Report Description of the EU Dry Eye Disease Market Analysis
Research Scope and Assumption
- The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
- The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
- We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
- All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
- Inflation has not been accounted for in order to estimate and forecast the market
- Numbers may not add up due to rounding off
Reason to buy the report:
- Facilitate decision-making based on strong current and forecast data for EU Dry Eye Disease Market Analysis
- Develop strategies based on the latest regulatory framework
- Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
- Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the EU Dry Eye Disease Market Analysis
- Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- We have technically sound team which do a deep dive research and also provide strategy based consulting analysis
EU Dry Eye Disease Market Analysis Executive Summary
Dry eye is a type of ocular surface disease that causes the eye not to produce enough tears and is linked with symptoms of ocular discomfort. Dry eye disease is also called keratitis sicca, keratoconjunctivitis sicca (KCS), xerophthalmia, dry eye syndrome (DES) and dysfunctional tear syndrome (DTS). Research and development activities and clinical trials are expected to gain traction to boost the penetration of dry eyes treatments and medications.
Market Size and Key Findings
The EU Dry Eye Disease Market Analysis size stood at around USD xx billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of 5.42% during the forecast period.
The Europe dry eye disease market is anticipated to record a CAGR of 5.42% during the projected period of 2021 to 2028. Factors such as the growing awareness regarding dry eye disease, the increasing prevalence of glaucoma, the rising geriatric population, and the surging market consolidation are predominately credited to the region’s market growth.
Market Growth Drivers Analysis
Several factors, such as aging, decrease in the supportive hormones, systemic inflammatory diseases, ocular surface diseases, or surgeries that affect the cholinergic nerves, which stimulate tear secretion, may be associated with the rise in dry eye-related diseases.
A significant percentage of the global population (middle age to older age) suffers from the dry eye disease. As number of elderly population is projected to increase, and this population are more prone to eye-related disorders, such as dry eye, which ultimately drives the market in the near future.
However, high cost of specialty dry eye products with complex reimbursement scenario and availability of alternative therapies is likely to limit the market growth over the forecast period.
COVID-19 impact on “EU Dry Eye Disease Market”
The outbreak of the COVID-19 pandemic in 2020 resulted in the disruption of healthcare systems by posing several challenges, including to the practice of ophthalmology. However, urgent and essential treatments were being allowed in most countries.
The major players covered in the dry eye syndrome market report are Allergan, Bausch & Lomb Incorporated, Novartis Ag, Johnson & Johnson Private Limited., Prestige Consumer Healthcare, Inc., Akorn Operating Company LLC., Sun Pharmaceutical Industries Ltd., Teva Pharmaceutical Industries Ltd., Novaliq Gmbh, Santen Pharmaceutical Co., Ltd., Cardinal Health, Alembic Pharmaceuticals Limited., Cipla Inc., Perrigo Company Plc, Senju Pharmaceutical Co. Ltd., Horus Pharma, Rohto Pharmaceutical Co., Ltd., Visufarma, Hubrx Ltd, among others.
Products in Pipeline
- In 2020, the FDA had approved loteprednol etabonate ophthalmic suspension 0.25% for the short-term treatment of the signs and symptoms of dry eye disease.
- Many drugs are in the pipeline for the disease, which is boosting the market growth in the region. For instance, RegeneRx’s RGN-259, a Tβ4-based sterile and preservative-free eye drop, is designed to be a novel treatment for dry eye and neurotrophic keratitis. This is in the Phase II/III study for dry eye syndrome that includes 317 patients.
Notable Recent Deals
Abbvie expanded the REFRESH Portfolio by introducing the over-the-counter (OTC) artificial tear formulation, REFRESH Repair Lubricant Eye Drops, to treat dry eye disease, in 2018. All these novel product launches may give the country a cutting edge in the market growth.
Two of the major companies established in this segment are Bausch Health and AbbVie Inc. (Allergan PLC). Often, these companies, as well as doctors, recommend corticosteroids, along with antibiotic therapy.
In July 2019, Novartis announced the acquisition of ‘Xiidra’. Xiidra is the first and only prescription treatment approved by the U.S. FDA for both signs and symptoms of dry eye disease, with a mechanism of action that targets inflammation.
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario
Governments and institutions are likely to take advantage of their advanced technologies during this period to turn the challenges brought by COVID-19 into opportunities. Ophthalmic consultation largely through smartphones has become a lifeline for consultation. For follow up on eye disorders, doctors are using images via electronic media. For poor patients in remote rural areas with no phone, this follow up was not possible. In remote areas, rural medicine supply for dry eye disorder patients has dried up.