New York, May 08, 2023 (GLOBE NEWSWIRE) -- The global size is projected to surpass US$ 7,940 Mn by 2032 from US$ 4,540 Mn in 2022 and it is growing at a compound annual growth rate (CAGR) of 5.9% from 2023 and 2032. In medical terminology, the absence of moisture or lubrication on infected person's eye surface is referred to as dry eye syndrome, or (KCS) keratoconjunctivitis sicca. Some of the signs and symptoms of dry eye disease are burning sensations in the eyes, aching, red eyes, itchy eyes, fatigued eyes, and photophobia.
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Key Takeaway:
- By disease type, evaporative dry eye syndrome dominated the market in 2022 and is expected to grow more over the forecast period from 2023 to 2032.
- By Product, the anti-inflammatory segment held the largest revenue share globally in 2022.
- By dosage form, the eye drops segment accounted for the largest market share in 2022 and is predicted to expand significantly over the forecast period.
- By sales channel, the OTC segment accounted for the most lucrative, with the highest revenue share in 2022.
- By distribution channel, hospital pharmacies dominated the market in 2022.
- In 2022, North America dominated the market with the highest revenue share of 38.9%.
- Asia-Pacific will likely grow at the fastest CAGR from 2023-2032.
The market is expanding due to a number of factors, including the increase in the prevalence of dry eye syndrome, the existence of a lucrative pipeline, and the rising public awareness of the condition.
Factors affecting the Growth of the Dry Eye Syndrome Market
There are several factors that can affect the growth of the dry eye syndrome market. Some of these factors include:
- Rising prevalence of dry eye disease: The market growth is mainly influenced by the rising prevalence of dry eye diseases, which needs to be treated with drugs.
- Rising geriatric population: Production of tears decreases with increasing age. As a result, it causes dry eye syndrome. Hence the increase in the number of aged individuals is subjected to an increase the market growth.
- Widespread use of contact lenses: The widespread use of contact lenses contributes to the onset of dry eyes, which in turn increases the use of products that are designed to safeguard eye health, thereby increasing market growth.
- Increasing awareness among individuals: The increasing awareness among individuals regarding the dry eye syndrome treatment to avoid further consequences is expected to fuel the market growth.
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Top Trends in Global Dry Eye Syndrome Market
An increase in Research & Development activities is driving the market's expansion. The growth of the market for dry eye syndrome treatment will likely benefit from these activities. The market's expansion rate is also expected to be accelerated by the rising drug approvals and launches.
In addition, during the forecast period, beneficial opportunities for the growth of the dry eye syndrome treatment market are likely to be provided by rising investment in advanced technology development as well as an increase in a number of emerging markets.
Market Growth
In the early stages of the pandemic, the COVID-19 outbreak had a negative impact on the market because few people were seeking medical help from eye doctors. However, the market showed positive signs of recovery as soon as the restrictions were limited and the eye care practices were reopened. Additionally, the higher availability of a variety of treatments, increase in the geriatric population, and rising incidence of eye diseases are likely to propel the market growth
Regional Analysis
North America dominated the global dry eye syndrome market in 2022 with the highest revenue share. The market in this region is projected to be driven by the presence of a large target population, improved access to healthcare, and a high rate of treatment adoption. Furthermore, the presence of key players in this region is involved in strategic developments, which highly contributes to market growth.
Due to the rising prevalence of dry eye disease and improvements in overall healthcare infrastructure, the Asia Pacific is anticipated to be the fastest-growing regional market in the years to come. In addition, the overall market growth is anticipated to be driven by the presence of major players in this region, such as Santen Pharmaceuticals and Otsuka Pharmaceuticals Co. Ltd.
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Scope of the Report
| Report Attributes | Details |
| Market Value (2022) | US$ 4,540 Million |
| Market Size in 2032 | US$ 7,940 Million |
| CAGR (2023 to 2032) | 5.9% |
| North America Revenue Share | 38.9% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
As older people's eyes produce few tears, resulting in increased evaporation and dryness of the eye, the market is anticipated to be propelled by the rising geriatric population worldwide and the development of the market. Although the prevalence of dry eye syndrome differs depending on age, it is rising in both older as well as younger individuals as a result of increasing use of screens, poor diet, contact lenses, and LASIK procedures. Additionally, the global dry eye syndrome market expansion is mainly influenced due to the increased public awareness about dry eye syndrome. Because dry eye syndrome does not result in any kind of weakness in any part of the body, it is ignored by several patients. However, the global dry eye syndrome market is expected to be fueled by an increase in the number of patients actively attempting to cure the condition owing to the increased awareness of the disease's diagnosis and treatment.
