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Global Dry Eye Disease Treatment Market to Grow at a CAGR of 5.7% During 2021-2026, Aided by the Increasing Research and Development (R&D) Activities

According to a new report by EMR titled, ‘Global Dry Eye Disease Treatment Market Report and Forecast 2021-2026’, the market attained a value of about USD 5 billion in 2020. The industry is further expected to grow at a CAGR of 5.7% in the forecast period of 2021-2026 to reach a value of approximately USD 7 billion by 2026.

North America holds a significant share of the overall dry eye disease industry owing to the increasing prevalence of dry eye disease in the region. Moreover, the robust healthcare sector is leading to a surge in the awareness of dry eye disease treatment, which is augmenting the market growth. The increasing research and development (R&D) activities initiated by various companies to develop innovative treatments of dry eye disease are significantly contributing to the industry growth. In addition, the increasing exposure to screens in the United States and Canada is surging the incidents of dry eye disease, which is fuelling the growth of the regional market. Apart from this, the Asia Pacific region is witnessing robust growth owing to the high prevalence of dry eye disease in countries such as Japan, which is augmenting the market growth. In addition, the increasing healthcare accessibility is providing further impetus to the market growth.

AbbVie Inc. (NYSE; ABBV), one of the leading companies in the market, launched REFRESH REPAIR Lubricant Eye Drops, the new over-the-counter (OTC) artificial tear formulation, in July 2018. The product is the first artificial tear in the United States formulated with carboxymethylcellulose (CMC), hydraulic acid, and osmoprotectants. The tears are designed to repair and protect the eyes from the harmful effects of dry eye while improving the clarity of vision. It offers additional options to tailor therapy while adhering to the specific needs of their patients. It also provides improved comfort for patients with dry eye to safeguard the health of epithelial cells and hyperosmotic stress. The development of such products for the treatment of dry eyes is expected to propel the market growth of dry eye disease treatment.

Market Analysis by Product, Distribution Channel, and Region:

  • The market, on the basis of product, can be divided into artificial tears, anti-inflammatory drugs, punctal plugs, and secretagogues, among others.
  • The distribution channels for dry eye disease treatment include hospital pharmacies, independent pharmacies and drug stores, and online pharmacies.
  • The regional markets for dry eye disease treatment include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The wide prevalence of dry eye disease among the growing geriatric population is increasing the demand for its treatment, hence aiding the market growth.
  • The rising smartphone ownership is increasing the prevalence of dry eye disease owing to prolonged exposure to harmful radiation, therefore augmenting the industry growth.
  • The market is being driven by the increasing research and development (R&D) activities initiated by the leading companies to develop novel treatments for dry eye disease.
  • The rising healthcare accessibility in developing countries is surging the demand for the treatment of dry eye disease, which is propelling the industry growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for dry eye disease treatment for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the products, distribution channels, and regions of dry eye disease treatment.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global dry eye disease treatment market are AbbVie Inc., Bausch and Lomb Incorporated, Johnson & Johnson Services, Inc., Santen Pharmaceutical Co., Ltd, and OASIS Medical, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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