Dry eye disease is a common phenomenon which is likely to be experienced by an individual in his/her lifetime. Dry eye disease is a multifactorial disease which is characterized by insufficiency of tears in eye. Insufficient lubrication in eye lead to burning, sensing, redness and pain in eye. Dry eye disease is categorized into evaporative dry eye disease and aqueous deficiency dry eye diseases. Aqueous deficiency dry eye disease is mostly caused by Meibomian Gland Dysfunction (MGD), where in tear producing glands are insufficient to produce the tears. Dry eye disease is treated by various methods such as medications, medical device therapies and surgical interventions.
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Rising Incidence of Dry Eye Disease Fuels Demand for Effective Drugs
Over the years, the incidence of dry eye disease has become a common phenomenon affecting millions around the world. This provides the market an obvious push, besides which the rising awareness among patients and surging healthcare expenditures have created an environment conducive to the market’s growth. Besides medication, the launch of advanced diagnostic tools was witnessed, which is likely to give the global dry eye disease market significant impetus. The treatment administered for dry eye treatment has evolved considerably over time. For instance, the earlier prescribed artificial tears containing isotonic sodium chloride is replaced with advanced lipid in oil emulsion and hyaluronic based lubricants.
With leading companies cashing in from launch of eye drops such as Ikervis and Restasis, several prominent vendors have jumped into the bandwagon to develop novel therapeutics that will effectively treat inflammation in eye. Also the rising investment in research and development of novel therapeutics and devices such as drug eluting contact lenses and drug loaded punctual plugs will fuel prospects for the market’s expansion in the coming years. Review of Optometry has recently published an article, which states that nearly 30 million people across the US are suffering from dry eye diseases. Also a few case studies suggest that Asia witnesses a significantly high prevalence of dry eye diseases, which is expected to bolster even further in the coming years.
High Cost and Limited Availability of Effective Therapeutics Pose Threat
On the downside, several of the leading players are looming under patent expiry. For those who have patent of producing drugs required for the treatment of dry eye diseases are often accused of exorbitantly pricing, which may exert adverse influence on the global dry eye diseases market. Besides high cost, limited availability of prescription dry eye disease drugs may hamper the market’s trajectory to an extent.