Dry Eye Syndrome Market to Reach USD 5.2 billion in 2023, Growing at 4.21% CAGR

Market Overview:

MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Dry Eye Syndrome Market, The Global Dry Eye Syndrome Market size is valued at around USD 5.2 billion in 2023 and is projected to grow at a CAGR of around 4.21% during the forecast period, i.e., 2024-30. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight sustainable materials, rising demand for luxury customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Dry Eye Syndrome Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.

Industry Outlook Forecasts:

Forecast Period: 2024-2030
Market Size in 2023: USD 5.2 billion
CAGR (2024-2030): 4.21%

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Global Dry Eye Syndrome Market Segmentation Breakdown:

The Dry Eye Syndrome Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:

By Product
- Artificial Tears- Market Size Forecast 2019-2030, USD Million
- Anti-inflammatory Drugs- Market Size Forecast 2019-2030, USD Million
  - Cyclosporine-- Market Size Forecast 2019-2030, USD Million
  - Corticosteroid-- Market Size Forecast 2019-2030, USD Million
- Punctal Plugs- Market Size Forecast 2019-2030, USD Million
  - Dissolvable-- Market Size Forecast 2019-2030, USD Million
  - Removable-- Market Size Forecast 2019-2030, USD Million
- Others (Secretagogues, Oral drugs, etc.)- Market Size Forecast 2019-2030, USD Million

Anti-inflammatory drugs are among the most prevailing treatments for dry eye disease have a high contribution in expanding the market size, hence driving the market growth.

By Disease Type
- Aqueous Dry Eye - Market Size Forecast 2019-2030, USD Million
- Evaporative Dry Eye - Market Size Forecast 2019-2030, USD Million
By Distribution Channel
- Offline- Market Size Forecast 2019-2030, USD Million
  - Retail Pharmacies- Market Size Forecast 2019-2030, USD Million
  - Hospital Pharmacies - Market Size Forecast 2019-2030, USD Million
- Online- Market Size Forecast 2019-2030, USD Million

The Offline segment held a significant share of the Global Dry Eye Disease Market. Hospital Pharmacies serve a large population of patients, which leads to an upsurge in demand for effective treatments from this category.

Geographical Growth Insights:

By Region
- North America
- South America
- Europe
- The Middle East Africa
- Asia Pacific

North American region depicts considerable growth in the market, as the region captured the major share of the Dry Eye Syndrome Market owing to a large patient pool, increasing per capita healthcare expenditure, and soaring investment, merger, and acquisition of key players across the region.

MarkNtel Advisors Highlights Key Market Drivers for Dry Eye Syndrome Market:

Growing Number of Eye Care Centers Prompting Surge in Product Utilization – The prevalence of dry eye disease has been increasing worldwide, owing to various reasons such as environmental conditions, hormonal changes, a rise in the geriatric population, autoimmune disorders, etc. This has resulted in a spike in eye clinics centers globally for treatment. Additionally, the blossoming of eye care centers is majorly driven by the steady boost in professionals, such as ophthalmologists optometrists. While the number of ophthalmologists is expected to remain stable, the number of optometrists is presumed to raise.

Optometrists offer services through private practices, chain/mass merchandisers, and government organizations. Independent optometrists can differentiate themselves by providing personalized care, building patient loyalty, and offering clinical care. Hence, this allows them to offer a higher level of service to the patients. Thus, the growing number of eye care centers is prompting a surge in product utilization of DED would propel its demand in the forecast years.

A Comprehensive Analysis of Leading Companies in Global Dry Eye Syndrome Market

Mitotech Pharma
ReGen Tree
Santen Pharmaceutical
HanAll BioPharma
Sun Pharma
Novaliq
Sylentis
Alcon
Horus Pharma
Johnson Johnson
Alderya Therapeutics
Visufarma
Allergan
Prestige Consumer Health
Others

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Dry Eye Syndrome Market Recent Development:

2023: Novaliq Bosch+Laumbannounced the publication of pivotal phase 3 data of their ophthalmic drug NOVO3, which is developed to treat the signs symptoms of Dry Eye Disease associated with meibomian gland dysfunction.
2022: Santen Pharmaceuticallaunched its dry-eye treatment DIQUAS® LX Ophthalmic Solution in Japan, which is an improved formulation to reduce administration frequency to three times daily ease the patient burden.

What are the growth Challenge driving the Global Dry Eye Syndrome Market?

Availability of Alternative Therapies – The presence of alternative therapies, such as nutritional supplements, acupuncture, etc., to treat dry eye disease is a significant challenge for the Dry Eye Syndrome Market. These therapies garnered attention owing to their natural holistic nature of treatment among patients. This can make it tough for dry eye disease drugs to gain market share, especially if patients prefer alternative therapies as they are not aware of the benefits of prescribed medications. Hence, the presence of alternative therapies limits the adoption of the prescribed drug hampers the market progression.

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