PUBLISHER: The Business Research Company | PRODUCT CODE: 1427788
PUBLISHER: The Business Research Company | PRODUCT CODE: 1427788
Dry eye products are designed to address and alleviate the symptoms of dry eye syndrome, a condition characterized by insufficient tear production or rapid evaporation of tears. These products work by lubricating the eyes, reducing inflammation, and increasing moisture to provide relief from dryness, irritation, and discomfort.
The primary categories of dry eye products include antibiotic drops, hormone drops, artificial tears, and other formulations. Antibiotic drops, specifically designed for ophthalmic (eye) use, incorporate antibiotics to eliminate infections and mitigate inflammation, ultimately easing the symptoms associated with dry eye disease. These products encompass both prescription and over-the-counter drugs, available through various distribution channels such as hospital pharmacies, retail pharmacies, specialty clinics, e-commerce, and other outlets.
The dry eye products research report is one of a series of new reports from The Business Research Company that provides dry eye products market statistics, including the dry eye products industry's global market size, regional shares, competitors with a dry eye products market share, detailed dry eye products market segments, market trends and opportunities, and any further data you may need to thrive in the dry eye products industry. This dry eye products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The dry eye products market size has grown strongly in recent years. It will grow from $7.26 billion in 2023 to $7.74 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The expansion observed in the historical period can be ascribed to factors such as an aging population, environmental influences, increased consumer awareness, recommendations from healthcare professionals, and the widespread proliferation of ocular surgery.
The dry eye products market size is expected to see strong growth in the next few years. It will grow to $9.7 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The anticipated growth in the forecast period can be credited to persistent digital device usage, heightened screen time, growing awareness and diagnosis, advancements in ophthalmic innovation, and the increasing prevalence of telemedicine and remote consultations. Key trends expected in the forecast period encompass the adoption of advanced treatment modalities, the popularity of preservative-free formulations, the emergence of smart eye care devices, integration with wearable technology, and the utilization of combined therapy approaches.
The anticipated rise in the prevalence of dry eye conditions is poised to drive the growth of the dry eye products market in the future. Dry eye is characterized by inadequate lubrication and moisture on the surface of the eye, leading to discomfort, irritation, and vision issues. Dry eye products play a crucial role in managing the symptoms associated with dry eye conditions. For example, a survey conducted by Eyes on Eyecare with 540 eyecare experts in March 2022 revealed that 35 million Americans were expected to suffer from dry eye disease (DED) in 2022, with a consistent increase in frequency each year. Additionally, a 2022 meta-analysis of three US studies by UpToDate Inc., a US-based health information provider, reported an 8.1% pooled prevalence of dry eye. Hence, the growing prevalence of dry eye conditions is a key driver for the expansion of the dry eye products market.
The extended use of electronic devices, leading to prolonged screen time, is also anticipated to contribute to the growth of the dry eye products market. Prolonged screen time involves prolonged use of electronic devices, and the application of dry eye products is common to alleviate discomfort and manage symptoms related to digital eye strain. For instance, Statistics Canada, a Canada-based government agency, reported in October 2022 that Canadian adults spent approximately 3.2 hours per day in front of screens, with a daily sitting time of 5.7 hours. This data indicates that over half of Canadians (58%) meet the screen time threshold. Therefore, the phenomenon of prolonged screen time is a significant factor driving the dry eye products market.
Technological advancements are emerging as a prominent trend in the dry eye products market, with major companies actively incorporating new technologies to fortify their market presence. For instance, in January 2022, Sun Pharma Canada Inc., a pharmaceutical company based in Canada, introduced CEQUA, a pioneering treatment for dry eye disease tailored to the needs of Canadians dealing with this condition. CEQUA, featuring cyclosporine ophthalmic solution 0.09% w/v, stands out as Canada's inaugural dry eye treatment utilizing nano micellar (NCELL) technology. This advanced technology enhances the bioavailability and stability of cyclosporine, facilitating improved penetration into ocular tissues and thereby enhancing therapeutic outcomes.
Prominent companies in the dry eye products market are actively engaged in the development of prescription eye drops, such as perfluorohexyloctane ophthalmic solution, to address evaporative dry eye and gain a competitive edge. This specialized eye drop targets evaporative dry eye by reducing tear evaporation at the ocular surface. For example, in September 2023, Bausch + Lomb, a Canada-based eye health products company, introduced Miebo, a prescription eye drop designed to treat dry eye disease by directly addressing tear evaporation. Miebo, a perfluorohexyloctane ophthalmic solution, focuses on alleviating signs and symptoms of dry eye, particularly in cases of evaporative dry eye. Notably, Miebo is a single-ingredient eye drop that is free from water, preservatives, and steroids, providing quick and comfortable spread to reduce tear evaporation at the ocular surface.
In November 2022, Alcon, a Switzerland-based pharmaceutical and medical device company specializing in eye care products, completed the acquisition of Aerie Pharmaceuticals, Inc. for $930 million. This strategic move positions Alcon to strengthen its presence in the ophthalmic pharmaceutical market by expanding its portfolio of commercial products and development pipelines. Aerie Pharmaceuticals, Inc., based in the US, is a clinical-stage pharmaceutical company dedicated to discovering and developing treatments and products for various eye diseases, including dry eye.
Major companies operating in the dry eye products market report are Johnson & Johnson, AbbVie Inc., Novartis AG, Abbott Laboratories, Teva Pharmaceutical Industries Ltd., Otsuka Pharmaceutical Co. Ltd., Alcon Inc., Bausch Health Companies Inc., Santen Pharmaceutical Co. Ltd., Rohto Pharmaceutical Co. Ltd., Lumenis, AFT Pharmaceuticals Limited, Biotrue Inc., URSAPHARM Arzneimittel GmbH, Sight Sciences, OCuSOFT Inc., Oasis Medical Inc., Novaliq GmbH, Similasan, MiBo Medical Group, TheraTears, Allergan PLC, Systane, Refresh Plus, Optase, Visine inc.
North America was the largest region in the dry eye products market in 2023 and is expected to be the fastest-growing region in the dry eye products market report during the forecast period. The regions covered in the dry eye products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the dry eye products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The dry eye products market consists of sales of cyclosporine, corticosteroids, and lifitegrast. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
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.
Dry Eye Products 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 products 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 products ? 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 products 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.
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The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.