New York, USA, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Dry Eye Syndrome Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Dry Eye Syndrome Market Information By Type, Diagnosis, Treatment, Distribution Channel, End User, And Region - Forecast till 2030", the market is expected to reach USD 5,080 Million by 2030 at 5.31% CAGR during the forecast period 2022-2030
Market Synopsis
The symptoms of dry eye syndrome are redness, irritation, discharge and may even lead to blurred vision in severe cases. Dry eye syndrome is a condition where there is less lubrication in the eyes due to less tear production or due to quick evaporation of tears. The market for dry eye disease is expected to expand quickly during the coming years. The market is expanding due to factors like the increased occurrence of dry eye illness, the increased demand for efficient therapies, the development of a profitable pipeline, and rising public awareness of the issue. Given the high incidence of dry eye illness and the probable severity and chronicity of the disease, a considerable rise in the amount of product announcements is driving the growth of the dry eye treatment market. It is projected that the growing number of applicants in the pipelines of multiple large firms will result in specific regulatory approvals, thus expanding the market.
Although eye care goods are expensive, the great efficacy of the products and the enormous unmet need drive the acceptance of dry eye disease therapy items. The condition known as dry eye syndrome, or keratoconjunctivitis sicca (KCS), is characterized by a lack of lubrication or moisture on the eye's surface. It is a widespread condition that can affect anyone at any time. Other dry eye symptoms include photophobia, aching and burning feelings, hurting eyes, red eyes, fatigued eyes, itchy eyes, and other eye-related issues. Watery eyeballs can also be a sign because the dryness of the eye's surface over-stimulates the creation of the aqueous component of tears. A rise in the quantity of R&D activities is another factor driving the market's expansion. This will present advantageous chances for market expansion for dry eye syndrome. Additionally, increasing drug releases and approvals will speed up the market's expansion.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 5080 Million |
| CAGR | 5.31% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors and Trends |
| Segments Covered | By Diagnosis, Distribution Channel, Type, End User and Treatment |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The increasing prevalence of eye disorders owing to a lifestyle change |
| Rapid advancements in ophthalmology and the development of affordable drugs |
Competitive Landscape:
The illustrious companies in the dry eye syndrome market are:
- Allergan (Republic of Ireland)
- Acadia Pharmaceutical (U.S.)
- Allostera Pharma (Canada)
- I-Med Pharma Inc. (Canada)
- Santen Pharmaceuticals Co. Ltd. (Japan)
- Novartis AG (Switzerland),
- Otsuka Pharmaceutical Co. Ltd. (Japan)
- Valent Pharmaceuticals (Canada)
- Johnson & Johnson Vision (U.S.)
- AFT Pharmaceuticals (New Zealand)
- Novaliq GmBh (Germany)
- Auven therapeutics (U.S.)
Dry Eye Syndrome Market Dynamics:
Market Drivers:
One of the key market trends for dry eye illness is increased R&D spending, effective clinical studies, and rising new product approvals. Clinical studies involve a large number of participants. The market for dry eye syndrome is expanding primarily because of the increased incidence of dry eyes among people. The many illnesses that contribute to the high prevalence of dry eyes in people include thyroid problems, lupus, Sjogren's syndrome, diabetes, rheumatoid arthritis, scleroderma, and others. The lachrymal glands' capacity to make tears decreases with advancing age, which causes dry eye disease. One of the main factors contributing to the growth in dry eye medications globally is the rising incidence of eye diseases caused by an increase in the geriatric population.
The market for dry eye conditions will also grow as a result of growing initiatives by both private and public groups to raise awareness. The market for standard treatments will also grow due to increased disposable income and demand for dry eye syndrome treatments. During the projected period, market dynamics variables include changing eating patterns and sedentary lifestyles. Along with this, raising public awareness of the issue of dry eyes will accelerate the dry eye syndrome market expansion.
Market Restraints:
The general public has little knowledge regarding eye health. Most dry eye problems that can be addressed or alleviated quickly with a proper diagnosis and drugs are poorly understood. Ophthalmologists are not frequently seen by patients unless there is a serious clinical issue. Redness, burning, and other symptoms of dry eye are frequently ignored and misdiagnosed, which lowers the number of patients who may be treated with prescribed drugs. However, the lack of competent ophthalmologists and the strict regulatory procedures for drug approval limit the market's expansion.
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COVID 19 Analysis
Due to fewer ophthalmologist appointments, the COVID-19 outbreak harmed the dry eye syndrome market in the initial stages of the pandemic. But as soon as the eye care businesses started, the market started to recover. In addition, SARS-CoV-2 patients' dry eyes lingered even after the sickness was treated, broadening the potential audience for treatments. Additionally, the prevalence of dry eye complaints has grown throughout the pandemic due to increased screen use and sedentary lifestyles. The manufacturers of dry eye medications saw a sharp fall in their sales. The pandemic also caused a sharp decrease in new eye exams in the affected nations. The need for dry eye medications has decreased as a result. Additionally, it resulted in fewer patients seeking treatment at hospitals and clinics. However, there was a spike in the expansion of internet drug sales and medical counseling. Following the covid relaxations, the market is recovering quickly.
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Dry Eye Syndrome Market Segmentation
By treatment, the market includes nutritional supplements and surgery.
By distribution channel, the market includes hospital pharmacies.
By diagnosis, the market includes the Schirmer test and eye exam.
By end user, the market includes hospitals.
By type, the market includes evaporative and aqueous.
Dry Eye Syndrome Market Regional Insights
North America was where most of the money came from. A sizable target population improved access to care, and a higher rate of treatment uptake is anticipated to propel this market. In addition, the market's profitability attracts businesses to this region. The primary elements predicted to drive the expansion of the market throughout the forecast period are the strategic presence of major manufacturers in the U.S. and the high prevalence and incidence of dry eye conditions in the U.S. and Canada. This region's main drivers of growth are the increased incidence of eye disorders and the aging population. Additionally, substantial government investment in establishing medical specialty facilities, such as eye clinics, is fueling market expansion in this region.
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During the forecast period, a market expansion with a noticeably high growth rate is anticipated in Asia-Pacific. It is hoped that greater knowledge of the condition would increase the accessibility and use of expensive treatment alternatives. For instance, dry eye syndrome is thought to be higher than average compared to other regions of the world in important Asian countries like Japan. The growing prevalence of the condition among the population of Latin America is accelerating the market's expansion for dry eye syndrome.
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