PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1383363
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1383363
According to Stratistics MRC, the Global Dry Eye Syndrome Market is accounted for $5.1 billion in 2023 and is expected to reach $9.4 billion by 2030 growing at a CAGR of 9.1% during the forecast period. The disease known as dry eye syndrome, or keratoconjunctivitis sicca (KCS), is characterized by a lack of lubrication or moisture on the eye's surface. It is a widespread condition that can affect anyone at any time. Other dry eye symptoms include photophobia, aching and burning feelings, hurting eyes, red eyes, fatigued eyes, itchy eyes, and other eye-related issues. Watery eyes can also be a sign because the dryness of the eye's surface over-stimulates the creation of the watery component of tears.
According to investor presentation of Bausch + Lomb, a leading eye care company, in U.S. an estimated 38 million people affected with dry eye disease (DED) out of which only 19 million were diagnosed.
This chronic illness affects people differently as they age. The prevalence is rising in both the young and the elderly population, though, as a result of bad food, increased use of contact lenses, more screen time, and an increase in LASIK procedures. The need for more potent treatment interventions for this illness will rise as its prevalence rises, fueling the expansion of the dry eye syndrome market throughout the projected period.
Unless there is a severe clinical problem, people seldom consult ophthalmologists on a regular basis. It happens frequently that dry eye symptoms like redness, burning, and other similar ones go undiagnosed. The number of patients who can be treated with these prescription medications as a result of this has decreased. The market expansion potential is therefore limited as a result of the lower acceptance rate of these eye care products.
The market for treating dry eye problems is expanding as a consequence of the high R&D investment on the creation of efficient treatment lines. As the country performs more LASIK surgeries, there is a growing demand for treatments for dry eye syndrome. Rising investments in the development of advanced technologies and an increase in the number of emerging markets will also help the market grow during the forecast period.
The general public knows virtually little about eye health. Many of the symptoms of dry eyes, which may be swiftly cured or relieved with a correct diagnosis and medications, are not well known. Patients rarely visit ophthalmologists unless there is a major clinical problem. Many dry eye sufferers have their redness, irritation, and other symptoms ignored or misdiagnosed, which reduces the number of individuals who may receive prescription pharmaceutical treatment. This is limiting the market from expanding.
Numerous investigations conducted during the pandemic discovered that individuals continued to experience dry eye symptoms for several weeks or months after they had recovered. As this is a prevalent ophthalmic disorder, this resulted in a rise in the prevalence of this ailment. Additionally, during the COVID-19, a gradual transition in people's work and study habits from offline to online led to a rise in the prevalence of this disorder. On the other hand, it was discovered that throughout the pandemic, consultations for all non-essential therapeutic interventions had decreased, which led to a fall in the demand for these therapies.
The cyclosporine segment is expected to be the largest during the forecast period owing to the long-standing use of medications using cyclosporine as a basis. Research has shown its usefulness for treating the signs and symptoms of dry eye illness. Cyclosporine has been reported to decrease T-cell proliferation, an inflammatory response that contributes to disease. Restasis and Cequa are two drugs for treating the symptoms of dry eye that have FDA approval.
The hospital pharmacy segment is expected to have the highest CAGR during the forecast period owing to increasing demand for devices and drugs for the diagnosis and treatment of dry eye disease. Patients with more severe or complicated instances of dry eye disease who needs specialist care are frequently catered to by hospital pharmacists. These patients may benefit from taking prescription drugs like Immunomodulators or anti-inflammatory drugs, which are commonly sold at hospital pharmacies.
North America is projected to hold the largest market share during the forecast period. This high market share may be ascribed to a variety of factors, including the presence of significant industry players, an increase in the number of patients suffering from dry eye disease, an expanding elderly population, among others. This region has a relatively high prevalence of dry eye disease, driven by various factors such as an aging population, widespread use of digital devices, and environmental factors.
Asia Pacific is projected to hold the highest CAGR over the forecast period due to improvements in overall healthcare infrastructure, rising prevalence of dry eye disease, and improved access to healthcare. The high prevalence of cardiovascular diseases in countries with high populations, such as China and India, as well as the rising number of market players' strategies and trends, such as product development, product approval, partnership, collaboration, and agreement, are driving the region to expand.
Some of the key players in Dry Eye Syndrome market include: Novartis AG, Eli Lilly and Company, AbbVie, Inc., Teva Pharmaceutical Industries Ltd., Sun Pharmaceutical Industries Ltd., Sanofi, Santen Pharmaceutical Co., Ltd., Pfizer Inc ., AFT Pharmaceuticals, Merck & Co., Inc. , Johnson & Johnson Services, Inc., Akorn Operating Company LLC , Bausch + Lomb Corporation, Allergan, OASIS Medical, GlaxoSmithKline plc, Oyster Point Pharma, Inc., Otsuka America Pharmaceutical, Inc., Novaliq GmbH and F. Hoffmann-La Roche Ltd.
In June 2023, Novaliq GmbH announced that the U.S. Food and Drug Administration (FDA) has approved VEVYE (cyclosporine ophthalmic solution) 0.1% for the treatment of the signs and symptoms of dry eye disease.
In May 2023, Bausch + Lomb Corporation and Novaliq GmbH announced that the U.S. Food and Drug Administration (FDA) has approved MIEBO (perfluorohexyloctane ophthalmic solution; formerly known as NOV03), for the treatment of the signs and symptoms of dry eye disease (DED). MIEBO is the first and only FDA-approved treatment for DED that directly targets tear evaporation.
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.