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A Big Market Growth Potential On DED Devices Market

A Big Market Growth Potential On DED Devices Market

November 30, 2020

Dry eye disease is a condition that affects the tear film and ocular surface. It is medically known as keratoconjunctivitis sicca. It is an ocular disorder caused by the lack of tear fluid to lubricate the eyes.

There are primarily two types of dry eye conditions. One is an aqueous tear-deficient dry eye, and the other one is an evaporative dry eye. Dry eye syndrome is one of the most common eye disorders around the world and is particularly common in the geriatric demographic. 

Reduction in the production of tears due to aging is the primary cause of dry eye syndrome among the elderly. Regular users of contact lenses also have an increased risk of dry eye disease.

Key players in the dry eye drugs and devices treatment market are constantly introducing new products for the treatment of dry eye disease. Factors such as a rise in the geriatric population around the world, an increase in the prevalence of dry eye syndrome, and a high incidence of diabetes are expected to boost the dry eye drugs and devices treatment market in the coming years.

Moreover, an increase in awareness among the population about dry eye disease is anticipated to drive the market soon. Based on the drug, the global dry eye drugs, and devices treatment market can be classified into antibiotic drops, hormone drops, artificial tears, and others.

The artificial tear segment is projected to account for a significant share of the market in the near future, as artificial tears eye drops are the first step in dry eye treatment. They help to maintain moisture on the outer surface of the eye for a long time. 

A Market Size Worth $400.8 Million By 2027

The global dry eye treatment devices market size is estimated to reach USD 400.8 million by 2027, expanding at a CAGR of 6.4%, according to a new report by Grand View Research, Inc. 

The increasing demand for targeted, non-invasive, faster, and patient compliant treatment methods to alleviate dry eye symptoms are the factors expected to drive the market during the forecast period.

Grand View Research employs a comprehensive and iterative research methodology focused on minimizing deviance to provide the most accurate estimates and forecast possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. 

The global dry eye treatment devices market size was valued at USD 248.5 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 6.4% from 2020 to 2027. Rising demand for a faster and non-invasive treatment approach that provides long-term relief from dry eye symptoms is the factor expected to drive the market for dry eye treatment devices. 

For instance, an Intense Pulsed Light (IPL) per session last approximately 15-20 minutes, and 4-5 session are optimal to provide long terms relief from dry eye symptoms.  Therefore, it is getting popular among patients unhappy and uncomfortable with a frequent application of eye drops to alleviate dry eye symptoms. 

The increasing prevalence of dry eye syndrome and Meibomian Gland Dysfunction (MGD) globally is anticipated to propel the growth of the market for dry eye treatment devices. 

The growing burden of dry eye can be attributed to the rising incidence of causative risk factors such as over usage of contact lenses, prolonged exposure to digital screens, diabetes, glaucoma, and Sjogren’s syndrome.

For instance, Americans are estimated to spend an average time of more than 10 hours a day at visual display terminals. The average time spent has always been increasing each year remarkably due to the expansion in the global internet network.

The therapeutic landscape in the management of dry eye syndrome is changing drastically with eye care providers getting more inclined to treat the root cause of the disease than providing solutions for temporary reliefs.

This phenomenon is anticipated to bode well for the market for dry eye treatment devices in the near future. Moreover, the eye care providers are equipping their facilities with IPL and MGX treatment devices realizing the financial benefits of treating the patient at their office, then referring them to other centers. 

The availability of alternative treatment, high cost of laser treatment, numerous contraindications associated with IPL, and lack of an efficient health insurance policy in several countries options are the factors limiting its adoption rate.

For instance, the average treatment cost of intense pulsed light is approximately USD 700.0, which is practically unfordable for patients with low to middle-level income.

Technology Insights

The Meibomian Gland Expression (MGX) segment accounted for the largest revenue share of 41.4% in 2019 in the market for dry eye treatment devices. MGX is considered as one of the efficient options in treating Meibomian Gland Dysfunction (MGD), one of the leading causes of dry eye disease. 

