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Dry Eye Syndrome Treatment Market

Rising prevalence of dry eye syndrome and increasing awareness regarding diagnosis and treatment of the disease and improving the health sector in developing countries expects to boost the market growth

Dry Eye Syndrome Treatment Market Segmented By Cyclosporine, Topical Corticosteroids, Artificial Tears, Punctal Plugs, Omega Supplements Product with Rx, OTC, Medical Devices Prescription

Dry Eye Syndrome Treatment Market  Market Outlook (2023-2033)

Worldwide revenue from the dry eye syndrome treatment market stands at US$ 4.8 Bn in 2022, with the global market estimated to surge ahead at a CAGR value of 7.1% to reach a valuation of US$ 10.2 Bn by the end of 2033.

Dry Eye Syndrome Treatment Market Size (2022)

US$ 4.8 Bn

Projected Market Value (2033)

US$ 10.2 Bn

Global Market Growth Rate (2023-2033)

7.1%

Market Share of Top 5 Countries

62.7%

As assessed by Persistence Market Research, Artificial tears are slated to hold around 60.7% share in the dry eye syndrome treatment market in 2022. Overall, Dry Eye Syndrome Treatment Market revenue accounts for approximately 15.3% of revenue share in the global ophthalmic disease therapeutics market, which was valued at around US$ 31.5 Bn in 2022.

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Sales Analysis of Dry Eye Syndrome Treatment Market from 2012 to 2022 Vs Market Outlook for 2023 to 2033

The global market for Dry Eye Syndrome Treatment recorded a historic CAGR of 6.0% in the last 10 years from 2012 to 2022.

Lack of lubrication and tear generation on the eye surface is the cause of dry eye syndrome. As a result, the eye becomes dry, irritated, and inflammatory. There are numerous treatment options, including oral medications, topical medications, and surgical procedures. The multifactorial condition known as dry eye disease causes the tear film and ocular surface to lose equilibrium, leading to symptoms such as eye irritation, dryness, and impaired vision.

About 5–50% of people worldwide suffer from such a condition. The prevalence of dry eye disorder varies depending on the diagnostic criteria used, the location, the age range, and the gender.

The prevalence of dry eye syndrome varies depending on the diagnostic criteria adopted, the geography, the age group, and the gender. In comparison to other countries in America and Europe, Asian countries such as Japan, Korea, Thailand, and China have been reported to have a higher prevalence of dry eye syndrome. In older people, especially women, dry eye syndrome is increasingly common.

The global dry eye syndrome treatment market is thus likely to show high growth over the coming years a CAGR value of 7.1% and reach a global market size of US$ 10.2 Bn by 2033.

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How Can Dry Eye Syndrome Treatment Product Manufacturers Grow?

Increasing number of LASIK surgeries and growing R&D Initiatives and Growing Number of Drug Candidates to Consolidate Business

An rise in R&D spending, profitable clinical trials, and an increase in new product approvals have been three major market trends in the dry eye disease market. Many participants are involved in the clinical studies, such as Reproxalap, a pipeline candidate for Aldeyra Therapeutics, Inc., which is currently in Phase III. These kinds of efforts have the potential to propel the market for treating dry eye illness in terms of revenue generation.

A dry eye is a serious side effect of LASIK surgery. Prominent manufacturers of products for treating dry eye conditions are concentrating on developing supplements for patients who experience dry eye following LASIK surgery. As a result, an increase in surgeries is the key focus fueling market expansion.

For instance, more than 30% of patients who undergo eye surgery are likely to develop dry eye syndrome within the first three months, according to the American Refractive Surgery Council.

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What are the Restraining factors that impact global sales of the Dry Eye Syndrome Treatment?

Dry eye syndrome treatment lack of awareness will constrain market expansion

The wider populace has very little awareness regarding eye health. Many dry eye symptoms that can be treated or alleviated quickly with a proper diagnosis and drugs are not well understood. Ophthalmologists equpiment are not frequently seen by patients unless there is a serious clinical issue. Redness, inflammation, and other symptoms of dry eye are frequently overlooked and misdiagnosed, which lowers the number of patients who may be treated with prescription medications. According to a UK poll, one in four adults do not get eye exams every two years as advised by the NHS, and children are more ignorant about eye health than adults.

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What was the COVID-19 Impact on the Global Market for Dry Eye Syndrome Treatment?

“Revenue to Be Affected by Falling Sales of Dry Eye Drugs Due to COVID-19”

Due to the lockdown and other limitations put in place in the affected areas to stop the infection's spread, the COVID-19 outbreak had a detrimental effect on the sales of dry eye medications. The manufacturers of dry eye medications saw a sharp fall in their sales.

  • For instance, according to Novartis AG's most recent press release, sales of its Xiidra dry eye medication have dropped by 31.4%. The medicine brought in US$104.0 million in the second quarter of 2019 compared to US$79 million in the second quarter of 2020. Additionally, the pandemic significantly decreased the frequency of new eye exams in the impacted nations. The demand for dry eye medications has decreased as a result.

