Dry Eye Syndrome Market - Forecast, COVID-19 Impact, Trend Analysis & Competition Tracking - Global Insights 2018-2033

Rising Prevalence of Dry Eye Syndrome to Augment Market Expansion

One of the most prevalent ophthalmic disorders is dry eye disease, commonly known as keratoconjunctivitis sicca (KCS). According to the American Association of Ophthalmology (AAO), 344 Mn people globally suffer from dry eye disease (DED), and the number is rising in both young and elderly population, making it crucial for physicians to figure out how to treat it. Diabetes affects around 422 Mn people globally, according to the WHO. Diabetes, thyroid and rheumatoid arthritis are all increasing the prevalence of dry eyes, which is expected to boost the global dry eye syndrome market. Key market participants' strategic, such as new products launch, approvals, and collaborations, are also driving growth. For instance, I-MED Pharma USA introduced I-DROP MGD in November 2021. The preservative-free, viscoadaptive eye drop contains a lipid that is designed to enhance and stabilise all three layers of the tear film in order to treat dry eye. These innovations are expected to boost market growth throughout the forecast period.

Increasing Geriatric Population Propels the Dry Eye Syndrome Market

The increase in the prevalence of dry eye-related disorders may be attributed to a number of causes, including ageing, systemic inflammatory diseases, decreasing levels of supporting hormones, ocular surface diseases, or surgeries that disrupt the cholinergic neurons that decrease tear production. For instance, according to a research published in Frontiers in Medicine Journal, DED has become the fifth most common ocular disease in women and the ninth most common in males in the United States in 2021. The senior population provides a substantial contribution to the global dry eye syndrome market. According to statistics from the United Nations Department of Economic and Social Affairs, the number of elderly people is expected to double to 1.5 Bn by 2050. 

Corticosteroid Drugs Segment Is Fueling Dry Eye Syndrome Market Growth

Corticosteroids drugs are anticipated to have a sizable market share. Due to the increasing popularity of the drug for the treatment of dry eye syndrome. According to the research published in the Clinical Opthalmology Journal, the average age of the patients examined was 57.8 years, with a tear MMP-9 positive rate of 73.0%. The patients were given topical corticosteroids for one month, which resulted in a significant improvement in their symptoms and signs, with an improvement of up to 90.6%. This shows the older population's high frequency of dry eye syndrome. Given the benefits of corticosteroids, such as anti-inflammatory properties and symptom reduction with short-term usage, the segment is expected to grow throughout the forecast period.

Limited Awareness of Dry Eye Disease Will Limit Market Growth

The majority of the population is unaware of the value of eye health. There is a lack of awareness about several dry eye symptoms that may be easily cured or corrected with proper diagnosis and treatments. People do not consult ophthalmologists on a frequent basis unless they are experiencing severe symptoms. Dry eye symptoms such as redness, burning, and so on are often ignored and underdiagnosed, reducing the patient pool that may be treated with prescription medications. According to a survey performed in the United Kingdom, one out of every four individuals does not have their eyes tested every two years as suggested by the NHS, with youngsters having a higher level of ignorance about eye health. However, strict restrictions related with therapy drugs and long-term therapy regimens limit their usage and adoption among the population. On average, treatment requires weeks or even 3 to 6 months to start working and may have adverse effects that limit total market growth.

NovaBay Pharmaceuticals introduced Avenova Lubricating Eye Drops in January 2022 to treat symptoms of dry eyes.

AbbVie, Inc., AFT Pharmaceuticals, Bausch & Lomb, Johnson & Johnson Services, Inc., Novartis AG, OASIS Medical, Otsuka Pharmaceutical Co., Ltd., Oyster Point Pharma, Inc., Santen Pharmaceutical Co., Ltd. and Sun Pharmaceutical Industries Ltd. are some of the prominent market players operating in the global dry eye syndrome market.

Developing DED Prevalence and The Launch of Novel Eyecare Products Are Driving Growth in The US Market

North America is likely to account for a sizable portion of the dry eye syndrome market. People with various ages have been found living in a multi-screen environment. Computer or digital screen usage may result in less blinking, which may lead to symptoms of dry eye disease (DED), hence boosting the requirement for better and more effective DED therapies, which is projected to stimulate growth in the North American region. Dry eye disease (DED) affects around 20 Mn individuals in the United States, according to the American Association of Ophthalmology (AAO). Women who used eye cosmetics were a significant more likely than the general population to have DED, which indicates that applying eye cosmetics may be one of the risk factors for developing DED. According to the National Library of Medicine, the prevalence of DED in Canada is estimated to be 21%. The disease's high prevalence is expected to fuel market growth in the region throughout the forecast period. Furthermore, drugs launches are one of the major factors driving the region's market growth. For example, Kala Pharmaceuticals Inc. introduced EYSUVIS 0.25% in January 2021 for the short-term medication of the signs and symptoms of dry eye disease. In addition, Sun Pharma Canada Inc, a subsidiary of Mumbai-based Sun Pharmaceutical Industries Limited, introduced Cequa, a calcineurin inhibitor immunomodulator, in January 2022. All of these novel product introductions have the potential to provide the country a competitive advantage in the market.

The report provides a detailed overview of the dry eye syndrome market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for dry eye syndrome market has been offered for all regional market share, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the dry eye syndrome market. These Y-o-Y projections on regional and country-level markets brighten the political, economic and business environment outlook, which are anticipated to have a substantial impact on the growth of the dry eye syndrome market. Some key country and region included in the dry eye syndrome market report as follows:

North America (U.S., Canada)

Latin America (Mexico, Argentina, Brazil, Peru, Chile)

Europe (Germany, France, Italy, U.K., BENELUX, Nordics, Spain, Poland, Russia, CIS)

Asia Pacific (China, ASEAN, India, Japan, South Korea)

Oceania (Australia, New Zealand)

Middle East and Africa (South Africa, GCC Countries, Turkey, Israel, Iran)

The Dry Eye Syndrome Market Research Report Covers In-depth Analysis on:

·         Dry eye syndrome market segments

·         Dry eye syndrome market dynamics

·         Dry eye syndrome market value and share analysis

·         Recent trends, restraints, opportunities in dry eye syndrome market

·         Companies & competition involved dry eye syndrome market

·         Latest technologies in dry eye syndrome market

·         Supply chain and value chain dry eye syndrome market

·         Dry eye syndrome market sales and distribution strategies

Dry Eye Syndrome Market Growth Highlights:

·         A comprehensive overview of parent market

·         Market dynamics, demand and trends in the industry

·         Current, historical and anticipated market size in terms of volume

·         In-depth market segmentation

·         Competition landscape

·         Key strategies of leading companies and product portfolio

·         Dry eye syndrome industry trends and developments

·         Potential and country, regions and segments exhibiting future growth

·         A detailed viewpoint on dry eye syndrome market forecast by countries

·         Essential information to enhance market position