The global dry eye treatment devices market is a moderately competitive market. Key players in this market include AbbVie Inc., Bausch Health Companies Inc., Alcon Inc., and Santen Pharmaceutical Co. Ltd. Combined, these companies account for around 80% of the market share.
IPL and MGX technology
The market for IPL and MGX technology for dry eyes treatment is expected to grow at a CAGR of 7.6% between 2016 and 2021. This growth is attributed to several factors, including the high prevalence of dry eye disease and rising R&D expenditure. Additionally, the increasing number of ophthalmology trade conferences is expected to foster the growth of this market. North America accounted for the largest share in the dry eye disease treatment devices market in 2020. However, by 2028, Asia Pacific is anticipated to represent the fastest-growing market.
The high cost of laser treatments, many contraindications, and the lack of a good health insurance policy, are limiting the adoption rate of IPL technology. The average cost of intense pulsed light treatments is around 700 USD, which is prohibitively expensive for many low-income patients.
A number of key companies have been initiating various programs to raise awareness of the new technologies for dry eye treatment. For example, Alcon launched its “No Reason to Wait: Success Starts Now” awareness program in May 2020. This program educates medical professionals and patients about the benefits of MGD. Alcon expects this program to accelerate the commercialization of dry eye treatment devices.
Growing geriatric population
The growing geriatric population and increasing usage of computers and mobile screens are driving the market for dry eye treatment devices. According to a National Center for Biotechnology Information report, 68% of European children and 54% of adults regularly use a computer and engage in online activities. Furthermore, adults spend an average of four and a half hours per day using digital media, thereby augmenting the growth of the industry.
The growing geriatric population and increasing prevalence of dry eye syndrome are driving pharmaceutical players to set up manufacturing units in emerging countries. Key players in this industry include Allergan plc, Shire plc, and TRB Chemedica International SA.
According to the report, the global dry eye treatment devices market size is expected to grow at a CAGR of 5.12% over the forecast period of 2017 to 2022. However, the absence of developed healthcare infrastructure and lack of skilled professionals will hamper the growth of the market. Nevertheless, there will be growth in the GCC region, where the CBD market is expected to grow at a CAGR around 5%. In contrast, the U.K. is expected to witness the fastest growth, primarily due to its large geriatric population and higher investment in research & development activities.
Growing use of computers and mobile screens
The dry eye treatment devices market size is expected to expand at a CAGR of 8.1% over the next five years. The high prevalence of DED in the region is expected to increase the adoption of new treatment options. As a result, global players are looking to introduce technologically advanced products in the region. For instance, Lumenis recently received a CFDA Mark for the commercial sale of its M22 Optima IPL in China. Moreover, the device has also been approved for use in South Korea, New Zealand, and Australia.
The growing use of computers and mobile screens is increasing the risk of dry eye disease. This condition results in increased ocular surface damage and is accompanied by a number of visual disturbances. Recent studies have shown that the increased use of digital screens is associated with an increased risk of developing DED and clinically diagnosing the condition. Several studies have examined the relationship between digital screen use and ocular surface metrics such as tear breakup time, tear volume, Schirmer score, and lipid layer status.
As a result of the growing use of computers and mobile screens, a significant percentage of the global population is affected by dry eye disease. This is especially true for the elderly. According to the World Health Organization, the global population over the age of 60 is set to almost double over the next five years. Furthermore, 80% of the elderly will live in low and middle-income countries by the year 2050. This group is more susceptible to eye-related conditions and may become a major driving force for the market in the future.
Growing uptake of artificial tears products
The growing global geriatric population is fueling the growing demand for artificial tears products for dry eye syndrome. As people grow older, their eyes lose the elasticity and lubrication of tears, resulting in dry eye syndrome. Moreover, the market is expected to benefit from the growing number of people who undergo eye surgeries to treat their dry eyes.
The market is likely to grow at a rapid pace in emerging countries in Asia Pacific and Latin America, where the number of elderly is growing. Companies in these markets are developing advanced products in line with end-user needs. Additionally, they are increasing their market visibility by investing in research and development activities and diversifying their product portfolio.
Artificial tears are available in various forms and viscosities. Some products have preservatives to inhibit the growth of bacteria once they are opened. Others come in single-dose vials.