye disease, growing healthcare industry, and presence of key players
  • The dry eye disease treatment market in Asia Pacific is anticipated to grow at a rapid pace during the forecast period due to increase in geriatric population, rise in research & developmental activities, surge in initiatives by governments in the healthcare sector, and rise in interest of key players in expanding presence in the region

Dry Eye Disease Treatment Market: Competition Landscape

  • This report profiles major players in the global dry eye disease treatment market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
  • Key players operating in the global dry eye disease treatment market include 
    • Novartis AG
    • Allergan
    • Bausch Health Companies, Inc.
    • Santen Pharmaceutical Co., Ltd.
    • OASIS Medical
    • Sun Pharmaceutical Industries Ltd.
    • Johnson & Johnson
    • Otsuka Pharmaceutical Co., Ltd.
    • Sentiss Pharma Pvt. Ltd.
    • RegeneRx (ReGenTree, LLC)

Dry Eye Disease Treatment Market: Key Developments

  • Key players in the global dry eye disease treatment market have adopted strategies such as regulatory approvals, advanced product development, launch of new products, increase in investments and funds, and acquisition & collaborative agreements with other companies. These strategies by key players are likely to fuel the growth of the global dry eye disease treatment market. A few strategies adopted by players operating in the global dry eye disease treatment market are:
    • In July 2019, Novartis AG completed the acquisition of Xiidra. This acquisition enabled the company to strengthen its product portfolio.
    • In July 2019, Allergan announced the launch of Refresh Relieva products: Refresh Relieva, Refresh Relieva PF (preservative-free) multidose, and Refresh Relieva for Contacts. This enabled the company to expand the robust artificial tear portfolio with innovations in eye care.
    • In June 2019, Sun Pharma entered into an exclusive licensing agreement for the development and commercialization of Cyclosporine A with China Medical System Holdings Ltd. (CMS)
  • The report on the global dry eye disease treatment market discusses individual strategies followed by company profiles of manufacturers of dry eye disease treatment products. The competition landscape section has been included in the dry eye disease treatment market report to provide readers with a dashboard view and a company market share analysis of key players operating in the global dry eye disease treatment market.

Dry Eye Disease Treatment Market – Scope of the Report

TMR’s report on the global dry eye disease treatment market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators for the market during the forecast period from 2020 to 2030. The report provides revenue of the global dry eye disease treatment market for the period 2018–2030, considering 2019 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR %) for the global dry eye disease treatment market during the forecast period.

The report has been prepared after an extensive research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global dry eye disease treatment market.

Secondary research also includes Internet sources, statistical data from government agencies, websites, companies’ presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global dry eye disease treatment market.

The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on changing competitive dynamics in the global dry eye disease treatment market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global dry eye disease treatment market.

The report delves into the competition landscape of the global dry eye disease treatment market. Key players operating in the global dry eye disease treatment market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global dry eye disease treatment market that have been profiled in this report.

Key Questions Answered in Dry Eye Disease Treatment Market Report

  • What is the scope of growth of the anti-inflammatory segment of the global dry eye disease treatment market?
  • What will be the Y-o-Y growth of the global dry eye disease treatment market between 2020 and 2030?
  • What is the influence of changing trends in cyclosporine on the global dry eye disease treatment market?
  • Will North America continue to be the most profitable market for dry eye disease drug providers?
  • Which factors are anticipated to hamper the growth of the global dry eye disease treatment market during the forecast period?
  • Which are the leading companies in the global dry eye disease treatment market?

Research Methodology

A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global dry eye disease treatment market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.

Secondary methods referred to by analysts during the production of the global dry eye disease treatment market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the global dry eye disease treatment market as primary methods.

These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the dry eye disease treatment market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global dry eye disease treatment market with accuracy. The study also uses the top-down approach to assess the revenue for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global dry eye disease treatment market more reliably and accurately.

Dry Eye Disease Treatment Market – Segmentation

Product

Artificial Tears

Anti-inflammatory

  • Cyclosporine
  • Corticosteroid
  • Others

Punctal Plugs

Secretagogue

Others

Disease

Evaporative Dry Eye Syndrome

Aqueous Dry Eye Syndrome

Distribution Channel

Hospital Pharmacies

Retail Pharmacies

Online Pharmacies

Region

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

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Dry Eye Disease Treatment Market

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