Global Dry Eye Syndrome Treatment Market, by Product Type (Cyclosporine, Oral Corticosteroid, Artificial Tears, Omega Supplements, Punctual Bags, Others), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Supermarket/ Hypermarket, Other Stores, Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 7,245.3 Million in 2022 and is expected to exhibit a CAGR of 16.4% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
The increasing clinical trial activities is expected to drive the market growth over the forecast period. For instance, in November 2021, Oyster Point Pharma, Inc., a commercial-stage biopharmaceutical company, announce the publication of Phase 3 clinical trial results of TYRVAYA Nasal Spray (varenicline solution), a highly selective cholinergic agonist that is the U.S. FDA-approved to treat the signs and symptoms of dry eye disease as a multidose nasal spray in the journal of the American Academy of Ophthalmology.
Global Dry Eye Syndrome Treatment Market – Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
However, the COVID-19 pandemic had a significant impact on the dry eye syndrome treatment market, owing to the patients of COVID-19 showing corneal tissue alterations. For instance, in January 2022, research paper was published by American Journal of Managed Care, according to which Patients in the recovered COVID-19 cohort which had not received any prior ocular surface surgery procedures or had no history of ocular infectious disease or systemic disease that could indirectly cause corneal innervation. Patient infected with COVID-19 showed corneal subbasal plexus and corneal tissue alterations typically present in small fiber neuropathy, with symptoms similar to dry eye disease (DED).
Global Dry Eye Syndrome Treatment Market: Key Developments
In December 2021, Mitotech, SA, an european biotechnology company, announced that the U.S. Food and Drug Administration (FDA) has granted orphan drug designation (ODD) for the Visomitin, a cardiolipin peroxidation inhibitor, under development for multiple indications including dry eye disease (DED) and glaucoma.
In March 2021, Teva Pharmaceutical Industries Ltd., one of the global leader in generics and biopharmaceutical medicines announce the launch of AZOPT (brinzolamide ophthalmic suspension) 1%, approved by the U.S. Food and Drug Administration (FDA). Brinzolamide ophthalmic suspension 1% is a prescription medicine used to treat dry eye disease (DED) and open-angle glaucoma.
Browse 27 Market Data Tables and 30 Figures spread through 156 Pages and in-depth TOC on “Global Dry Eye Syndrome Treatment Market”- Forecast to 2030, Global Dry Eye Syndrome Treatment Market, by Product Type (Cyclosporine, Oral Corticosteroid, Artificial Tears, Omega Supplements, Punctual Bags, Others), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Supermarket/ Hypermarket, Other Stores, Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/dry-eye-syndrome-treatment-market-1173
Moreover, prevalence and associated risk factors of dry eye disease is expected to drive the market growth over the forecast period. For instance, in January 2020, a paper was published by BioMed Central, according to which the prevalence of dry eye disease has been reported in 16 northern West bank towns in Palestine, with a range of between 9.5–90% during 2016 to 2017.
Key Takeaways of the Global Dry Eye Syndrome Treatment Market:
- The global dry eye syndrome treatment market is expected to exhibit a CAGR of 16.4% during the forecast period due acquisition by the key players. For instance in February 2022, Viatris Inc., a global healthcare company, announced that it intends to create an ophthalmology franchise by acquiring Oyster Point Pharma, a commercial-stage biopharmaceutical company and Famy Life Sciences. In this acquisition company is focused on ophthalmology as areas of focus as Oyster Point's has deep knowledge of the ophthalmology space from a clinical, medical, regulatory and commercial perspective and Famy Life Sciences has Phase III-ready pipeline of ophthalmology.
- Among Product Type, Cyclosporine segment is estimated to hold a dominant position in the global dry eye syndrome treatment market over the forecast period, owing to increasing approvals by the S. Food and Drug Administration. For instance, in February 2022, the U.S. Food and Drug Administration has approved Restasis (cyclosporine ophthalmic emulsion) to increase tear production in patients whose tear production is presumed to be suppressed due to ocular inflammation associated with keratoconjunctivitis sicca (commonly known as dry eye).
- Among regions, North America is estimated to account for the largest market share in the global dry eye syndrome treatment market over the forecast period, owing to the availability of TYRVAYA (varenicline solution) Nasal Spray for the treatment of dry eye syndrome in the U.S. For instance in November 2021, Oyster Point Pharma, Inc., a commercial-stage biopharmaceutical company, announce the availability of TYRVAYA (varenicline solution) Nasal Spray for the treatment of dry eye syndrome in U.S. TYRVAYA (varenicline solution) Nasal Spray 0.03 mg is a highly selective cholinergic agonist that is FDA-approved to treat the signs and symptoms of dry eye disease as a multidose nasal spray.
- Major players operating in the global dry eye syndrome treatment market include AbbVie Inc., Novartis AG, Bausch Health Companies Inc., Johnson & Johnson, Inc., I-MED Pharma inc., Santen Pharmaceutical Co., Ltd, AFT Pharmaceuticals, Novaliq GmbH, Otsuka Pharmaceutical Co., Ltd., Sun Pharmaceutical Industries, Inc., Teva Pharmaceutical Industries Ltd., Mitotech, SA, Viatris Inc., among other prominent players
