The global Dry Eye Disease Market is estimated to be valued at US$ 5750.66 Mn or Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Dry eye disease, also known as keratoconjunctivitis sicca, is a multifactorial disease of the ocular surface characterized by dryness and tearing of the eyes caused due to inadequate tear production or excessive tear evaporation. Treatment of dry eye disease involves application of artificial tears and lubricating eye drops to maintain moisture levels in eyes.
Market key trends:
One of the key trends in the dry eye disease market is the increasing adoption of prescription medications. Traditionally, artificial tears were the mainstay treatment for dry eye disease. However, it provided only temporary relief. The development and commercialization of prescription eye drops containing cyclosporine, lifitegrast, and corticosteroids that target the underlying cause of dryness has boosted the market growth. For example, cyclosporine eye drops such as Restasis help increase tear production in patients with chronic dry eye. Additionally, approval and launch of novel therapies such as Cequa (cyclosporine ophthalmic solution 0.09%) and Xiidra (lifitegrast ophthalmic solution 5%) provides patients and physicians with different treatment options for managing dry eye disease symptoms.
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Market key trends:
One of the key trends gaining traction in the dry eye disease market is the rising adoption of artificial tears. Over the years, artificial tears have become the mainstream therapy for dry eye disease owing to their efficacy and convenience. Various players in the market have introduced novel artificial tears formulations with improved formulations such as long-lasting, preservative-free, oil-based etc. that effectively moisturize the ocular surface and provide discomfort relief.
SWOT Analysis
Strength: Large patient pool suffering from dry eye globally presents a huge market opportunity.
Weakness: Lack of approved drugs for severe dry eye cases.
Opportunity: Growing awareness and screening for dry eye diagnosis presents potential for market growth.
Threats: Patent expiries of major drugs may increase generic competition.
Key Takeaways
The global Dry Eye Disease Market Share is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing geriatric population globally which is majorly afflicted by dry eye disorder. North America currently dominates the dry eye disease market owing to high awareness levels, rapid adoption of new technologies and favorable reimbursement policies in the region. 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., among others.
Regional analysis
The Asia Pacific dry eye disease market is poised to grow at a fastest rate during the forecast period driven by rising geriatric population, growing awareness about dry eye diagnosis and treatment in key markets like India and China. As per estimates, over 20% of the Chinese population suffers from dry eye disease.
Key players
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., among others.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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