Dry Eye Disease Diagnostics & Treatment Market: Introduction
According to the report, the global dry eye disease diagnostics & treatment market was valued at US$ 6.1 Bn in 2019 and is projected to expand at a CAGR of ~4% from 2020 to 2030. Dry eye is one of the common problems, which occurs when eyes do not produce enough tears. Several factors can cause dry eyes such as natural aging process and side effects of certain drugs such as histamines. Diabetes increases the risk of dry eye disease. Moreover, people who wear contact lenses complain of dry eye diseases. Dry eye is caused due to tear deficiency or excessive evaporation, which causes damage to the interpalpebral ocular surface and is associated with symptoms of ocular discomfort. Different diagnostic tests are performed for diagnosis of dry eye disease such as Schirmer’s test, corneal staining, and tear osmolarity. Treatment options for dry eye include artificial tears, anti-inflammatory drugs, and secretagogue.
North America dominated the global dry eye disease diagnostics & treatment market in 2019. It is expected to dominate the global market in terms of revenue during the forecast period.
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Rise in Prevalence & Incidence Rates of Dry Eye Disease and Increase in Geriatric Population to Drive Global Market
Rise in prevalence & incidence rates of dry eye disease and increase in geriatric population are the major factors boosting the growth of the global dry eye disease diagnostics & treatment market. Technical advancements in diagnostic tools and promising pipeline products for dry eye treatment also fuel the growth of the global dry eye disease diagnostics & treatment market. For instance, in Japan, decreased tear film stability is regarded as the core mechanism of dry eye. Hence, dry eye is treated from the aspect of improving the tear film stability. This therapeutic approach has been increasing in importance due to the introduction of ophthalmic solutions that stimulate the secretion of mucin and water. Moreover, adverse effects of rising pollution levels, surge in use of electronics, and increase in number of laser in-situ keratomileusis (LASIK) surgeries are the other factors contributing to the growth of the global dry eye disease diagnostics & treatment market.
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Treatment Preferred over Diagnostic Tests Due to Approval of Novel Treatments
In terms of type, the global dry eye disease diagnostics & treatment market has been bifurcated into diagnostic test and treatment. The treatment segment accounted for major market share in 2019 due to large pool of pipeline products for dry eye disease treatment, high number of dry eye patients, and approval of novel treatment approaches in recent years. The diagnostic test segment has been split into Schirmer’s test, corneal staining, tear break-up time (TBUT), optical coherence topography (OCT), tear film stability analysis, tear osmolarity, and others. The treatment segment has been segregated into artificial tears, anti-inflammatory, punctual plugs, secretagogue, and others. The artificial tears sub-segment accounted for a major share of the treatment segment in 2019, as it is the most commonly prescribed drug forms in ophthalmology. The anti-inflammatory sub-segment has been divided into cyclosporine, corticosteroids, and others.
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Evaporative Dry Eye Syndrome to be Major Disease Type
Based on disease, the global dry eye disease diagnostics & treatment market has been classified into evaporative dry eye syndrome and aqueous dry eye syndrome. The evaporative dry eye syndrome segment dominated the global dry eye disease diagnostics & treatment market in 2019. The evaporative dry eye syndrome is projected to be a highly lucrative segment during the forecast period. The segment is anticipated to expand at a higher CAGR from 2020 to 2030, owing to large number of patients, easy access to treatment products, and changing lifestyle habits, which cause evaporative dry eye syndrome.
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North America to Dominate Global Market
In terms of region, the global dry eye disease diagnostics & treatment market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for a major share of the global dry eye disease diagnostics & treatment market in 2019, owing to rise in the number of prescriptions for dry eye treatment, favorable reimbursement scenario for diagnostic tests of dry eye disease, high prevalence of dry eye disorders, and approval of branded products by major players. The prevalence of dry eye increases with age. In the U.S., around 98 million people are aged above 50. Therefore, the chances of an increase in the cases of glaucoma in the U.S. are higher. The market in Asia Pacific is expected to expand at a high CAGR during the forecast period, owing to rise in prevalence & incidence of dry eye syndrome, increase in geriatric population, surge in number of eye care centers leading to increased product utilization, rise in air pollutant levels, and increase in awareness about dry eye disease.
Competition Landscape
The global dry eye disease diagnostics & treatment market is fragmented in terms of number of players, with entry of several new players in services sector. Key players in the global market include Novartis AG, Allergan plc, OASIS Medical, Santen Pharmaceutical Co., Ltd., Johnson & Johnson, Otsuka Pharmaceutical Co., Ltd., Sentiss Pharma Pvt. Ltd., Tomey Corporation, Carl Zeiss Meditec AG, TearLab Corporation, Bausch Health Companies, Inc., and RegeneRx (ReGenTree, LLC). Mergers, acquisitions & strategic collaborations, increased research & development expenditure, expansion of distribution channels, and new product & technology launch are major strategies adopted by major companies in the global dry eye disease diagnostics & treatment market.
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