The Global Dry Eye Syndrome Treatment Industry is embarking on a remarkable trajectory, poised for a significant Compound Annual Growth Rate (CAGR) of 6.4% over the forecast period. According to the latest industry insights, the market, valued at an impressive US$ 5,120 million in 2023, is projected to soar to an estimated US$ 9,521 million by the year 2033.
This substantial surge in market value can be attributed to a synergistic blend of factors, with key contributors including the rising awareness of dry eye syndrome, continuous advancements in treatment modalities, and the burgeoning aging population. As the importance of ocular health gains widespread recognition, the demand for innovative and effective treatments is expected to escalate, propelling the market to unprecedented heights.
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One such example is the Narayana Nethralaya, a super specialty eye hospital based out of India, with a dedicated lab to diagnose and treat dry eyes. This lab aims to provide patients with awareness about eyelid problems such as Meibomian gland dysfunction, which lead to the development of dry eye syndrome.
Also, a similar trend is observed in developed markets such as the U.S. Various government awareness campaigns and not-for-profit initiatives try to create awareness about dry eye disease among the population that does not have access to eye care facilities. Eye Care America is an example of a public service organization run by the American Academy of Ophthalmology Foundation that provides free eye care through volunteer ophthalmologists.
Further, those who are age 65 or older and who have not seen an ophthalmologist in three or more years may be eligible to receive a comprehensive, medical eye exam and up to one year of care at no out-of-pocket cost. This consequently will increase the utilization of dry eye treatment products and drive the growth of the Dry Eye Syndrome Treatment Industry during the forecast period.
Key Takeaways from Global Dry Eye Syndrome Treatment Industry Study
- Greater acceptance of artificial tears owing to improved patient comfort leads the artificial tears segment to account for the maximum share of 60.8% in 2021, expanding at 7.1% CAGR during the forecast period.
- By prescription, Rx prescriptions are projected to account for 71.3% of the market share in 2022 indicating the highest demand, since the majority of the population visits hospitals to get the checkup done, in turn increasing the number of Rx prescriptions.
- Retail pharmacies, as distribution channels held the largest share of 60.8% in 2021 and are expected to grow with the same trend throughout the forecast period.
- By region, North America held the largest share of 37.6% of the Dry Eye Syndrome Treatment Industry in 2021 indicating the growth due to high prevalence and high treatment adoption rate in North America.
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“Growing incidence of dry eye syndrome due to growing aging population, and long working hours (increase in screen time) to drive the demand of Dry Eye Syndrome treatment products over the Decade,” says the FMI Analyst
Who is winning?
Global Dry Eye Syndrome Treatment Industry Key Players:
- Allergen plc. (Abbvie)
- Novartis AG
- Otsuka Pharmaceuticals Co.Ltd.
- Bausch Health Companies Inc.
- Akron Inc.
- Johnson & Johnson Inc.
- Thea Pharmaceuticals Limited
- OASIS Medical
- Altaire Pharmaceuticals Inc.
- Boiron USA
- Similasan Corporation
- Scope Ophthalmics Ltd.
- Reckitt Benckiser Group PLC
- Medicom Healthcare Ltd
- FDC Limited.
- Lupin Limited
- Jamjoom Pharmaceuticals Co.
- Sentiss Pharma Private Limited.
Some of the leading manufacturers of the Global Dry Eye Syndrome Treatment Industry focus on product launches and approvals with global expansion objectives, thereby, enhancing their market presence.
- In January 2021, SIFI an Italy-based international ophthalmic company launched SYNFO for moisturizing and lubrication in dry eye treatment.
- In December 2020, Alcon Canada announced the launch of its new product Systane an ultra-hydration lubricant eye drops preservative free containing Hyaluronic acid and HP-guar
- In November 2020, Santen Pharmaceutical launched Cationorm categorized as an artificial tear for moisturization and long-lasting relief of dry eye.
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Want more insights?
Future Market Insights brings a comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2031. The global Dry Eye Syndrome Treatment Industry is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
The study provides compelling insights on the Dry Eye Syndrome Treatment Industry segment based on Product (Cyclosporine, Topical Corticosteroids, and Artificial Tears Punctal Plugs (removable, dissolvable), oral omega supplements, and others), prescription (Rx, OTC, Medical Devices), distribution channel (Hospital Pharmacies, Eye Health Clinics, Retail Pharmacies, and Online Pharmacies) across seven major regions.
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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