Dry Eye Syndrome Market

Global Dry Eye Syndrome Market Size (2023 to 2028)

The global market size for dry eye syndrome is projected to grow at a CAGR of 5.22% from 2023 to 2028 and be worth USD 8.72 billion by 2028 from USD 6.76 billion in 2023.

Global Dry Eye Syndrome Market Share Insights:

• Based on the drug type, the anti-inflammatory drugs segment had the major share of the global market in 2022.
• Based on product, the liquid drops segment accounted for the largest share of the worldwide market in 2022.
• Based on the distribution, the hospital pharmacies segment held the leading share of the global market in 2022.
• Based on region, the North American region accounted for the major share of the worldwide market in 2022.

Impact of COVID-19 on the dry eye syndrome market:

Because of the COVID-19 outbreak, there was a drop in the number of patients seeing ophthalmologists during the early stages of the COVID-19 pandemic. This had a detrimental impact on the market. In addition, the market participants' revenue saw a significant decrease as a direct result of the lockout as well as some limits. As a result of COVID-19, the dry eye market saw a negative first impact, which included cancellations in elective surgeries such as diagnostic and ocular treatments and pauses in supply chain activities involving medications worldwide. During the lockdown, people of all ages used their electronic devices at a higher rate, which led to an increase in the number of reports of eye ailments. As soon as the restrictions were lifted, the market began to see significant growth. As a direct consequence of this, indications of a market rebound emerged as soon as the eye care services got off the ground. In addition, people with SARS-CoV-2 continued to exhibit symptoms of dry eye long after their sickness was treated, which expanded the possible patient pool.  As a direct consequence of the epidemic, an alarmingly high number of individuals all over the world now suffer from a condition known as dry eye disease. As a direct consequence of this, it is projected that this aspect will be a driving force behind the growth of the market during the forecasted period.

MARKET DRIVERS:

The rising incidence of dry eye-related problems primarily drives the growth of the dry eye syndrome market. Aging, a decline in hormones that provide support, systemic inflammatory diseases, ocular surface diseases and procedures that injure the cholinergic neurons are responsible for driving tear production. The introduction of efficient therapies for the dry eye problem is a priority for numerous big companies, which is expected to drive market growth during the forecast period.  

The growing investments in the healthcare industry help strengthen the healthcare system, which in turn promotes the business of serving those who suffer from dry eye disease. The market expansion for dry eye syndrome is further driven by increased initiatives in the public and private sectors to improve awareness of the condition. As a result of increased incomes and a rising interest in conventional medicine, there will be an increase in the demand for treatments for dry eye syndrome.

The growing efforts to spread awareness regarding the severity of dry eye support the growth of the dry eye syndrome market. According to National Eye Institute (NEI), if a dry eye problem is left unattended, it could damage the cornea completely and leave the eye vulnerable to dust accumulation, which can be very dangerous. Organizations like “Prevent Blindness” are making efforts to spread awareness about the condition. The organization considers the month of July as dry eye awareness month and provides information and stats about dry eye disease without any charge.

MARKET RESTRAINTS:

However, the slow drug approval process will slow the market's expansion. The dry eye syndrome industry will face resistance from a lack of trained medical personnel and inadequate healthcare infrastructure in emerging markets. The introduction of new pharmaceuticals will be delayed due to testing agencies' stringent drug approval methods, which will serve as a restraint and further slow the market's growth rate throughout the forecast period. Few people are knowledgeable about the importance of maintaining good eye health. Many of the symptoms of dry eye that can be treated or alleviated with the right diagnosis and treatments are poorly understood. In the absence of severe symptoms, most people don't make frequent appointments with eye doctors. Many people with dry eyes don't seek medical attention when they experience symptoms, including redness, burning, and blurred vision.

REPORT COVERAGE:

This research report on the global dry eye syndrome market has been segmented and sub-segmented based on the drug type, product, distribution channel, and region.

Global Dry Eye Syndrome Market - By Drug Type:

• Anti-inflammatory Drugs
• Lubricant Eye Drops
• Autologous Serum Eye Drops
• Anti-Allergic
• Anti-Infectives
• Other 

Based on the drug type, the anti-inflammatory drugs segment is predicted to account for the major share of the global market during the forecast period. The inflammatory nature of dry eye syndrome, rising understanding of the role of inflammation in the development and progression of the condition, rapid adoption of personalized and targeted treatment approaches for managing dry eye and the development of innovative anti-inflammatory drug formulations and delivery methods drive the growth of the anti-inflammatory drugs segment in the worldwide market.

The lubricant eye drops segment is anticipated to account for a substantial share of the global market during the forecast period owing to the growing prevalence of dry eye syndrome worldwide, rising awareness about the importance of eye health and regular eye care and increasing demand for quick relief from dry eye symptoms.

