Harrisburg, NC -- (SBWIRE) -- 10/21/2020 -- Dry Eye Medication Global Market Opportunities And Strategies To 2030: COVID 19 Impact And Recovery
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 billion 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.
Companies Mentioned: Allergan Plc.; Alcon Inc; Bausch Health Companies Inc.; Novartis AG; Otsuka Holdings Co, Ltd
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The dry eye medication market is segmented by type of product into aqueous, evaporative and aqueous and evaporative. 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%.
The dry eye medication market is also segmented by type of distribution channel into hospital pharmacies, eye health clinics, retail pharmacies and online pharmacies. 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%.
The dry eye medication market is also segmented by type of prescription into OTC drugs and prescription drugs. 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%.
The dry eye medication market is segmented by drug variation into branded drugs and generic drugs. 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%.
The dry eye medication market is also segmented by delivery system into liquid, gel, ointment and others. 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%._
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.
The global dry eye medication market is fairly concentrated, with a small number of large players. The top ten competitors in the market made up to 78.2% of the total market in 2019. Major players in the market include Allergan plc, Alcon Inc, Bausch Health Companies Inc., Novartis AG, Otsuka Holdings Co, Ltd. and others.
The global ophthalmology drugs market, of which the dry eye medication market is a segment, reached a value of nearly $24,640.0 million in 2019, growing at a compound annual growth rate (CAGR) of 6.5% since 2015. It is expected to grow at a CAGR of 7.8% and reach nearly $33,272.8 million by 2023.
The other ophthalmology drugs market was the largest segment in the global ophthalmology drugs market accounting for58.1% of the total in 2019 and is expected to grow the fastest at a CAGR of 9.1% during 2019-2023. The dry eye medication market was the smallest segment in the global ophthalmology drugs market, accounting for 15.1% of the total and was valued at $3,727.5 million in 2019.
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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.
The outbreak of coronavirus has caused a shortage in the supply of essential eye medications for the treatment of dry eyes. This is because the COVID-19 pandemic created disruption in the global pharmaceutical supply chain which is heavily dependent on China. The main raw materials in the drug production are manufactured in China and are exported to other parts of the world after making the final drug. This has resulted in pharmacies and wholesalers reporting many drugs being out of stock. Owing to the shortage of medications, governments are advising pharmacists to limit the dispensing of certain dry eye prescription medicines such as chloramphenicol (an antibiotic for conjunctivitis) eye drops and ointments to a one-month supply according to the prescribed dose. Also, pharmacists are recommended to sell certain over the counter medicines (OTC) to a maximum of one unit per purchase due the concern on the significant health impacts on the patients that can be caused due to the shortage of medicines during this pandemic.
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What are the market factors that are explained in the report?
-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
-Key Market Features: The report evaluates key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
-Analytical Tools: The Global Dry Eye Medication Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter's five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
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