Dry eye disease is a common condition that occurs when a patient's tears are unable to provide adequate lubrication for their eyes. Dry eye disease (DED), also known as dry eye syndrome (DES), keratoconjunctivitis sicca (KCS), and keratitis sicca, is a multifactorial disease of the ocular surface due to a loss of homeostasis of the tear film.
The growth of the dry eye syndrome treatment market is driven by rise in geriatric population, surge in prevalence of dry eye diseases, and increase in demand for effective treatment. In the geriatric people, there is decrease in efficiency of lacrimal glands to produce tears. Thus, lack of tears production leads to dry eye condition in geriatric people. For instance, according to the report published by the America’s Health Ranking by United Health Foundation, in 2021, it has been estimated that more than 54 million adults aged 65 and older live in the U.S., which is about 16.5% of the nation’s population.
Moreover, large medical technology firms have increasingly focused on acquiring companies that provide solutions for dry eye syndrome treatments, which is expected to notably contribute toward the market growth. Prominent players in the global dry eye syndrome treatment market have adopted various strategies such as product launches, acquisitions, and investments in R&D for advancement in dry eye syndrome treatments to strengthen their position in the market and sustain the competitive environment. For instance, in January 2023, Viatris Inc., a global healthcare company, announced its complete acquisition of Oyster Point Pharma and Famy Life Sciences to establish a new Viatris Eye Care Division.
Moreover, alarming increase in prevalence of dry eye diseases (DED), technological advancements in dry eye syndrome treatment, and long-term use of contact lens are some of the key factors that drive the growth of the market. Furthermore, extensive screen time and computer-based work notably contribute toward the growth in prevalence of dry eye syndrome (DES). However, stringent regulatory process for drug approval and dearth of skilled ophthalmologists may restrain the market growth. Conversely, increased application of dry eye syndrome treatment among the geriatric population and recent drug launched in market is expected to provide lucrative opportunities for the growth of the market in the near future. In addition, extensive R&D activities in the field of dry eye syndrome treatment along with significant improvement in medical infrastructure are anticipated to open new avenues for the expansion of the market during the forecast period.
The dry eye syndrome treatment market is segmented into drug, dosage form, distribution channel, and region. On the basis of drug, the market is classified into lubricant, dry eye syndrome drugs and others. On the basis of dosage form, the market is categorized into eye drops, ointments, and others. On the basis of distribution channel, it is classified into hospital pharmacies, retail pharmacies and online providers. On the basis of region, the market is studied across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major companies profiled in the report include Abbvie, Viatris, Novartis AG, Bausch & Lomb Incorporated, Sun Pharma, Novaliq, Santen Pharmaceutical Co., AFT Pharmaceuticals, Alcon and Johnson & Johnson.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the dry eye syndrome treatment market analysis from 2022 to 2032 to identify the prevailing dry eye syndrome treatment market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the dry eye syndrome treatment market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global dry eye syndrome treatment market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Drug
- Lubricant
- Dry eye syndrome drugs
- Others
By Dosage form
- Eye drops
- Ointments
- Other
By Distribution Channel
- Hospital pharmacies
- Retail pharmacies
- Online providers
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
- Key Market Players
- AbbVie Inc.
- Viatris Inc.
- Novartis AG
- Bausch Health Companies Inc
- Novaliq
- AFT Pharmaceuticals Limited
- Alcon
- Johnson & Johnson (J&J)
- Santen Pharmaceutical Co., Ltd.
- Sun Pharmaceutical Industries Ltd.
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Table of Contents
Executive Summary
According to the report, the dry eye syndrome treatment market was valued at $4.7 billion in 2022, and is estimated to reach $9.3 billion by 2032, growing at a CAGR of 7.1% from 2023 to 2032.Dry eye syndrome occurs due to inappropriate formation of tears evaporating too quickly or a dearth of tears to lubricate and nourish the eye. If left untreated, this condition can lead to pain, ulcers, scars on the cornea, and even loss of vision. For the treatment of dry eyes the lubricating solutions and ointments are used.