It helps in dealing with the blockage present around the meibomian gland and helps in removing it by using equipment like forceps, warm compressors, and thermal pulsation systems. The frequent launches of technologically advanced products with high portability enhanced patient comforts and improved therapeutic efficacy are expected to propel the growth of this segment during the forecast period.

For instance, Tearcare by Sight Sciences is a thermal pulsation system to treat evaporative dry eye, it is uniquely designed to facilitate open eye procedures increasing patient comfort.

IPL is expected to witness a healthy CAGR of 6.4% over the forecast period. The active measures undertaken by market players to reinforce their distribution network through collaboration and partnership are anticipated to contribute to the growth of the market for dry eye treatment devices.

For instance, in April 2020, I-Med Pharma, a Canadian company specializing in dry eye management technologies, received distribution rights to sell E-Eye (IPL technology) by ESW Vision in Canada. 

A combination of IPL and MGX technology is expected to experience the fastest growth rate during the forecast period. Ongoing clinical trial studies to understand the effectiveness of this combined technology in treating dry eye disease is expected to contribute toward segment growth.

Regional Insights

North America dominated the dry eye treatment devices market and accounted for the largest revenue share of 34.2% in 2019. The high prevalence of dry eye disease, increasing R&D expenditure, and the growing number of ophthalmology trade conferences and expos in the U.S. and Canada contributed significantly to the growth of the market for dry eye treatment devices in the region.

The prevalence of Dry Eye Diseases (DED) in the U.S. continues to grow at a rapid pace, creating an increased demand for advanced and effective therapies.

According to an article published in the NCBI, the prevalence of DED is approximately 6.8% of the adult population in the U.S. or around 16.0 million diagnosed cases. The prevalence is higher in females as compared to males.

Nearly 60.0% of patient visits to eye care providers are due to DED. The increasing incidence of risk factors, such as systemic diseases (diabetes), high digital device usage, and a growing aging population, is anticipated to further increase the burden of DED in the U.S.

In Europe, the market for dry eye treatment devices is expected to experience a significant growth rate of 6.5% during the forecast period. The development of insurance policy, increasing prevalence of dry eye disease in the region, and growing approvals for dry eye treatment devices are expected to contribute to the region’s market growth.

For instance, in May 2019, Quantel Medical, a medical laser and ultrasound technology company based in France, received CE approval for Lacrystim IPL, it’s a dry eye treatment device. 

In the Asia Pacific, the market for dry eye treatment devices is expected to grow at the fastest rate of 6.9% during the forecast period. The presence of a large patient pool is expected to drive the demand for these devices.

The burden of DED in China, Japan, and India is expected to contribute to the increase in the adoption of newer treatment options. To meet the growing demand, global players are looking to launch technologically advanced devices in the region. 

For instance, in September 2019, Lumen announced that had received CFDA Mark for commercial sale of its M22 Optima IPL in China, for treating dry eye. Apart from China, the device is approved for use in South Korea, New Zealand, and Australia. 

Key Companies & Market Share Insights

Key companies initiate programs to increase awareness about advanced dry eye treatment devices among eye care providers to gain a competitive edge.

In May 2020, Alcon launched an awareness program called “No Reason to Wait: Success Starts Now” to educate patients and professionals about the importance and benefits of treating the root cause of Meibomian Gland Dysfunction (MGD).

This initiative is expected to boost the commercial sale of its dry eye treatment devices such as iLux and Systane. The market players are adopting various strategies such as mergers and acquisitions, new product development, joint ventures, and partnerships.

For instance, In November 2019, Baring Private Equity Asia, a private investment firm in Asia has agreed to acquire Lumens for a transaction value of USD 2.0 billion. Some of the prominent players in the dry eye treatment devices market include:

  • MiBo Medical Group
  • Alcon
  • Sight Sciences