Country-wise Insights

Why is the U.S. Market Growing?

“Supports towards sustainable seafood marks opportunities in the U.S.”

The U.S. accounted for more than 80.6% market share in the North American market for dry eye syndrome treatment in 2022, and a similar trend is expected over the forecast period. The availability of a large target population, enhanced access to healthcare, and a high rate of treatment uptake are anticipated to propel this market. In addition, the market's profitability attracts companies to this region. For instance, Cequa was first made available in the region by Sun Pharmaceutical Industries Ltd. in October 2019.

Additionally, the leading companies are implementing awareness campaigns with the aim to educate the population and spread awareness for early eye treatments. For instance, with the introduction of its new "Not Today, Dry Eye" direct-to-consumer advertising campaign, Novartis hopes to raise public awareness of the condition. According to Novartis, this campaign emphasises how inflammation may significantly contribute to the emergence and spread of dry eye disease.

How big is the Opportunity in U.K. Market?

“Increasing R&D spending to develop effective treatment line”

The U.K. is anticipated to develop at a fast rate accounting for the market share of 12.4% for dry eye condition treatment in 2022. The high R&D spending on the development of effective treatment lines results in new product development and growth in the market for treating dry eye conditions. The UK, meanwhile, is the opposite. A considerable elderly population is more likely to acquire dry eye syndrome.

The need for dry eye syndrome treatments is rising as the nation performs more LASIK surgeries. favourable prospect for compensation in the UK. increases the rate at which diagnosis and treatment are used in the nation, which is fueling the expansion of the market for treatments for dry eye syndrome.

How attractive is the Indian Market for Dry Eye Syndrome Treatment?

“High healthcare spending in India over the eye treatment”

India held about 45.9% of market share in the South Asia market in 2022.

India is one of the most populous countries, making it a desirable market for the expansion of dry eye disease treatments. Leading competitors in the dry eye syndrome treatment market have established production facilities in India as a result of the country's huge target population and affordable labour costs. The country is also experiencing a rise in healthcare spending per person and expanding healthcare infrastructure.

While India is predicted by the United Nations to accommodate 20% of the people over 60 by the next three decades while improving their quality of life. India is therefore anticipated to experience an exponential increase in the growth rate of the market for treating dry eye conditions throughout the anticipated period.

What will be the Demand Outlook for the Dry Eye Syndrome Treatment in China?

“High presence of leading pharmaceutical companies expects to mark the impact on China market”

China is projected to expand at a significant growth rate and is anticipated to account for 44.6% of the market share in the East Asian market in 2022.

The production of pharmaceuticals in China is largely confined to small and medium businesses. As a result, compared to competing companies internationally, R&D spending is minimal. The 14th Five-Year Plan intends to increase spending to 10% of sales by 2025.

AstraZeneca, Novartis, and Novo Nordisk are three pharmaceutical multinational corporations (MNCs) with significant market shares; in 2019, each company owned between 8 and 10% of the domestic market share. As a result of the importance of distribution networks to the sector, indigenous pharma companies like Sinopharm and Shanghai Pharmaceuticals have a firm grip over markets. Due to the fragmentation of the industry, the government has been striving to consolidate the pharmaceutical industry and increase average firm size in intended to assist in quality inspection and improvement.

Category-wise Insights

Which Product Type is Driving the Growth of the Global Market?

“Artificial tears are proven to be the preferable alternative for dry eye symptoms”

The artificial tears segment is expected to gain a high revenue share of 60.7% in 2022 in the global dry eye syndrome treatment market owing to the surged demand for artificial tears over drugs to cure dry eye conditions.

While some artificial tears work to slow down tear evaporation, others help the eyes repair. A thickening agent maintains the solution on the surface of the eyes for a longer period. Artificial tears have been demonstrated to be the greatest alternative that would control mild dry eye symptoms.

Which Prescription Type segment gained popularity in the Global Market?

“Rx medications are on demand.”

The Rx medications are expected to grow at a profitable rate and accounted for the highest market share of more than 70% in the global market.

The rising incidence of dry eye in the general population is attributed to the market's expansion. For instance, the American Academy of Ophthalmology estimates that 1.68 million men and 3.2 million women over the age of 50 have dry eyes. However, only 10% of the population of people with dry eye syndrome is currently using prescription medications, whereas 75% of the population has never used prescription medication.

Which Distribution Channel segment is anticipated to increase the sales in the Global Market?

“Retail Pharmacies to retain the leading position”

Retail pharmacies are attributed to holding the highest share of 60.8% in the global market in 2022. This is demonstrated by how accessible it is to reach retail pharmacies. Additionally, the availability of pharmacists under certain zones to help with dosages, customer service, and consultations assists the category to acquire a competitive edge in the market.

An increase in the number of consumers buying products out of convenience is expected to cause the online pharmacies category to expand at the fastest rate during the projection period. Additionally, due to limits on human migration imposed by the pandemic, online pharmacies have become increasingly popular. Additionally, many internet retailers' improved pricing options encourage repeat purchasing.

