Impact of COVID-19 on Dry Eye Syndrome Market : Implications on Business | Research by Market Research Future
Research Reports
Jan 18, 2021
According to a recent dry eye syndrome market analysis published by Market Research Future (MRFR), the global market for dry eye syndrome is projected to accrue at a rapid pace by 2023, registering approximately 6.6% CAGR during the review period (2017-2023)
The global dry eye disease market is growing pervasively, mainly due to the prevalence of the condition. Moreover, factors such as advancements in medical technologies and medical science, act as a key driving force behind the market. The increasing geriatric population is also a major growth driver for market growth.
Additionally, factors such as the rising per-capita healthcare expenditure and increasing support and funding from the government for discoveries of breakthrough drug and novel therapeutics, foster the growth of the market. On the other hand, lack of awareness about the condition and availability of treatments impedes dry eye syndrome market growth majorly.
Dry Eye Syndrome Market – Regional Analysis
Europe stands second in the global dry eye syndrome market owing to the increasing availability of funds for research. Besides, a vast patient population and well-developed healthcare sectors in the region drive the regional market. Additionally, the increasing numbers of clinical researches led by the massive funding from the public and private organizations are fostering the European dry eye syndrome market.
North American dominates the global dry eye syndrome market due to the presence of a well-developed healthcare sector. Also, a huge patient population and high healthcare expenditures boost the dry eye syndrome market growth in North America. Moreover, the presence of many major market players such as Johnson & Johnson Vision, Auven therapeutics, and Acadia Pharmaceutical, among others in the region pushes the dry eye syndrome treatment market
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The Asia Pacific region is emerging as a promising market for dry eye syndrome. Due to the presence of economies like India, China, Australia, the market is growing rapidly. Factors such as the large patient population, and rising healthcare expenditures boost the regional market growth. Furthermore, vast advancements in medical technologies and the fast-growing healthcare sector in the region propel the growth of the market.
Major Players:
Players leading the global dry eye syndrome market include Novartis AG (Switzerland), Allergan (Republic of Ireland), Otsuka Pharmaceutical Co. Ltd. (Japan), Johnson & Johnson Vision (U.S.), Valent Pharmaceuticals (Canada), Acadia Pharmaceutical (U.S.), I-Med Pharma Inc. (Canada), Allostera Pharma (Canada), Santen Pharmaceuticals Co. Ltd., (Japan), Novaliq GmBh (Germany), AFT Pharmaceuticals (New Zealand), and Auven Therapeutics (U.S.), among others.
Dry Eye Syndrome Market – Competitive Analysis
Highly competitive, the dry eye syndrome market appears fragmented due to the presence of several well-established players. To gain an edge over their competitions, players in corporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product launch. Players make substantial investments in R&D and clinical trials to develop effective therapies to treat the syndrome.
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They strive to develop breakthrough drugs and innovative therapeutic approaches that can improve the quality of life of patients. These companies also focus on areas with a high unmet therapeutic need and require further innovation despite the progress that has been made.
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