The global Dry Eye Disease Market is estimated to be valued at US$ 5750.66 Mn or 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.
Dry eye disease is a chronic condition in which the eyes don’t produce enough tears or produce poor quality tears. It results in discomfort, visual disturbance and instability of the tear film. It occurs when the eyes do not produce enough tears or when the tears break down too quickly and don’t lubricate the eyes properly. The main symptoms of dry eyes are heavy/achy eyes, blurred vision, eye stinging or burning. Dry eyes can be caused by many factors like aging, lifestyle factors like screen time and air conditioning, medical conditions, environmental factors etc. Various treatments are available in the market to manage dry eyes symptoms which include eye drops, artificial tears, gels, ointments, thermal pulsation devices, occlusion therapy and others. The growing prevalence of dry eye disease and availability of innovative treatment options provide growth opportunities for dry eye disease market.
Market key trends:
One of the key trends in the dry eye disease market is the introduction of innovative dry eye treatments. Companies are investing heavily in R&D to develop new products with enhanced efficacy and longer relief from symptoms. For instance, Novartis launched Xiidra eye drops in 2016 that contain lifitegrast, the first medication approved by FDA for signs and symptoms of dry eye disease. There is also emerging preference for preservative-free lubricating eye drops owing to their safer option. Another trend is the availability of in-office procedures like Lipiflow which uses a heated lipid replacement therapy to unclog meibomian glands and improve symptoms. The market is also witnessing a shift towards combination therapies rather than monotherapies as combined treatments are found to be more effective in managing dry eye disease. The advent of artificial intelligence and 3D printing also presents new opportunities in dry eye treatment landscape.
Threat of new entrants: The threat of new entrants entering the dry eye disease market is moderate. New market entrants face significant capital requirements for research and development along with high levels of regulations for product approval.
Bargaining power of buyers: The bargaining power of buyers in the dry eye disease market is low as buyers do not have many alternatives given the complex nature of disease. The buyers also do not have information symmetry.
Bargaining power of suppliers: The bargaining power of suppliers is moderate in the dry eye disease market as key raw materials require specialized processes and formulation knowledge. However, the R&D investments made by suppliers are very high.
Threat of new substitutes: The threat of substitutes is low in the dry eye disease market. There are limited alternative treatment approaches available due to the complex etiology of the disease.
Competitive rivalry: The competitive rivalry in the dry eye disease market is high due to presence of large number of market players focusing on new product launches and strategic alliances.
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 suffering from dry eyes along with rising awareness regarding management of dry eye conditions.
Regional analysis: North America region currently dominates the dry eye disease market due to supportive healthcare policies and awareness regarding tear supplements. Asia Pacific region is anticipated to be the fastest growing market owing to increasing focus of leading players towards emerging countries and improving healthcare infrastructure.
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. The key players are mainly focused on new product launches and strategic collaborations to expand their market presence.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it