PUBLISHER: The Business Research Company | PRODUCT CODE: 1552451
PUBLISHER: The Business Research Company | PRODUCT CODE: 1552451
Dry eye products refer to products that provide relief and alleviate the symptoms of dry eye syndrome, a condition in which the eyes do not produce enough tears, or the tears evaporate too quickly. These products lubricate the eyes, reduce inflammation and increase moisture to relieve dryness, irritation and discomfort.
The dry eye products market consists of sales of dry eye products by entities (organizations, sole traders and partnerships) that manufacture products used to treat dry eyes.
The global dry eye products market was valued at $6,067.29 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 3.0%.
High Prevalence Of Diabetes
The high prevalence of diabetes drove the growth of the dry eye products market during the historic period. Diabetes increases the risk of dry eye syndrome by altering tear production and quality. As the diabetic population rose globally, demand for dry eye treatments like artificial tears and prescription medications has grown. For example, according to the International Diabetes Federation (IDF), a Belgium-based umbrella organization of national diabetes associations, diabetes affected 537 million adults aged 20-79 worldwide in 2021, with over three-quarters residing in low- and middle-income countries. The disease caused approximately 6.7 million deaths, equating to one death every five seconds. Health expenditures related to diabetes reached USD 966 billion, marking a 316% increase over the past 15 years. Further, 541 million adults had impaired glucose tolerance (IGT), heightening their risk of developing type 2 diabetes. Additionally, according to the National Diabetes Statistics Report published by the Centers for Disease Control and Prevention (CDC), a US-based national public health agency, 11.6% of US citizens or 38.4 million people of all ages, suffered from diabetes in 2021. With age, the percentage of people with diabetes rose and among those 65 years of age or older, it reached 29.2%. Therefore, the high prevalence of diabetes contributed to the growth of the dry eye products market.
Launch Of Innovative Softgel Capsules Supplements For Dry Eye Relief
Companies are focusing on the launch of innovative supplements to expand treatment options for dry eye sufferers, catering to those seeking natural and holistic approaches to eye care. These innovations, ranging from advanced pharmacological agents to regenerative medicine and personalized therapies, offer more effective and patient-friendly options. For example, in June 2024, Bausch + Lomb Corporation, a Canada-based eye health products company, launched Blink NutriTears, a novel supplement for dry eyes. The supplement extends Blink's product line to include a daily nutritional softgel capsule, featuring a proprietary blend of ingredients tailored to alleviate dry eye symptoms, enhancing the company's expanding portfolio in dry eye care. Additionally, in April 2023, NovaBay Pharmaceuticals, Inc., a US-based clinical-stage biopharmaceutical company, launched Avenova Eye Health Support, an over-the-counter oral supplement for the treatment of dry eye disease and overall eye health. The soft-gel capsules combine maqui berry extract with natural triglyceride omega-3 oils. Clinical studies have shown that MaquiBright extract, a key ingredient, increased tear production by 89% and reduced dry eye discomfort by 57% in a 4-week, randomized, placebo-controlled trial.
The global dry eye products market is fairly concentrated, with large players operating in the market. The top ten competitors in the market made up to 29.53% of the total market in 2023.
Dry Eye Products Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global dry eye products market as it emerges from the COVID-19 shut down.
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 history and forecasts market growth by geography. It places the market within the context of the wider dry eye products market; and compares it with other markets.