Dry eye disease, also known as keratoconjunctivitis sicca (KCS), 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 when the tear film loses its smoothness and uniformity, allowing tears to evaporate too quickly breaking up the innermost mucin layer of the tear film. Common symptoms include eye itching, scratchiness, soreness, redness, swelling, burning, and dryness. It can also cause headaches, blurred vision, contact lens intolerance, and light sensitivity. The condition is driven by a multitude of factors such as aging, chronic diseases like diabetes, arthritis and Sjögren’s syndrome, hormone changes, environmental conditions including pollution and climate, digital device overuse, medications, some systemic diseases, and refractive surgeries.
The global Dry Eye Disease Market is estimated to be valued at Us$ 5750.66 Mn in 2023 and is expected to exhibit a CAGR Of 5.3% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The dry eye disease treatment market has witnessed significant innovations and developments over the past few years. Some of the key market trends include growing adoption of prescription therapies, rising preference for preservative-free drugs, and increasing availability of novel drug delivery modes. Prescription eye drops containing cyclosporine, corticosteroids, and lifitegrast are being widely adopted for treatment of dry eye syndrome due to advantages like efficacy and convenience of application. At the same time, preservative-free formulations are gaining popularity owing to lack of preservatives that can further irritate dry eyes. Further, new drug delivery technologies like punctal plugs, gels, and ointments are expanding available options to effectively control dryness and other symptoms.
Threat of new entrants: The threat is low as it requires huge capital investment to set up manufacturing facilities and attain economies of scale.
Bargaining power of buyers: The bargaining power of large buyers like airlines is high as they can demand pricing discounts and negotiate contracts.
Bargaining power of suppliers: The bargaining power of suppliers of components is moderate due to availability of substitutes and focus on long-term relationships.
Threat of new substitutes: The threat is low as no alternatives currently match performance, passenger capacity, and cost of commercial aircraft.
Competitive rivalry: Intense rivalry exists between key players to gain market share through product innovation and competitive pricing.
The Dry Eye Disease Market Demand is expected to witness high growth.
Asia Pacific is projected to experience the fastest growth during the forecast period owing to rising healthcare expenditure, increasing diabetic population susceptible to dry eye disease, and growing medical tourism.
Key players operating in the Dry Eye Disease market are Airbus SE, The Boeing Company, Embraer SA, ROSTEC, ATR, Commercial Aircraft Corporation of China Ltd., and Mitsubishi Aircraft Corporation.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it