PUBLISHER: The Business Research Company | PRODUCT CODE: 1414181
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414181
“Dry Eye Syndrome Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on dry eye syndrome market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for dry eye syndrome? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The dry eye syndrome market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Dry eye syndrome, also known as dry eye illness, is a prevalent condition characterized by insufficient tear production or the generation of poor-quality tears. The condition manifests when the eyes fail to produce an adequate amount of tears, leading to discomfort, irritation, and inflammation.
Products designed to address dry eye syndrome include liquid drops, gel formulations, liquid wipes, eye ointments, and other related solutions. Liquid eye drops, specifically, are fluid formulations applied directly to the eyes to alleviate dryness, provide moisture, and offer lubrication. These drops encompass a variety of treatments, ranging from corticosteroids to artificial tears, oral omega supplements, and lubricating agents. These products are available through both offline and online channels and are employed in the treatment of evaporative and aqueous diseases. They find application in diverse settings, including hospitals, clinics, medical laboratories, and other healthcare facilities.
The dry eye syndrome market research report is one of a series of new reports from The Business Research Company that provides dry eye syndrome market statistics, including dry eye syndrome industry global market size, regional shares, competitors with a dry eye syndrome market share, detailed dry eye syndrome market segments, market trends, and opportunities, and any further data you may need to thrive in the dry eye syndrome industry. This dry eye syndrome market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The dry eye syndrome market size has grown strongly in recent years. It will grow from $3.68 billion in 2023 to $3.96 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%.
The expansion observed in the historical period can be attributed to factors such as improved access to healthcare, advancements in treatment options, the influence of medications and health conditions, the impact of hormonal changes, and the consequences of ocular surgery.
The dry eye syndrome market size is expected to see strong growth in the next few years. It will grow to $5.23 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The anticipated expansion in the forecast period can be attributed to demographic shifts toward an aging population, the rising prevalence of screen usage, changes in lifestyle habits, increased awareness and accessibility to healthcare, ongoing trends in ocular surgery, and the emergence of novel therapies. Major trends expected in the forecast period include adopting a holistic approach to eye health, integrating artificial intelligence (AI) in eye care, the incorporation of telemedicine and remote consultations, adopting a personalized medicine approach, and an increased focus on awareness and education.
The anticipated growth of the dry eye syndrome market is expected to be driven by the increasing prevalence of dry eye syndrome. This condition occurs when the eyes do not produce enough tears, and products and medications designed for dry eye syndrome aim to provide lubrication and moisture, boost tear production, enhance tear quality, reduce inflammation, and protect the ocular surface. For instance, a survey conducted by Eyes On Eyecare in March 2022 revealed that 35 million Americans were projected to experience dry eye disease (DED) in 2022, with a continued increase in frequency. Additionally, a meta-analysis of three US studies in 2022, according to UpToDate Inc., reported an 8.1% pooled prevalence of dry eye. Hence, the rising prevalence of dry eye syndrome is a significant driver for the market.
The growth of the dry eye syndrome market is the expanding aging population. This demographic trend, characterized by a rising proportion of elderly individuals, creates an increased demand for effective treatments and solutions for conditions such as dry eye syndrome. Globally, the World Health Organization projects that by 2030, 1 in 6 people will be 60 or older, and this age group will double to 2.1 billion by 2050. In the UK, data from the UK Parliament's House of Commons Library indicates that by 2043, 24% of the total population (17.4 million people) will consist of seniors. Consequently, the growing aging population becomes a driving force for the dry eye syndrome market.
Product innovation stands out as a prominent trend, with major companies focusing on the development of innovative solutions to maintain their market position. For example, in May 2023, Entod Pharmaceuticals Ltd., an India-based company, introduced Cyclotears eye drops, specifically designed for treating dry eye disease. This pioneering product incorporates self-emulsifying drug delivery system (SEDDS) technology, enhancing the delivery of poorly water-soluble drugs to the ocular region. Cyclotears eye drops utilize cyclodextrin to enhance stability and retention time of the tear film on the eye surface. Some highlighted features include a novel active ingredient, improved retention time, a lubricating effect, and being safe and preservative-free.
Major players in the dry eye syndrome market are directing their efforts towards launching innovative products to address the increasing demand for preservative-free eye drops. An example is Systane, with its Systane Complete Preservative-Free Lubricant Eye Drops added to its innovative portfolio of dry eye products. Alcon, a Switzerland-based ophthalmology company, introduced these eye drops in January 2022 to cater to individuals experiencing dry eyes, a condition resulting from insufficient tear production or rapid tear evaporation. Systane Complete Preservative-Free Lubricant Eye Drops aim to alleviate various dry eye symptoms, providing relief, protection, and hydration.
In June 2022, Novartis AG, a Switzerland-based pharmaceutical corporation, completed the acquisition of Kedalion Therapeutics for an undisclosed amount. This strategic move positions Novartis AG to deliver customer- and patient-centric ophthalmic advancements, particularly for dry eye syndrome, and strengthens its leadership in the rapidly growing ophthalmology market. Kedalion Therapeutics, a US-based clinical-stage ophthalmic drug company, offers a range of products and preventive services for dry eye syndrome.
Major companies operating in the dry eye syndrome market report are Allergan plc, Novartis AG, Otsuka Pharmaceutical Co. Ltd., Santendo Pharmaceutical Co. Ltd., Sentiss Pharma Pvt. Ltd., Johnson & Johnson, Alcon Vision LLC, Akorn Operating Company LLC, Sun Pharmaceutical Industries Ltd., Bausch Health Companies Inc., AbbVie Inc., GlaxoSmithKline plc, I-MED Pharma Inc., Hoffmann-La Roche AG, Acadia Pharmaceuticals Inc., AFT Pharmaceuticals, Horus Pharma, Mitotech, Novaliq GmbH, OASIS Medical, Prestige Consumer Healthcare, VISUfarma, Alimera Science, Auven Therapeutics, Kala Pharmaceuticals Inc., Nicox S.A., Emisphere Technologies Inc., EyeGate Pharmaceuticals Inc., ReVision Therapeutics Inc., Avedro Inc., Itear Medical, Transcend Medical Inc.
North America was the largest region in the dry eye syndrome market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global dry eye syndrome market report during the forecast period. The regions covered in the dry eye syndrome market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the dry eye syndrome market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The dry eye syndrome market includes revenues earned by entities by providing services such as dry eye diagnosis, treatment of dry eye syndrome, prescribed medications, antibiotics, humidifiers, and protective eyewear. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.