Dry Eye Syndrome Treatment Market is projected to grow at a healthy CAGR of 7.0% by 2022 and 2032
The global dry eye syndrome treatment market is size of the global market for the treatment of dry eye syndrome is anticipated to be US$ 4.80 billion in 2022 and to increase at a robust CAGR of 7.0% from 2022 to 2032, exceeding a valuation of US$ 9.44 billion by the end of 2032.
One of the main factors driving the growth of the dry eye syndrome treatment market is the rising prevalence of dry eye syndrome and the rising demand for dry eye treatment to relieve various symptoms.
Increasing incidences of dry eye syndrome coupled with the high demand for effective dry eye treatment for relieving different symptoms are key factors that fuel the growth of the dry eye syndrome treatment market during the assessment period. Recent developments like greater research and development efforts in this field including new product releases such as the estimated launch of NOV03- which met all clinical endpoints in September of 2021- in 2023 will also contribute to the expansion of the dry eye syndrome treatment market.
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Dry eye syndrome treatment includes different varieties of therapeutics that are used to treat the syndrome. These therapeutics substantially lessen the different symptoms related to dry eye syndrome and thereby enhance the quality of life of the patients. Historically, the market for dry eye syndrome treatment registered an annual growth rate of 6.2% from 2016 to 2021 and reached US$ 4.52 billion in 2021. The forecasted growth for the market can be attributed to factors such as the rising prevalence of dry eye all over the world, an upsurge in product innovation and development, a spike in the number of LASIK surgeries, and swift development of the eyedrop market. The growing geriatric population worldwide also serves as a prime driver for the market as eyes release fewer tears in the elderly resulting in greater evaporation and dryness.
In recent years, elevated usage of contact lenses often leads to dryness in the eyes which encourages higher adoption rates of products that will ensure good health for the eyes. Additionally, the increasing awareness among the general population regarding dry eye syndrome and its symptoms will likely bolster market sales. The rapid growth of the eye infections treatment market across developing regions will also foster an environment of growth for the dry eye syndrome treatment market. The expansion of the dry eye remedies market in emerging economies and the heightened adoption of eyedrops by patients to relieve various symptoms will open avenues of growth for manufacturers of the dry eye syndrome treatment market.
In spite of the projected positive outlook, the dry eye syndrome treatment market will face its share of hardships. The stringent regulations regarding the drugs available for treatment and long-term treatment regimens will impede the market growth. A general lack of awareness of eye issues and a dearth of certain products in emerging economies will also restrict the growth of the dry eye syndrome treatment market.
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- The US accounted for 80.6% of the North American dry eye syndrome treatment market in 2022.
- In 2022, Germany held about 17.2% of the dry eye syndrome treatment market share in Europe.
- Based on the product type, the artificial tears category will expand at a 7.1% CAGR.
- By distribution channel, the hospital pharmacies will continue to dominate the market in the assessment period.
In a competitive environment, prominent market players are focusing on increasing research and development efforts to develop new products with long-lasting attributes and greater efficiency. These organizations vigorously engage in product launches, agreements, and approvals to enhance their market footprints. In the recent timeline, that is between 2019 and 2021, many businesses have actively sought product approval and concentrated on releasing novel products. For instance, in October 2021, Tyrvaya nasal spray for dry eye was approved by the US Food and Drug Administration (FDA). Other developments include the October 2019 announcement of Sun Pharmaceutical Industries Ltd., that one of its subsidiaries had commercialized CEQUA (cyclosporine ophthalmic solution) 0.09% in the US.
Allergen plc. (Abbvie), Novartis AG, Otsuka Pharmaceuticals Co., Ltd., Bausch Health Companies, Inc. Akron, Inc., Johnson & Johnson, Inc., Thea Pharmaceuticals Limited, OASIS Medical, Altaire Pharmaceuticals Inc., Boiron USA, Similasan Corporation, Scope Ophthalmics Ltd., Reckitt Benckiser Group PLC, Medicom Healthcare Ltd, FDC Limited., Lupin Limited, Jamjoom Pharmaceuticals Co., and Sentiss Pharma Private limited
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More Insights Into Dry Eye Syndrome Treatment Market
For a comprehensive understanding of the global market potential, growth, and scope, the market is segmented on the basis of product type, prescription, distribution channel, and region. According to the same reports, based on segmentation, the Rx (prescription) medicine category held about 71.4% of the overall market share in 2021. In terms of distribution channels, the retail and hospital pharmacies segment will lead the market growth. Based on region, the dry eye syndrome treatment market in the US, Germany, and China will present impressive growth during the forecast period.
In this latest report, FMI offers a detailed and unbiased analysis of the global dry eye syndrome treatment market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. The report highlights include a 9-year realistic sales prediction for the market, demand and supply trend analysis, illustrative representation of statistical data, and strategies adopted by leading players to retain a competitive edge.
Dry Eye Syndrome Treatment Market By Category
- Topical Corticosteroids
- Artificial Tears
- Punctal Plugs
- Oral Omega Supplements
- Medical Device
By Distribution Channel:
- Hospital Pharmacies
- Eye Health Clinics
- Retail Pharmacies
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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