The dry eye disease market is anticipated to grow significantly over the forecast period owing to the rising prevalence of dry eye disease and increasing adoption of new innovative drugs in order to treat dry eye disease symptoms. Dry eye disease, also known as Keratoconjunctivitis sicca, is a multifactorial disease of the tears and ocular surface that results in symptoms of discomfort, visual disturbance, and tear film instability with potential damage to the ocular surface. It occurs due to the lack of sufficient moisture and tears in the eyes. The patients suffering from dry eye disease experience symptoms like soreness, burning sensation, gritty feeling, and redness in the eyes along with blurred vision. The dry eye disease market is estimated to be valued at US$5492.44 million in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period of 2024-2031.
Key Takeaways
Key players operating in the dry eye disease market are VISUfarma, Johnson & Johnson, Otsuka Holdings Co. Ltd., OASIS Medical, Novartis AG, Sentiss Pharma Pvt. Ltd., AbbVie Inc. (Allergan PLC), Bausch Health Companies Inc., Santen Pharmaceutical Co. Ltd., and Sun Pharmaceutical Industries Ltd.
The key opportunities in the dry eye disease market include growing prevalence of dry eye disease due to extended screen time and increased usage of digital devices. Furthermore, the demand for new innovative treatments and drugs for dry eye disease is expected to present lucrative opportunities for market players over the forecast period.
Technological advancements in the field of drugs for dry eye treatment such as innovative drugs with new mechanisms of action to treat both signs and symptoms of dry eye disease are expected to fuel the market growth.
Market Drivers
Rising geriatric population is one of the major drivers of the dry eye disease market. According to the United Nations, by 2050 approximately 16% of the world's population will be aged over 65 and this aged population is more prone to develop dry eye disease which is driving the market growth.
Current Challenges in Dry Eye Disease Market:
Dry eye disease poses several challenges for patients as well as pharmaceutical companies. Patients face considerable discomfort due to symptoms like eye irritation, redness, fatigue and blurry vision. This impacts their quality of life and ability to perform daily tasks involving screen time or prolonged reading. Diagnosis can also be challenging as symptoms vary between patients and across age groups. Pharmaceutical companies face hurdles in developing effective and long-lasting treatments given the complex nature and multiple contributing factors behind dry eye disease. Existing therapies often provide temporary relief without addressing the underlying cause. Extensive research is required to develop targeted drugs that can treat dry eye at its source.
SWOT Analysis
Strength: Growing prevalence of dry eye disease globally due to aging population, increase in digital device usage and changing environmental factors.
Weakness: dry eye often goes undiagnosed, manifesting variable symptoms that are difficult to pinpoint. Existing treatments only control symptoms rather than cure the condition.
Opportunity: Scope for novel drug delivery mechanisms and therapeutic targets that restore tear film stability and quality on a long-term basis. Growing demand for eye care presents business opportunities.
Threats: Intense competition among major players; dependency on outcome of clinical trials for new product pipelines. Regulations related to approval and marketing of eye drugs are stringent.
Geographical Regions:
North America currently holds the largest share of the global dry eye disease market due to high occurrence, growing awareness and strong presence of major players. The Asia Pacific region is projected to witness the fastest growth during the forecast period owing to rapid economic development, rising disabilities, and increasing medical expenditures in countries like China and India.
Fastest Growing Region:
Asia Pacific region is poised to emerge as the fastest growing market for dry eye disease between 2024-2031. This can be attributed to rapidly aging populations, rising incomes, growing focus on eye care among Asian countries and expansion activities by leading pharmaceutical companies looking to tap the region's huge market potential. Increasing incidence of digital device usage and time spent on screens is further fueling dry eye cases across Asia Pacific.
It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2020-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the dry eye disease treatment market include Bausch + Lomb, Akorn Inc., Novartis AG, Alimera Science, Allergan plc., Santen Pharmaceutical Co. Ltd, Auven Therapeutics, GlaxoSmithKline plc, Nicox S.A., and Otsuka Holdings Co. Ltd.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Dry Eye Disease Treatment Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/dry-eye-disease-treatment-market/download-sampleMarket DynamicsExcessive use of smartphones & computers, expanding aging population, which is highly prone to the syndrome, and other risk factors are steering the dry eye disease treatment market.
As per World Population Prospects 2019 estimates, around 9% of the global population is over 65 years of age, and by 2050 this is expected to account for nearly 17% of the worldwide population.
Expanding prevalence of these diseases will tend to cause a rise in the incidence of dry eye disease.
Increasing awareness levels, rising diagnostic rates, availability of better treatment options are other factors augmenting the market's growth.