The key market trends driving the growth of the Dry eye syndrome treatment market include rise in demand for Dry eye syndrome treatment for treatment, improvements in healthcare infrastructure, and investments in R&D activities by key market players for the development of advanced dry eye products. In addition, rise in the prevalence of eye-related problems such as dry eyes and vision impairments contributes to the growth of the market. Thus, high prevalence of eye related disease along with growing demand of Dry eye syndrome treatments is expected to drive the Dry eye syndrome treatment market during the forecast period.
Furthermore, acquisition, new product approval and product launch in market drives the growth of market For instance, in January 2023, Viatris Inc., a global healthcare company, announced its complete acquisition of Oyster Point Pharma and Famy Life Sciences to establish a new Viatris Eye Care Division. In addition, a rise in awareness about the effectiveness of Dry eye syndrome treatment, surge in incidence of dry eye syndrome, increase in availability & affordability of healthcare treatment and rise in number of hospital admissions contributes to the growth of market.
The global dry eye syndrome treatment market is driven by rise in prevalence of dry eye syndrome, increase in geriatric population, growth in awareness about the diagnosis and treatment of the disease, and increase in use of contact lenses. However, stringent regulatory process for drug approval and dearth of skilled ophthalmologists restrain the market growth. Conversely, increased adoption of Dry eye syndrome treatment among the population is expected to provide lucrative opportunities for the growth of the market. On the contrary, rise in research and development activities by key market players and increase in healthcare expenditure has further encouraged many key players to enter emerging markets, thus offering lucrative opportunities for the expansion of the Dry eye syndrome treatment market.
Moreover, alarming increase in prevalence of dry eye diseases (DED), technological advancements in dry eye syndrome treatment, and long-term use of contact lens are some of the key factors that drive the growth of the market. Furthermore, extensive screen time and computer-based work notably contribute toward the growth in prevalence of dry eye syndrome (DES)
The market also offers growth opportunities to the key players in the market. The target population is in tremendous need of cost-effective services in regions like Europe and Asia-Pacific. Hence, challenges to cater the unmet needs of the target population provide growth opportunities. Online medical services have gained high traction in the last 4 years. As a result, engaged stakeholders in the industry have partnered with existing delivery services organizations.
The dry eye syndrome treatment market is segmented into drug, dosage form, distribution channel, and region. On the basis of drug, the market is classified into lubricant, dry eye syndrome drugs others. On the basis of dosage form, the market is categorized into eye drops, ointments, and others. On the basis of distribution channel, it is classified into hospital pharmacies, retail pharmacies and online providers. On the basis of region, the market is studied across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
The key players profiled in the Abbvie, Viatris, Novartis AG, Bausch & Lomb Incorporated, Sun Pharma, Novaliq, Santen Pharmaceutical Co., AFT Pharmaceuticals, Alcon and Johnson & Johnson. The players in the market have been actively engaged in the adoption of various strategies such as acquisition, product launch, and partnership to remain competitive and gain an advantage over the competitors in the market.
Key Market Insights (Updated)
On the basis of Drug, the dry eye syndrome drugs segment was the major share contributor in 2022.By dosage form, the eye drops segment dominated the market in 2022, and the ointments segment is expected to grow at the fastest CAGR during the forecast period.
On the basis of distribution channel, the retail pharmacies segment is anticipated to grow with the highest CAGR throughout the forecast period.
Region wise, North America garnered the largest revenue share in 2022, however, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
Companies Mentioned
- AbbVie Inc.
- Viatris Inc.
- Novartis AG
- Bausch Health Companies Inc
- Novaliq
- AFT Pharmaceuticals Limited
- Alcon
- Johnson & Johnson (J&J)
- Santen Pharmaceutical Co., Ltd.
- Sun Pharmaceutical Industries Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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