According to a recent study by Future Market Insights (FMI), the global dry eye syndrome market is expected to witness high growth during the forecast period. The market is expected to grow from US$ 4.52 Bn in 2021 to around US$ 8.84 Bn by 2031. This reflects a cumulative CAGR of around 7.0% over the forecast period (2022-2031).
Dry eye syndrome is a lifestyle diseases caused by long-term exposure to computer screen, resulting in reporting of the higher incidence rates across the developing economies. Also, this factor has pushed various ophthalmology care providers to educate and create awareness about the syndrome.
One such example is the Narayana Nethralaya, a super specialty eye hospital based out of India, a dedicated lab to diagnose and treat dry eyes. This lab aims to provide patients with awareness about eye lid problems such as Meibomian gland dysfunction, which lead to the development of dry eye syndrome.
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|Data Points||Market Insights|
|Market Value 2021||USD 4.52 Bn|
|Market Value 2022||USD 4.80 Bn|
|Market Value 2031||USD 8.84 Bn|
|Market Share of Top 5 Countries||53.4%|
|Key Players||The key players in dry eye syndrome treatment market are 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., and Sentiss Pharma Private limited.|
Also, similar trend is observed in developed market such as U.S. Various government awareness campaigns and not for profit initiatives try to create awareness about the dry eye disease to 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 ophthalmologists 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 market during the forecast period.
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Key Takeaways from Dry Eye Syndrome Treatment 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 highest demand, since majority of population visit hospitals to get the checkup done, in turn increasing the numbers of Rx prescriptions.
- Retail pharmacies, as distribution channel held the largest share of 60.8% in 2021 and is 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 market in 2021 indicating the growth due to high prevalence and high treatment adoption rate in North America.
Who is winning?
The leading companies of dry eye syndrome market are 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., and Sentiss Pharma Private limited.
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Some of the leading manufacturers of dry-eye-syndrome treatment market focuses on the product launch and approvals with global expansion objectives, thereby, enhancing their market presence.
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