New York, April 20, 2023 (GLOBE NEWSWIRE) -- The Dry Eye Syndrome Treatment Market is expected to generate US$ 4.8 billion in revenue globally in 2022, and is projected to grow at a CAGR of 7.1% to US$ 10.2 billion by the end of 2033. The market growth is driven by several factors, including the increasing prevalence of dry eye syndrome, the growing aging population, rising awareness about eye health, and advancements in treatment options.
Dry eye syndrome, also known as dry eye disease or keratoconjunctivitis sicca, is a common ocular condition that affects the tear film and ocular surface, leading to discomfort, visual disturbances, and reduced quality of life. Dry eye syndrome is caused by various factors, including decreased tear production, increased tear evaporation, and abnormal tear composition.
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The dry eye syndrome treatment market encompasses a wide range of products and therapies aimed at relieving the symptoms and improving the quality of life for patients suffering from this condition. These treatments include artificial tears, lubricant eye drops, anti-inflammatory medications, punctal plugs, and prescription medications, among others. The global dry eye syndrome treatment market is expected to grow at a significant rate due to the increasing prevalence of dry eye syndrome and the growing awareness about the condition among patients and healthcare providers.
Market Dynamics - Drivers:
- Increasing Prevalence of Dry Eye Syndrome: The prevalence of dry eye syndrome is increasing globally, attributed to various factors such as changing lifestyles, increased screen time, aging population, and environmental factors. This is driving the demand for effective dry eye syndrome treatment options.
- Growing Aging Population: With the aging population increasing worldwide, the prevalence of dry eye syndrome is expected to rise as age is a significant risk factor for the condition. This is expected to drive the demand for dry eye syndrome treatment options, particularly among the elderly population.
- Rising Awareness about Eye Health: Increasing awareness among patients and healthcare providers about the importance of eye health and the impact of dry eye syndrome on quality of life is driving the demand for dry eye syndrome treatment options. Educational campaigns, media awareness, and initiatives by ophthalmology associations are contributing to increased awareness about the condition.
- Advancements in Treatment Options: There have been significant advancements in the treatment options for dry eye syndrome, including prescription medications, punctal plugs, and advanced lubricant eye drops. These advancements are improving the efficacy and convenience of treatment options, thus driving the market growth.
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Market Segmentation
By Product Type:
- Artificial Tears: Artificial tears are the most commonly used treatment for dry eye syndrome. These are lubricant eye drops that help to moisturize the ocular surface and relieve dryness, discomfort, and irritation. Artificial tears can be further classified into preservative-free and preservative-containing artificial tears.
- Anti-inflammatory Medications: These include corticosteroids and cyclosporine eye drops, which are used to reduce inflammation and relieve the symptoms of dry eye syndrome.
- Prescription Medications: Prescription medications, such as lifitegrast and cequa, are FDA-approved treatments for dry eye syndrome that help to reduce inflammation and improve tear production.
- Punctal Plugs: Punctal plugs are small devices that are inserted into the tear ducts to block tear drainage, thereby increasing tear retention and reducing dryness.
Regional Analysis:
North America is expected to dominate the dry eye syndrome treatment market, owing to the high prevalence of dry eye syndrome in the region, increasing awareness about eye health, and availability of advanced treatment options. Europe is also a significant market for dry eye syndrome treatment, driven by the growing aging population and increasing adoption of advanced treatment options. The Asia-Pacific region is expected to witness significant growth in the dry eye syndrome treatment market due to the rising prevalence of dry eye syndrome, increasing healthcare expenditure, and growing awareness about eye health.
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Competitive Landscape
The Dry Eye Syndrome Treatment Market is competitive, with a number of players present. Several of the leading competitors for the global Dry Eye Syndrome Treatment Market include Allergan Plc., Novartis AG, Otsuka Pharmaceutical Co.,Ltd., Santen Pharmaceutical Co Ltd., Bausch Health Companies Inc., Akorn, Inc., Johnson & Johnson, Inc., Thea Pharmaceuticals Limited, OASIS Medical, Altaire Pharmaceuticals Inc., Boiron USA, Similasan Corporation, Scope Ophthalmics Ltd., Reckitt Benckiser Group PLC, Medicom Healthcare Ltd, FDC Limited., Lupin Limited, Jamjoom Pharmaceuticals Co., Sentiss Pharma Private limited
Recent News
- The U.S. TYRVAYATM (varenicline solution) Nasal Spray 0.03 mg reportedly gained Food and Drug Administration (FDA) approval in October 2021 for the treatment of the symptoms and indicators of dry eye condition. TYRVAYA Nasal Spray is the first and only nasal spray that has been approved for the treatment of dry eye diseases.
- Sun Pharmaceutical announced in October 2019 that Cequa (cyclosporine ophthalmic solution) 0.09%, a drug to treat dry eyes, is now commercially available in the US. Cequa, which has the highest dose of cyclosporine for ocular use approved by the FDA, is recommended to patients with keratoconjunctivitis sicca in order to increase tear production in dry eyes.
Future Outlook
The global dry eye syndrome treatment market is expected to witness significant growth in the coming years, driven by the increasing prevalence of dry eye syndrome, growing aging population, rising awareness about eye health, and advancements in treatment options. However, challenges such as the high cost of prescription medications and lack of standardization in diagnosis and treatment may impact the market growth to some extent. Nevertheless, the market is expected to offer lucrative opportunities for players who can innovate and develop effective and affordable dry eye syndrome treatment options, particularly in developing regions.
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