R&D Activities for Treating Dry Eye Syndrome Resulting in Promising Pipeline of Treatments

FinancialNewsMedia.com News Commentary

PALM BEACH, Fla. , May 2, 2023 /PRNewswire/ -- The Global Dry Eye Syndrome market is witnessing continued growth due to the factors such as the growing demand for effective treatments, the rising prevalence of dry eye disease, the presence of a lucrative pipeline, and increasing awareness among the population about the condition. The COVID-19 outbreak had an adverse impact on the market in the early phase of the pandemic attributable to the reduced ophthalmology visits, however, as soon as the eye care practices began the market demonstrated a rebound. Moreover, the dry eye persisted in SARS-CoV-2 patients even after treatment of the disease, thus, increasing the target population for treatments. Moreover, during the pandemic sedentary activities and more use of screen has increased the occurrence of dry eye symptoms.  A recent report from Grand View Research projected that the global dry eye syndrome treatment market size was valued at USD 5.53 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 7.85% from 2023 to 2030.   The report said: "Increasing R&D activities for treating the condition have developed a strong and promising pipeline… The growing geriatric population globally is expected to act as a key driver for the market as eyes produce fewer tears in the elderly leading to increased evaporation and dryness. Furthermore, heightened usage of contact lenses globally serves as a factor for the development of dryness in the eyes leading to the adoption of products for maintaining the health of the eyes."  Active companies in the markets this week include:  OKYO Pharma Limited (NASDAQ:OKYO), Novartis AG (NYSE:NVS), Aldeyra Therapeutics, Inc. (NASDAQ:ALDX), Ocular Therapeutix, Inc. (NASDAQ:OCUL), EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT).