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The Dry Eye Disease market studied was valued at USD 4,539.22 million in 2018, and is expected to reach USD 6,175.96 million by 2024, with an anticipated CAGR of 5.23%, during the forecast period (2019

NEW YORK, Nov. 18, 2019 /PRNewswire/ --

Market Overview
The Dry Eye Disease market studied was valued at USD 4,539.22 million in 2018, and is expected to reach USD 6,175.96 million by 2024, with an anticipated CAGR of 5.23%, during the forecast period (2019-2024). Several factors may be associated with the growth of dry eye related diseases, such as aging, a decrease in the supportive hormones, systemic inflammatory diseases, ocular surfaces diseases or surgeries affecting the cholinergic nerves, which stimulate tear secretion.

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A significant percentage of the global population (middle age to older age) suffer from dry eye syndrome. It is particularly more common among women than in men. Additionally, working for long hours on computer screens as well as long term contact lens use cause dry eye. In addition, several manufacturers are exploring the alternative drug class or procedure, with improvement in diagnostic tools, to identify and enhance the tear stimulating factors, which drives the importance of dry eye disease correction. Thus, the rise in geriatric population and the technological advancements and promising pipeline products will further help in the market growth.

Scope of the Report
Dry eye disease refers to a disturbance of the lacrimal functional unit, which comprises of the lacrimal glands, ocular surface (cornea, conjunctiva and meibomian glands) and lids, and the sensory and motor nerves that connect them. There are several ocular manifestations for which several dry eye products are used for the treatment of the disease.

Key Market Trends
Corticosteroid Drugs is Expected to Grow with a Decent CAGR in the Anti-Inflammatory Drugs Segment

Corticosteroids are effective anti-inflammatory drugs, widely available, that rapidly relieve the symptoms and signs of moderate and severe dry eye. These drugs are highly useful in short term efficacy and thus prescribed mostly for acute cases of dry eye diseases. However, with the long term usage of these drugs, there are major side effects, such as intraocular pressure elevation and cataract progression. Two of the major companies established in this segment are Bausch Health and Allergan. Often, these companies, as well as doctors, recommend corticosteroid along with antibiotic therapy.

Some of the common interventions include dietary omega-3 essential fatty acids, such as fish oils or flaxseed oil; or the use of lipid-based artificial tears to augment the deficient lipid layer; and/or a short course of a topical ester-based corticosteroid, in order to address the inflammatory component of the dry eye. Over the forecast period, with the severity of disease at the chronic level of the disease, the corticosteroids are most extensively used. Their share is thus considered to be largest, growing at a steady CAGR over the forecast period.

Asia Pacific is expected to grow with High CAGR and Expected to do Same in the Forecast Period

Geographically, the North American region holds a major share, whereas the Asia-Pacific region is estimated to be the fastest growing. Several factors, such as hospital infrastructure, procuring new technology devices for diagnosis of diseases, early market approval of the product, a large number of ophthalmic surgeries, early awareness in the society, drive the market in the North American region. In Asia, a large number of generic production, good distribution of local and international players, and the fast economic growth of the country are factors driving the growth of the studied market.

Competitive Landscape
The Dry Eye Disease market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. With the rising geriatric population and high prevalence of diseases, few other smaller players are expected to enter into the market in the coming years. Some of the major players of the market are Allergan PLC, Novartis AG, Santen Pharmaceutical Co. Ltd, OASIS Medical, and Bausch Health are among others.

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