Market Restraints
The drugs available for treatment and the long-term treatment plans are subject to stringent regulations, which limit their adoption and use among the general population. This treatment can show side effects that are likely to restrict the market growth during the forecast period. Additionally, the patients rising preference towards self-medication, high cost, and limited availability of effective treatments are likely to hamper the market growth. Moreover, the expiration of drug patents and competitive pricing used by major players are anticipated to hinder market expansion.
Market Opportunities
The rising cost of healthcare, which largely contributes to the improvement of infrastructure, is a major driver for the growth of the dry eye syndrome market. The market for dry eye syndrome treatment is also expected to grow due to the rising initiatives by public and private organizations to increase awareness. Additionally, the market for dry eye syndrome treatment will likely expand as a result of increasing demand for standard treatment and high disposable income. The market expansion will likely be influenced by shifting dietary patterns and sedentary lifestyles during the forecast period.
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Report Segmentation of the Dry Eye Syndrome Market
Disease Type Insight
The evaporative dry eye syndrome ruled this market in 2022 due to the rising occurrence of the disease, which is linked to the factors like an upsurge in screen time, reduced rate of blinking, as well as reduced tear formation due to increasing age. Access to treatment of such disease is made easier by the readily available products that target the evaporative form of the disease, like EvoTears.
Product Insight
The anti-inflammatory segment held the largest revenue share in 2022 owing to the long-standing use of medicine such as cyclosporine. According to research, it is effective to treat the symptoms and clinical signs of dry eye disease. T-cell proliferation is inhibited by cyclosporine, which causes an inflammatory reaction that results in the illness. Therefore, the anti-inflammatory segment is expected to grow more during the forecast period.
Dosage Form Insight
The eye drops accounted for the largest market share in 2022 and is expected to dominate the global market over the forecast period. This growth is mainly attributed to their ease of use as well as administration, which increases patient compliance regarding the treatment. However, the effect of this product is for a short period and simple to eradicate as it is applied topically.
Sales Channel Insight
The OTC drugs segment dominated the global market for dry eye syndrome with the highest revenue share in 2022, owing to its simplicity of use and purchase. As a result of the pandemic, individuals are turning highly towards self-medication and OTC drugs which is likely to boost the market growth of this segment. The prescription drugs segment is likely to grow more due to the rising preference of individuals towards hospital treatment for dry eye disease treatment.
Distribution Channel Insight
Hospital pharmacies accounted for the largest share of the global market in 2022 and are projected to expand significantly during the forecast period. This significant growth is mainly influenced due to the fact that; hospitals are favored for dry eye treatment disease as the majority of medicines can only be prescribed after thorough medical examinations. Due to an increase in the number of people purchasing products out of convenience, the online pharmacy sector is anticipated to expand at the fastest rate during the forecast period. The ease of access to retail pharmacies is the key factor behind the expansion of the retail pharmacies segment. In addition, the segment gains a competitive advantage in the market due to the presence of pharmacists who can assist with dosages, provide customer service, and offer consultations in certain regions.
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Market Segmentation
By Disease Type
- Evaporative Dry Eye Syndrome
- Aqueous Deficient Dry Eye Syndrome
By Product
By Dosage Form
By Sales Channel
- Prescription Drugs
- OTC Drugs
By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
By Geography
North America
- The US
- Canada
- Mexico
Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players include
- Novartis AG
- AbbVie Inc.
- Johnson & Johnson Services
- Sun Pharmaceutical Industries Ltd.
- Otsuka Pharmaceutical Co., Ltd.
- Oasis Medical
- Santen Pharmaceutical Co., Ltd.
- AFT Pharmaceuticals
- Oyster Point Pharma, Inc.
- Bausch & Lomb Pvt Ltd.
- Other Key Players
Recent Development of the Dry Eye Syndrome Market
- In January 2022, Avenova lubricating eye drops were introduced by NovaBay Pharmaceuticals to alleviate symptoms of dry eye.
- In, November 2022, The phase 3 clinical trial of 0.25% reproxalap ophthalmic solution, an investigational new drug candidate for treating allergic conjunctivitis, was completed by Aldeyra Therapeutics, Inc. At the 2022 Annual Meeting of the American Academy of Optometry, the business presented the trial's clinical data.
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