Dry Eye Products Market Opportunities and Strategies to 2033

This report describes and explains the dry eye products market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global dry eye products market reached a value of nearly $7.25 billion in 2023, having grown at a compound annual growth rate (CAGR) of 3.65% since 2018. The market is expected to grow from $7.25 billion in 2023 to $9.85 billion in 2028 at a rate of 6.31%. The market is then expected to grow at a CAGR of 6.80% from 2028 and reach $13.69 billion in 2033.

Growth in the historic period resulted from the increased screen time, high prevalence of diabetes, rise in ophthalmic surgeries, increased government initiatives and poor nutritional habits affecting overall eye health. Factors that negatively affected growth in the historic period include difficulty in accurately diagnosing and categorizing dry eye conditions.

Going forward, the increasing aging population worldwide, rising healthcare expenditure globally, increasing prevalence of dry eye syndrome, increase in air pollution and public awareness about dry eye conditions and treatments will drive the market. Factors that could hinder the growth of the dry eye products market in the future include costly prescription medications and therapies for dry eye.

The dry eye products market is segmented by product into artificial tears, anti-inflammatory drugs, punctal plugs, secretagogues, oral omega supplements and other products. The anti-inflammatory drugs market was the largest segment of the dry eye products market segmented by product, accounting for 64.03% or $4.64 billion of the total in 2023. Going forward, the punctal plugs segment is expected to be the fastest growing segment in the dry eye products market segmented by product, at a CAGR of 7.94% during 2023-2028.

The dry eye products market is segmented by type into prescription drugs and over the counter drugs. The over the counter drugs market was the largest segment of the dry eye products market segmented by type, accounting for 54.32% or $3.94 billion of the total in 2023. Going forward, the prescription drugs segment is expected to be the fastest growing segment in the dry eye products market segmented by type, at a CAGR of 6.80% during 2023-2028.

The dry eye products market is segmented by distribution channel into hospital pharmacies, retail pharmacies, specialty clinics, e-commerce and other distribution channels. The retail pharmacies market was the largest segment of the dry eye products market segmented by distribution channel, accounting for 41.97% or $3.04 billion of the total in 2023. Going forward, the e-commerce segment is expected to be the fastest growing segment in the dry eye products market segmented by distribution channel, at a CAGR of 7.80% during 2023-2028.

North America was the largest region in the dry eye products market, accounting for 39.48% or $2.86 billion of the total in 2023. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the dry eye products market will be Asia-Pacific and Africa, where growth will be at CAGRs of 8.65% and 8.09% respectively. These will be followed by the Middle East and South America, where the markets are expected to grow at CAGRs of 7.52% and 6.78% respectively.

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. Santen Pharmaceutical Co., Ltd. was the largest competitor with a 5.91% share of the market, followed by Bausch Health Companies Inc. with 5.71%, Alcon Inc. with 4.56%, AbbVie Inc. (Allergan PLC) with 4.21%, Johnson & Johnson with 3.35%, Rohto Pharmaceutical Co., Ltd. with 2.38%, Novartis AG with 1.07%, Otsuka Pharmaceutical Co., Ltd. with 0.95%, Sun Pharmaceutical Industries Limited with 0.83% and Abbott Laboratories with 0.55%.

The top opportunities in the dry eye products market segmented by product will arise in the anti-inflammatory drugs segment, which will gain $1.61 billion of global annual sales by 2028. The top opportunities in the dry eye products market segmented by type will arise in the over the counter drugs segment, which will gain $1.3 billion of global annual sales by 2028. The top opportunities in the dry eye products market segmented by distribution channel will arise in the retail pharmacies segment, which will gain $1.09 billion of global annual sales by 2028. The dry eye products market size will gain the most in the USA at $644.96 million.

Market-trend-based strategies for the dry eye products market include introduction of preservative-free dry eye care products for enhanced patient comfort and health, launch of innovative softgel capsules supplements for dry eye relief, next-generation therapeutic solutions for keratoconjunctivitis sicca and strategic partnerships and collaborations among major players.

Player-adopted strategies in the dry eye products market include focus on enhancing product efficacy and patient comfort through innovative formulations, innovating and expanding product line with clinically proven nutritional supplements, strengthening business capabilities through strategic acquisitions for enhancing comprehensive solution offering, enhancing product portfolio to address unmet needs in the dry eye market with advanced, multi-ingredient formulations and developing innovative, technology-driven solutions to address key causes of dry eye disease.

To take advantage of the opportunities, the analyst recommends the dry eye products companies to focus on preservative-free innovations in dry eye care products, focus on innovative supplements for dry eye treatment, focus on advanced therapeutic solutions for dry eye management, focus on the punctal plugs segment for growth, focus on the prescription drugs segment for growth, focus on strategic partnerships for market expansion, focus on expansion into emerging markets, focus on e-commerce for market expansion, focus on competitive pricing strategies, develop educational campaigns to increase awareness and understanding, continue to use B2B promotions and focus on the aging population.