New York, July 10, 2023 (GLOBE NEWSWIRE) -- The global dry eye syndrome market is estimated to grow at a CAGR of ~8% from 2023 to 2035. The market is estimated to garner a revenue of ~USD 600 million by the end of 2035, up from a revenue of ~USD 300 million in the year 2022, backed by the rising prevalence of dry eye (DE) syndrome worldwide. There is an estimated prevalence of 12 percent of dry eye disease around the world. It is projected that between 6 and 17% of Americans suffer from dry eyes, which range from 15 million to 50 million people.
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Dry eye disease is estimated to cost the US economy more than USD 54 billion per year. DE syndrome, also known as dry eye disease (DED) and keratoconjunctivitis sicca (KCS), is becoming increasingly common owing to lifestyle changes, and the prevalence of digital devices that strain the eyes. With the rising prevalence and increasing awareness of this disorder, the demand for treatments and products is expected to rise, driving the growth of the market.
Global Dry Eye Syndrome Market: Key Takeaways
- Market in North America to have the largest growth rate
- The Evaporative dry eye syndrome segment is expected to dominate the market
- Market in Asia Pacific to grow rapidly
Rising Adoption and development of effective treatments to combat Dry Eye Disease
Dry eye (DE) disease is a condition that affects millions of people and can cause significant discomfort and vision problems. As such, researchers are working to develop treatments that will reduce its symptoms and improve the quality of life for those who suffer from it, which is projected to augment dry eye syndrome market growth in the coming years. The development of more effective treatments enables patients to lead more normal lives while reducing the need for long-term medical care. This, in turn, will reduce the overall cost of treating DE, making it more accessible to a greater number of people. Additionally, the availability of new treatments such as artificial tears is expected to create more awareness about the condition, thus contributing to market growth over the forecast period. It was observed that artificial tears containing 0.4% hyaluronic acid and 0.2% galactoxyloglucan are effective in treating dry eye. Using these treatments, dry eye symptoms can be reduced, and further damage to the eyes can be prevented. They replace the natural tears lost from dry eyes.
Dry Eye Syndrome Market: Regional Overview
The global dry eye syndrome market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Population Adoption of Contact Lenses to Drive Market Growth in North America
The dry eye syndrome market in the North American region is estimated to garner the largest revenue by the end of 2035 on account of the increasing number of people wearing contact lenses. An estimated 45 million Americans wear contact lenses, and 8% of contact lens wearers are women, according to the U.S. Centers for Disease Control and Prevention. Over 75% of adults over 25 wear contact lenses, with 8% under 18, 17% between 18 and 24, and 17% between 25 and 34. Contact lenses can reduce the amount of oxygen that reaches the cornea, which can lead to dry eye syndrome. The rising popularity of contact lenses in the North American region is expected to increase demand for dry eye syndrome treatments and services, leading to higher revenue for the market. Moreover, increased funding from governments, private organizations, and pharmaceutical companies has enabled the development of better treatments and access to advanced healthcare services. This has led to higher rates of treatment adoption, more FDA approvals for dry eye drugs, and overall increased profitability in the regional market.
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Rise in Geriatric Population Suffering from Eye Diseases to Drive the Growth in the Asia Pacific Region
The dry eye syndrome market in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2035, backed by a growing elderly population suffering from various dry eye diseases. China's aging population is expected to increase the burden of dry eye disease (DED). Observations indicate that a prevalence rate of about 35% of DED is observed among elderly people over 60 in central China. The geriatric population is more susceptible to dry eye syndrome owing to age-related changes in the ocular surface, tear production, and the lacrimal gland. Moreover, the prevalence of chronic conditions such as diabetes, autoimmune diseases, and others also increases the risk of developing dry eye syndrome. This is expected to increase the demand for dry eye treatment and contribute to market growth in the Asia Pacific region. Furthermore, the presence of leading manufacturers facilitates the development of new and innovative products as well as more affordable treatments for dry eyes. In addition, increasing consumer awareness about current dry eye treatment market trends is expected to boost demand for these treatments, leading to further regional market growth.
Dry Eye Syndrome Segmentation by Type
- Evaporative Dry Eye Syndrome
- Aqueous Dry Eye Syndrome
The evaporative dry eye syndrome segment is anticipated to hold the largest revenue by the end of 2035 on account of a huge base of people suffering from evaporative dry eye syndrome. It was observed that approximately 28-30 million people around the world suffer from dry eye disease (DED) and more than 86% of those people experience symptoms that are related to evaporative influences and meibomian gland dysfunction (MGD). Evaporative dry eye syndrome is a common condition caused by an imbalance in the tear film, which can lead to inflammation, redness, and irritation. The severity of symptoms can vary depending on the individual, and can range from mild to moderate to severe. As such, there is a large demand for treatments that can alleviate these symptoms, resulting in the evaporative dry eye syndrome segment holding the largest revenue over the forecast period.
Dry Eye Syndrome Segmentation by Diagnosis
- Schirmer Test
- Eye Exam
The schirmer test segment is anticipated to hold the largest revenue by the end of 2035 owing to the large number of people facing moisture loss in their eyes owing to various factors including dry air, not blinking enough, and excessive screen use. Additionally, certain medications, illnesses, and allergies can also cause eye dryness. It is observed that dry eyes are a common occurrence after long hours at the computer and excessive time in front of a screen, with a prevalence ranging between 28 and 67%. The Schirmer test is a diagnostic tool used to measure tear production. It involves placing a tiny strip of paper underneath the lower eyelid for a few minutes. The amount of tears that moisten the paper is measured and used to determine the rate of tear production. This test is a simple and reliable way to measure tear production and diagnose dry eye disease. It is also a cost-effective and non-invasive procedure that can be done quickly and with minimal discomfort. Therefore, it is expected to gain widespread popularity in the coming years.
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Dry Eye Syndrome Segmentation by Treatment
- Nutritional Supplements
- Surgery
Dry Eye Syndrome Segmentation by End User
- Hospitals
- Eye Clinics
- Others
Few of the well-known market leaders in the dry eye syndrome market that are profiled by Research Nester are Lumenis, Johnson & Johnson Services Inc., Alcon, Allergan, Novartis AG, Allostera Pharma Inc., I-Med Pharma Inc., Acadia Pharmaceutical Inc., Otsuka Pharmaceutical Co. Ltd., Sun Pharmaceutical Industries Ltd., and other key market players.
Recent Development in the Global Dry Eye Syndrome Market
- A recent Alcon innovation, Systane iLux2 MGD Thermal Pulsation System, is designed to improve the care of dry eyes. It allows patients to have a better understanding of their condition by capturing HD videos and infrared photographs using this new imaging technology.
- In a recent announcement, Novartis AG announced the acquisition of Xiidra, a prescription medication approved for treating the early symptoms and signs of dry eye disease by preventing inflammation. This move is part of Novartis AG's strategy to expand its portfolio of treatments for rare diseases, and it will help them to better serve the needs of those suffering from dry eye disease.
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