PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1397329
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1397329
The worldwide market for dry eye syndrome treatment is experiencing robust growth, culminating in a total revenue of US$ 5.4 billion in 2024. Projections indicate that by the end of 2031, the market is poised to achieve a substantial valuation of US$ 9 billion.
The dry eye disease market has witnessed notable trends, including a surge in research and development investments, successful clinical trials, and a rising number of new product approvals. Numerous stakeholders are actively engaged in clinical research, exemplified by Reproxalap, a pipeline candidate by Aldeyra Therapeutics, Inc., currently in Phase III trials. Such endeavors hold significant potential to drive revenue within the dry eye syndrome treatment market.
Dry eye syndrome often emerges as a significant side effect following LASIK surgery, prompting prominent manufacturers to focus on developing supplements tailored for post-LASIK dry eye patients. Consequently, the growing number of LASIK surgeries emerges as a key driver fueling market expansion. For instance, data from the American Refractive Surgery Council reveals that more than 30% of patients undergoing eye surgery are likely to develop dry eye syndrome within the first three months.
A notable challenge restraining market growth is the lack of public awareness regarding eye health. Many symptoms of dry eye, which can be effectively treated or alleviated with proper diagnosis and medications, remain poorly understood. Patients often fail to seek consultation with ophthalmologists until they encounter severe clinical issues. Consequently, symptoms like redness, inflammation, and other indicators of dry eye are frequently overlooked and misdiagnosed, leading to fewer patients receiving prescription medications.
The COVID-19 pandemic had an adverse effect on the sales of dry eye medications. Lockdowns and other restrictions implemented in affected regions to curb the virus's spread led to a significant decline in sales for manufacturers of dry eye medications. For instance, Novartis AG reported a 31.4% drop in sales of its Xiidra dry eye medication, from US$ 104.0 million in the second quarter of 2019 to US$ 79 million in the second quarter of 2020. Additionally, the pandemic substantially reduced the frequency of new eye exams in affected nations, resulting in decreased demand for dry eye medications.
These dynamics offer new opportunities for product launches and market expansion, setting the stage for substantial growth.
Key companies in the dry eye syndrome treatment market are focusing on expanding their product portfolios through ongoing research and development and product launches. They are forming strategic partnerships with mid-sized or smaller players and expanding production facilities to strengthen their market presence and expand their dry eye syndrome treatment product lines. This strategy is anticipated to enhance their sales footprint in the global dry eye syndrome treatment industry.