Launch of Promising Pipeline Products Boosts Dry Eye Disease Market Growth
According to the projections put forth by Inkwood Research, the Global Dry Eye Disease Market is estimated to register a CAGR of 5.02% in terms of revenue during the forecasting years, 2024-2032.
Dry eye is a chronic condition that occurs when a person does not produce enough tears to properly lubricate their eyes. The severity and progression of the condition depend on its underlying cause. Tears play a crucial role in maintaining eye health and ensuring clear vision. While dry eye is commonly seen in older adults, it is increasingly affecting individuals who spend extended periods in front of computers. Key factors contributing to dry eye disease include prolonged contact lens use, aging, certain medications, and environmental factors.
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Launch of Promising Pipeline Products to Reinforce Market Growth
The range of pharmaceutical treatments for dry eye disease was formerly limited, with many options classified as off-label drugs not specifically intended for the condition. However, the management of dry eye disease is now entering a new phase, marked by the development of drugs specifically designed to address it. One example is OTX-101 (cyclosporine A 0.09%), developed by SunPharma. This is a preservative-free nanomicellar formulation of cyclosporine A, created in a more advanced formulation. In 2017, the U.S. Food and Drug Administration (FDA) accepted OTX-101 as a new drug application (NDA). That same year, the FDA reported positive topline results from a phase-3 clinical trial, confirming OTX-101’s faster onset of action and its efficacy in a controlled trial setting.
Prescription: Fastest-Growing Type
Patients who do not experience the desired relief despite prolonged use of over-the-counter artificial tears are advised to consult an eye specialist. When these products fail to provide satisfactory results, doctors often prescribe specialized eye drops. For instance, Xiidra, which was acquired by Novartis from Takeda Pharmaceutical in 2019, is an FDA-approved treatment for dry eye disease linked to inflammation on the eye’s surface. Clinical studies have shown that some patients experience a significant reduction in dry eye symptoms after six and twelve weeks of treatment with such products.
North America Dominated the Global Market in 2023
The growth of the dry eye disease market in North America is primarily driven by key factors such as the presence of well-established companies, rising demand for dry eye products, increasing healthcare expenditure, and growing government support. However, market growth in the region could be constrained by the side effects associated with certain eye drops.
Intense competition exists among leading companies in the race to develop new treatments for dry eye disease. In addition, innovations offering sustainable competitive advantages are expected to further intensify the rivalry among firms. Some of the prominent companies operating in the global market include Johnson & Johnson, Bausch Health Companies Inc., and Allergan PLC (acquired by AbbVie).
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About Inkwood Research
Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises North & South America, CEE, CIS, the Middle East, Europe, Asia, and Africa.
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