Global Dry Eye Syndrome Market - By Product:

• Liquid Drops
• Gel
• Liquid Wipes
• Eye Ointment
• Others

Based on the product, the liquid drops segment is estimated to hold the leading share of the global market during the forecast period. Liquid drops are easy to use, offer convenience for patients, and provide quick relief from dry eye symptoms. The wide availability and affordability of liquid drops and growing awareness about the importance of eye health and dry eye management drive segmental growth.

Global Dry Eye Syndrome Market - By Distribution Channel:

• Hospital Pharmacies
• Retail Pharmacies
• Specialty Clinics
• E-Commerce
• Others

Based on the distribution, the hospital pharmacies segment is projected to occupy the leading share of the worldwide market during the forecast period. Factors such as collaborations with healthcare providers, access to specialized care, availability of advanced treatment options, enhanced patient monitoring and follow-up, and integration with hospital systems primarily drive the growth of the hospital pharmacies segment.

Global Dry Eye Syndrome Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America accounted for the leading share of the global market in 2022 and the domination of the North American region in the worldwide market is anticipated to continue throughout the forecast period owing to the high incidence of dry eye illnesses and the ease of availability of remedies in North America. The strategic presence of major manufacturers in the U.S., high awareness, and prevalence of dry eye disease in the U.S. and Canada further contribute to the growth of North American dry eye syndrome.

Europe is another promising regional market worldwide and had the second-largest share of the global market in 2022. The European market is estimated to grow at a notable CAGR during the forecast period. The growing geriatric population prone to dry eye syndrome, rising prevalence of dry eye syndrome due to changing environmental conditions and increasing awareness among patients and healthcare professionals about the importance of early diagnosis and treatment drive the growth of the European market. The growing number of advancements in healthcare infrastructure and availability of innovative treatment options, favorable government initiatives and policies promoting eye health and dry eye management and growing demand for personalized and tailored treatments for dry eye syndrome further contribute to the growth of the European market. Countries such as the UK, Germany and France are predicted to occupy the leading share of the European market during the forecast period.

APAC is expected to be the most lucrative regional market worldwide and is expected to grow at the fastest CAGR during the forecast period. The presence of a large population base, increasing urbanization leading to a higher number of individuals at risk of dry eye syndrome, growing healthcare expenditure and increasing access to healthcare facilities in developing economies drive the growth of the dry eye syndrome market in the Asia-Pacific region. Changing lifestyle factors such as increased screen time and environmental conditions contributing to dry eye syndrome, rising awareness among the population about eye health and the importance of early diagnosis and treatment, the expansion of multinational pharmaceutical companies and market penetration in the region and initiatives of the governments of APAC countries to improve eye health and provide affordable and accessible healthcare services further promote the regional market growth.

KEY MARKET PLAYERS:

Some of the major players operating in the dry eye syndrome market are Teva Pharmaceutical Industries Ltd (Israel), Sanofi (France), Novartis AG (Switzerland), Eli Lilly and Company (US), Merck & Co., Inc. (US), AstraZeneca (UK), Johnson & Johnson Private Limited (US), Abbott (US), F. Hoffmann-La Roche Ltd. (Switzerland), AbbVie Inc. (US), Otsuka America Pharmaceutical, Inc. (US), Pfizer Inc. (US), GlaxoSmithKline plc (UK), Allergan (Ireland), Akorn Operating Company LLC (US), Allostera Pharma Inc. (Canada), I-Med Pharma Inc. (Canada), Santen Pharmaceuticals Co. Ltd., (Japan), AFT Pharmaceuticals (New Zealand) and Novaliq GmbH (Germany).

RECENT HAPPENINGS IN THE MARKET:

• Kedalion Therapeutics, based in Menlo Park, California, is a clinical-stage, venture-funded ophthalmic pharmaceutical startup that Novartis acquired in June 2022. Through this deal, Novartis purchased AcuStreaM from Kedalion Therapeutics. The purchase was undertaken so that Novartis may broaden its ophthalmics offering and accelerate its investigation of novel ophthalmic procedures that may one day be used to meet the unmet needs of patients with frontal-ocular illnesses.
• The FDA gave Johnson & Johnson Vision clearance to market its etafilcon A drug-eluting contact lens, Theravision with Ketotifen, in March 2022. Each lens in this product contains 19 mcg of the hormone ketotifen. ACUVUE Theravision with Ketotifen, the pioneering product in a new category of contact lenses, improved the quality of life for those who use lenses but have allergic eye discomfort as a result.
• Phase 3 clinical testing of 0.25% reproxalap ophthalmic solution to treat allergic conjunctivitis was completed by Aldeyra Therapeutics, Inc. in October 2022. The firm gave the trial's clinical findings at the 2022 Annual Meeting of the American Academy of Optometry. To alleviate the discomfort associated with dry eyes, NovaBay Pharmaceuticals introduced Avenova in January 2022.