Harrisburg, NC -- (SBWIRE) -- 10/21/2020 -- The Dry Eye Medication Market report is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand, and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.
The global dry eye medication market was valued at about $5.09 billion in 2018 and is expected to grow to $6.17 billion at a CAGR of 4.9% through 2022.
The global dry eye medication market was worth $3.95 billion in 2018. It is expected to grow at a compound annual growth rate (CAGR) of 6.14% and reach $5.32 billion by 2023.
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The dry eye medication market in Asia Pacific is forecasted to register the highest CAGR during 2018-2023.
The increased number of cases for dry eye disease results in the increased demand for its treatment. Factors such as aging, lack of vitamin A, wearing lenses, eye surgeries, direct contact with dry wind or smoke, and exposing one's eyes to screens for long duration increase the occurrence of the dry eye more likely. For example, a survey conducted by the American Academy of Ophthalmology in 2015 reported that in the USA, nearly 3.2 million women and 1.68 million men, over the age of 50 were affected by dry eye syndrome. Similarly, a 2017 study conducted by Indian Journal Ophthalmology indicated a 32% prevalence of dry eye disease in the Northern part of India. Rising prevalence of the disease would increase the demand for its treatment and ultimately facilitate the growth of this market.
The market for dry eye medication is restricted by the long approval process that is undertaken before any drug is approved by the concerned authority. The standard protocol for testing any new drug demands a series of tests and trials including laboratory tests, animal model tests, and clinical trials. Most drugs fail during clinical trials and only a small percent of them successfully move forward. The cumbersome process of obtaining approvals takes longer duration of time and restricts the growth of this market. For example, Xiidra, a drug for dry eyes was approved by FDA in 2016 after its safety and effectiveness were assessed on more than 1,000 adults in four different clinical trials. Similarly, Kissei Pharmaceutical announced to discontinue the development of KCT-0809 drug after it failed to pass the 3rd phase of clinical trials in 2017.
Scope of the Report:
Markets Covered: 1) By Type: Aqueous dry eye syndrome, Evaporative dry eye syndrome 2) By end-user: Hospital Pharmacies, Eye Health Clinics, Retail Pharmacies, Online Pharmacies 3) By Product Type: Liquid Drops, Gel, Liquid Wipes, Eye Ointment
Companies Mentioned: Novartis, Allergan, Otsuka, Santen Pharmaceutical, Auven Therapeutics
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita, Dry Eye Medication indicators comparison.
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Influence of the Dry Eye Medication Market Report:
-Comprehensive assessment of all opportunities and risks in the Dry Eye Medication market.
-The detailed study of business strategies for the growth of the Dry Eye Medication market-leading players.
-Conclusive study about the growth plot of the Dry Eye Medication market for forthcoming years.
-In-depth understanding of Dry Eye Medication market-particular drivers, constraints, and major micro markets.
-Favorable impression inside vital technological and market latest trends striking the Dry Eye Medication market.
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 evaluated 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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