Global Dry Eye Syndrome Market - 2023-2030

Market Overview

The Global Dry Eye Syndrome Market reached US$ 5.9 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 10.4 billion by 2030. The global dry eye syndrome market is expected to exhibit a CAGR of 7.4% during the forecast period 2023-2030.

Dry eye syndrome treatment focuses on reducing symptoms, enhancing tear production and stability, and safeguarding the health of the eye surface. Common treatment methods include the use of artificial tears, prescription medications, punctal plugs, lifestyle adjustments, and addressing any underlying conditions contributing to dry eye.

The dry eye syndrome market scope comprises type, product, dosage form, sales channel, and distribution channel, which has increased the dry eye syndrome market share. The global market for dry eye syndrome is expanding as a result of factors including the high prevalence of dry eye syndrome, increasing awareness and education, and strategic partnerships and collaborations across countries are also creating a positive outlook for the dry eye syndrome market growth.

Market Dynamics

The Availability of New Treatments for Dry Eye Syndrome is Expected to Drive Dry Eye Syndrome Market Growth

According to the American Academy of Ophthalmology Article, 2022, two noteworthy developments in the field of dry eye syndrome treatment have piqued the interest of Dr. Seitzman. The first is a drug called NOV03, known as NovaTears in Europe and Australia. This drug is an inert and anhydrous semifluorinated alkane perfluorohexyloctane (F6H8). It is a liquid that lacks water, preservatives, and surfactants, and it has a cooling effect on the ocular surface. Moreover, researchers are exploring its potential as a vehicle for delivering other drugs.

The second development of interest is AZR-MD-001, an ointment being developed by Azura Ophthalmics. This ointment contains selenium sulfide and functions as a keratolytic agent. It shows promise for addressing chronic meibomian gland disease, particularly in patients with hyperkeratinization of the lid margin. This innovative treatment approach aims to target the underlying causes of the disease and improve the overall health of the meibomian glands.

Both NOV03 and AZR-MD-001 represent advancements in the understanding and treatment of dry eye syndrome. These developments offer potential solutions to address specific aspects of the condition and provide new options for patients and healthcare professionals. Further research and clinical trials are needed to fully evaluate their efficacy and determine their place in the management of dry eye syndrome. Thus, owing to the above factors, the market is expected to drive over the forecast period.

Increasing Prevalence of Dry Eye Syndrome is Expected to Drive Dry Eye Syndrome Market Growth

According to Dry Eye Directory Report 2023, globally, approximately one billion individuals are affected by Meibomian Gland Dysfunction, a common condition associated with dry eye symptoms. In the United States, the prevalence of dry eye is estimated to range from 5% to 15% of the population.

The economic impact of dry eye disease in the USA is substantial, costing the economy over $55.4 billion annually. The popularity of the topic "dry eye syndrome" has seen a significant increase, as indicated by the doubling of trends between December 2010 and July 2020.

The High Cost of Dry Eye Treatments is Expected to Hamper Dry Eye Syndrome Market Growth

The cost of dry eye treatments can be a major obstacle for individuals seeking relief from their symptoms. Several factors contribute to the high cost of treatment, including the need for ongoing management and the availability of various treatment options.

For instance, a treatment plan can cost $800 - $1000 for three or four sessions. Initial comprehensive eye assessment and additional procedures like meibomian gland expression may cost extra depending on the treatment plan the patient manages to procure. Thus, owing to the above factors, the market is expected to hamper over the forecast period.

COVID-19 Impact Analysis

The COVID-19 pandemic has had significant impacts on the dry eye syndrome (DES) market. Lockdowns and social distancing measures have led to delayed diagnosis and treatment initiation for individuals with DES. Eye care clinics and hospitals operating at reduced capacity have limited access to eye care professionals and diagnostic tests, making it difficult to manage and monitor DES.

The increased screen time due to remote work and online education has worsened DES symptoms. Additionally, the use of face masks, while necessary for prevention, can contribute to increased evaporation of tears and aggravate DES symptoms.