Competitive Landscape

The major companies in the market for treating dry eye syndrome are concentrating on growing their product portfolio through ongoing product research and development and launches. To strengthen the market presence for expanding the of dry eye syndrome treatment line, various pharmaceutical companies are forming strategic partnerships with mid-sized or small-size players and also focusing on expanding their production facilities. This strategy is anticipated to increase their sales footprint in the global dry eye syndrome treatment industry.

For instance:

  • In October 2021, According to Oyster Point Pharma, Inc., the U.S. TYRVAYATM (varenicline solution) Nasal Spray 0.03 mg received Food and Drug Administration (FDA) approval for the treatment of dry eye disease symptoms and signs. The first and only nasal spray authorised for the treatment of dry eye conditions is TYRVAYA Nasal Spray.
  • In October 2019, Sun Pharmaceutical stated that Cequa (cyclosporine ophthalmic solution) 0.09%, a medication for dry eyes, is now commercially accessible in the US. Patients with keratoconjunctivitis sicca are advised to take Cequa, which has the maximum concentration of cyclosporine for ocular use permitted by the FDA, to produce more tears (dry eye).
  • In May 2018, The first generic version of Restasis (cyclosporine) in Canada has been released by Teva Canada Limited, a division of Teva Pharmaceutical Industries Ltd. Teva-Cyclosporine ophthalmic emulsion, 0.05% w/v is a twice-daily eye drop solution that has received approval from Health Canada. Aqueous deficiency dry eye condition that is moderate to fairly severe is appropriate for treatment with cyclosporine ophthalmic emulsion.

Dry Eye Syndrome Treatment Industry Report Scope

Attribute

Details

Forecast Period

2023-2033

Historical Data Available for

2012-2022

Market Analysis

  • USD Million for Value
  • 000’ Units for Volume

Key Countries Covered

  • U.S.
  • Canada
  • Brazil
  • Mexico
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Russia
  • Poland
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • China
  • Japan
  • South Korea
  • Australia
  • New Zealand
  • GCC Countries
  • North Africa
  • South Africa

Key Market Segments Covered

  • Product
  • Prescription Type
  • Distribution Channel
  • Region

Key Companies Profiled

  • Allergan Plc.
  • Novartis AG
  • Otsuka Pharmaceutical Co. Ltd.
  • Santen Pharmaceutical Co. Ltd.
  • Bausch Health Companies Inc
  • Akorn, Inc.
  • Johnson & Johnson Inc.
  • Thea Pharmaceutical Limited
  • OASIS Medical
  • Altair Pharmaceutical Inc.
  • Boiron USA
  • Similasan Corporation
  • Scope Ophthalmic Ltd.
  • Reckitt Benkiser Group Plc.
  • Medicom Healthcare Ltd.
  • FDC Limited
  • Jamjom Pharmaceutical Co.
  • Lupin Limited
  • Sentis Pharma Private Limited

Report Coverage

  • Market Forecast
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & Pricing

Available upon Request

Key Segments Covered in Dry Eye Syndrome Treatment Industry Research

By Product:

  • Cyclosporine
  • Topical Corticosteroids
  • Artificial Tears
  • Punctal Plugs
    • Removable
    • Dissolvable
  • Omega Supplements
  • Others

By Prescription Type:

  • Rx
  • OTC
  • Medical Devices

By Distribution Channel:

  • Hospital Pharmacies
  • Eye Health Clinics
  • Retail Pharmacies
  • Online Pharmacies

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

- Companies Covered in This Report -

  • Allergan Plc.
  • Novartis AG
  • Otsuka Pharmaceutical Co.,Ltd.
  • Santen Pharmaceutical Co Ltd.
  • Bausch Health Companies Inc.
  • Akorn, 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.
  • Sentiss Pharma Private limited

- Frequently Asked Questions -

The global market for dry eye syndrome treatment valued at around US$ 4.8 Bn in 2022.

Sales of the dry eye syndrome treatment industry are set to witness a high growth rate of 7.1% and be valued at US$ 10.2 Bn by 2033.

Demand for dry eye syndrome treatment has increased by 6.0% CAGR from 2012 to 2022.

The U.S., China, U.K., India, and Germany account for the most demand for dry eye syndrome treatment currently holding 62.7% market share.

The U.S. accounts for around 80.6% share of the North American market in 2022.

Allergan Plc., Novartis AG, Johnson & Johnson. Inc., Reckitt Benckiser Group Plc. and Lupin Limited are the top five manufacturers of dry eye syndrome treatment products.

China is projected to expand at a significant growth rate and is anticipated to account for 44.6% of the market share in the East Asian market in 2022.

Brazil is estimated to grow at a CAGR rate of close to 6.4% over the forecast period.

Indian Market for dry eye syndrome treatment is expected to grow at a high rate of close to 8.1% over the next 10 years.

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