ALBANY, New York, July 17, 2019 /PRNewswire/ -- A new report by Transparency Market Research states that the global dry eye disease market is expected to grow at a CAGR of 4.5% during the forecast period of 2017 to 2025. This growth rate will help the market reach US$7.7 bn by the end of 2025. This valuation is a considerable rise from the initial valuation of US$5.0 bn in the end of 2016. In terms of product, the market is projected to be dominated by anti-inflammatory drugs. From a regional perspective, the global dry eye disease market is expected to be dominated by North America with the initial market valuation of US$2.7 bn in 2017.
Partnerships and Collaborations on the Forefront of Industry Leaders' Tactics
The competition among the players in the global dry eye disease market is expected to increase in the coming years. This is due to the rising prevalence of eye disorders, which ultimately lead to the struggle among the players for higher market share.
With a view to bolster their market presence, product portfolio, and revenue share, companies in the market are now turning to strategic partnerships and joint ventures. Also, the players in the market are launching new products and expanding their regional bases to strengthen their brand.
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For instance, in 2018, Senju Pharmaceutical Co. Ltd., a Japan-based company, announced the formation of Neuroptika Inc. This company is a subsidiary of Senju Pharmaceutical. Neuroptika's primary focus was on the development of SI-01, a new therapeutic, which regenerates and protects corneal nerves in ophthalmic disorders. In April 2019, Santen Pharmaceutical Co. Ltd and Glaukos Corporation announced that the US subsidiary of Santen, Santen Inc. has signed a multi-year agreement where Glaukos will become the sole distributor of MicroShunt. The agreement is solely for the U.S. region. MicroShunt is a new, minimally invasive surgical device to treat primary open-angle glaucoma (POAG).
Some of the other key players in the market include Novartis AG, Valent Pharmaceuticals International Inc., TRB Chemedica International SA, Sun Pharmaceuticals Industries Ltd., and Mitotech S.A. among others.
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Players to Capitalize on Generics as Patents of Branded Molecules Expire
In addition to this, there has been a rise in research and development to develop new drugs as numerous patents in the market are about to expire. This will also fuel the intensifying competition in the market.
Losing the patent on a prescription drug is one of the major challenges in the pharmaceutical sector. Companies have different strategies to tackle this challenge from both marketing and sales point of view. One of the most common approach used by the companies is to continue to market the drug as usual; slowly cut down the promotional campaigns of the drugs and then drop out the drug entirely. Later, the parent companies license the drug to the competing generic manufacturers and consider patenting the manufacturing process.
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When the drug patent expires, other generic manufacturers may take the advantage of the already shortened approval procedure to launch generic versions at a lower price. In majority of the cases, the generic versions are nearly equivalent to the branded drug. Research studies have absorbed that the drug prices fall rapidly after the expiration of the patent and marks the entry of competitors that produce generic drugs.
With dry eye disease market about to experience such phase in the near future, it is natural that the competition in the market will grow at a rapid pace. Companies with patented products will look for strategic associations with upcoming competitors to minimize the impact of loss of revenue due to the expiration.
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The information presented in this review is based on a TMR report, titled "Dry Eye Disease Market (Product - Artificial Tears, Anti-inflammatory (Cyclosporine, Corticosteroid, and Lifitegrast), Punctal Plugs, and Secretagogue; Distribution Channel - Hospital Pharmacies, Independent Pharmacies and Drug Stores, and Online Pharmacies) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017 - 2025."
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SOURCE Transparency Market Research