The pandemic's overall impact on mental health, coupled with the healthcare system's focus on managing COVID-19 cases, has diverted resources away from DES research, development, and marketing efforts. These factors collectively highlight the challenges faced by individuals with DES during the pandemic and the need for innovative solutions and support for their ocular health. Thus, owing to these factors, the market is moderately affected and it is anticipated that the market will regain traction and show growth in the coming years.

Russia-Ukraine Conflict Analysis

The Russian-Ukraine war has had significant consequences for both the healthcare system and the population in the region. Healthcare facilities have been destroyed or disrupted, leading to reduced access to eye care services for the diagnosis, treatment, and management of Dry Eye Syndrome (DES). The conflict has also resulted in population displacement, exposing individuals to increased stress, anxiety, and limited access to necessities, which can contribute to the development or worsening of DES symptoms.

Furthermore, damage to infrastructure, including water and sanitation systems, impact water quality, potentially exacerbating DES symptoms as proper hydration is essential for eye health. The war's disruption of the medication supply chain, including lubricant eye drops and other treatments for Dry Eye Syndrome (DES), result in shortages or limited availability of crucial medications. This can hinder individuals' ability to access proper treatment for managing DES symptoms.

Additionally, the ongoing conflict, with its associated stress, trauma, and uncertainty, have psychological impacts on the affected population. Psychological distress and mental health conditions, such as anxiety and depression, have been associated with DES symptoms. Therefore, the psychological toll of the war may indirectly contribute to the higher prevalence or increased severity of DES among the affected population.

Segment Analysis

The global dry eye syndrome market is segmented based on type, product, dosage form, sales channel, distribution channel, and region.

OTC from the Sales Channel Segment Accounts for 52.3% of the Market Share Owing to Preferred First-Line Treatment for Mild to Moderate Dry Eye Syndrome

For mild to moderate cases of dry eye syndrome (DES), over-the-counter (OTC) lubricating eye drops or artificial tears are commonly recommended as the first-line treatment. These products are designed to provide temporary relief by moisturizing the eyes, reducing dryness, and relieving irritation.

OTC lubricating eye drops are readily available without a prescription and can be purchased from pharmacies, drugstores, or retail stores. They are formulated to mimic the natural tears and provide additional lubrication to the ocular surface. These drops come in different formulations, including aqueous-based, gel-based, or lipid-based, offering a variety of options to suit individual preferences and needs.

Moreover, OTC lubricating eye drops offer a convenient and accessible option for managing mild to moderate dry eye symptoms. The choice of formulation depends on individual preferences, the severity of symptoms, and the specific characteristics of the dry eye condition. However, regular use of OTC artificial tears can help alleviate discomfort, improve tear quality, and enhance overall eye comfort. Thus, owing to the above factors, the market is expected to hold the largest market share over the forecast period.

Geographical Analysis

North America Accounted for Approximately 38.4% of the Market Share Owing to the Increasing Health Care Expenditure and Increasing Prevalence of Dry Eye Syndrome

According to the Dry Eye Directory 2023 Report, the prevalence of dry eye syndrome in the United States is estimated to be between 16.7 million and 50.2 million individuals, which represents 5-15% of the population. The economic impact of dry eye disease in the US is significant, costing over $55.4 billion annually.

Also, TearSolutions announced encouraging findings from its initial human trial of Lacripep, a potential treatment for dry eye disease, in September 2022. The positive results from this pipeline candidate study are expected to expedite the advancement and introduction of innovative medications, ultimately driving market expansion. Thus, from the above factors, the North American region is expected to hold the largest market share over the forecast period.

Competitive Landscape

The major global players in the market include: Novartis AG, AbbVie, Inc., Sun Pharmaceutical Industries Ltd., Santen Pharmaceutical Co., Ltd., AFT Pharmaceuticals, Johnson & Johnson Services, Inc., Otsuka Pharmaceutical Co., Ltd., OASIS Medical, Oyster Point Pharma, Inc. and Bausch & Lomb.

Why Purchase the Report?

• To visualize the global dry eye syndrome market segmentation based on the type, product, dosage form, sales channel, distribution channel and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of dry eye syndrome market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global dry eye syndrome market report would provide approximately 77 tables, 78 figures, and 195 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies