The market for dry eye syndrome is expected to expand quickly over the coming years. A sizable portion of the world's population—from middle age to old age is affected by dry eye disease. In 2020, there will be 727 million people 65 and older, according to the World Ageing 2020 estimate. This population is anticipated to reach 1.5 billion people in 2050. The percentage of the population over 65 is expected to increase, from 9.3 percent in 2020 to roughly 16.0 percent in 2050. There will need to be accommodations made for the elderly, whose population is predicted to increase.
According to Data Bridge Market Research, the Global Dry Eye Syndrome Market is valued at USD 4.20 billion in 2021 and is expected to reach USD 7.38 billion by 2029, registering a CAGR of 7.30% during the forecast period of 2022 to 2029.
“Lifestyle factors surge market demand"
Modern lifestyle factors, including increased screen time, exposure to environmental pollution, and the use of contact lenses, contribute to the development of dry eye syndrome. Prolonged screen use and environmental factors can lead to increased tear evaporation and ocular surface irritation, while contact lens wear can disrupt tear film stability. As these lifestyle factors become more prevalent, the demand for effective solutions to manage and alleviate dry eye symptoms is rising, driving the growth of the dry eye syndrome market.
What restraints the growth of the global dry eye syndrome market?
“Availability of over-the-counter (OTC) treatment options can impede the market growth”
The availability of over-the-counter (OTC) treatment options, such as artificial tears and lubricants, for self-treatment of dry eye symptoms can impact the market growth of prescription-based treatment options. Patients may opt for self-medication using OTC products instead of seeking medical intervention. This may result in delayed or inadequate treatment, as OTC options may not address the underlying causes or provide sufficient relief for severe cases. It highlights the importance of educating patients about the benefits of professional medical guidance and appropriate prescription-based treatments for the effective management of dry eye syndrome.
Segmentation: Global Dry Eye Syndrome Market
The dry eye syndrome market is segmented on the basis of product type, dosage type, drug class, dose, and medication type, container type, packaging type, type, end-users, and distribution channel.
- On the basis of product type, the market is segmented into tear stimulators, artificial tears, secretagogue, and others.
- On the basis of dosage type, the market is segmented into liquid, semi solid, and others.
- On the basis of drug class, the market is segmented into anti-inflammatory, lubricating agents, anti-infectives, anti-allergics, cholinergics, and others.
- On the basis of dose, the market is segmented into multi dose and unit dose.
- On the basis of medication type, the market is segmented into prescription (RX) drugs, and over the counter (OTC) drug..
- On the basis of container type, the market is segmented into unit dose vials, bottles, and tubes.
- On the basis of packaging type, the market is segmented into plastic, glass, and aluminium.
- On the basis of type, the market is segmented into generics and brands.
- On the basis of end-users, the dry eye syndrome market is segmented into hospitals, specialty clinics, homecare, and others
- On the basis of distribution channel, the dry eye syndrome market has also been segmented into hospital pharmacy, retail pharmacy, online pharmacy, and others.
Regional Insights: North America dominates the global dry eye syndrome market
North America and Europe hold a significant share of the dry eye syndrome market due to the increasing prevalence of dry eye syndrome in these regions. Factors such as aging populations, lifestyle changes, and environmental factors contribute to the higher incidence of the condition. Moreover, major key players in these regions are focusing on developing novel technologies and innovative treatment options, which further drive the market's growth. These regions benefit from advanced healthcare infrastructure, strong research and development capabilities, and a higher level of awareness and adoption of healthcare technologies, positioning them at the forefront of the dry eye syndrome market.
Asia-Pacific is anticipated to experience significant growth in the dry eye syndrome market during the forecast period. This growth is attributed to factors such as the large population base and increasing healthcare expenditure in the region. The rising awareness about eye health, improving access to healthcare facilities, and the growing adoption of advanced diagnostic and treatment options are driving the demand for dry eye syndrome management. These factors create favorable market conditions for the growth of the dry eye syndrome market in the Asia-Pacific region.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-dry-eye-syndrome-market
Recent Developments in Global Dry Eye Syndrome Market
- In 2022, In Canada, Cequa, a dry eye treatment product, had been introduced, according to Sun Pharma. It is the first treatment for dry eye disease to use nanomicellar (NCELL) technology. This technology increases the cyclosporine's bioavailability and physiochemical stability to increase ocular tissue penetration.
The Prominent Key Players Operating in the Global Dry Eye Syndrome Market Include:
- Teva Pharmaceutical Industries Ltd ( Israel)
- Sanofi (France)
- Novartis AG (Switzerland)
- Eli Lilly and Company (U.S.)
- Merck & Co., Inc. (U.S.)
- AstraZeneca (U.K.)
- Johnson & Johnson Private Limited (U.S.)
- Abbott (U.S.)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- AbbVie Inc. (U.S.)
- Otsuka America Pharmaceutical, Inc. (U.S.)
- Pfizer Inc. (U.S.)
- GlaxoSmithKline plc (U.K.)
- Merck KGaA (Germany)
- Allergan (Ireland)
- Akorn Operating Company LLC (U.S.)
- Allostera Pharma Inc. (Canada)
- I-Med Pharma Inc. (Canada)
- Santen Pharmaceuticals Co. Ltd., (Japan)
- AFT Pharmaceuticals (New Zealand)
- Novaliq GmbH (Germany)
Above are the key players covered in the report, to know about more and exhaustive list of global dry eye syndrome market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Dry Eye Syndrome Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
