Vancouver, Jan. 10, 2024 (GLOBE NEWSWIRE) -- The global dry eye syndrome market size was USD 5.32 billion in 2022 and is expected to register a revenue CAGR of 7.3% during the forecast period. Increasing cases of dry eye syndrome across the globe, widespread use of digital devices, such as computers, smartphones, and tablets, numerous Research & Development (R&D) activities by market players, rising demand for effective treatments, and strong R&D investments to support pipeline candidates are expected to drive market revenue growth.
One of the major factors driving revenue growth of the market is increasing number of dry eye syndrome cases due to the excess utilization of electronic gadgets. This is because of harmful UV radiation that straightforwardly influences the eyes of users working on cell phones, tablets, desktops, Personal Computers (PCs), and other electronic gadgets. For instance, as per the American Cancer Society, people aged 60 years or more spend at least 5 hours each day utilizing laptops & desktops for Internet browsing, which is one of the prime reasons causing this syndrome. Governments of different countries are actively taking significant initiatives to give better treatment at a negligible expense.
The Major market players are contributing towards upgrading product portfolio by development of these products. For instance, on 08 June 2023, to offer a successful remedy for indicators and manifestations of dry eye disease, Novaliq GmbH obtained approval from the U.S. Food and Drug Administration (USFDA) for VEVYE (Cyclosporine Ophthalmic Solution) 0.1%. VEVYE holds the distinction of being the initial and sole cyclosporine solution recommended for addressing the signs and symptoms of dry eye disease, with proven effectiveness observed within a 4-week timeframe.
Request Free Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]) @ https://www.emergenresearch.com/request-sample/2706
The high cost associated with dry eye syndrome treatments could hamper revenue growth of the market. Many of the advanced therapeutic options, including prescription medications, specialized eye drops, and medical devices designed to alleviate dry eye symptoms, are financially burdensome for patients. Insurance coverage for these treatments may vary, leaving a considerable out-of-pocket expense for individuals. The expense of ongoing management and maintenance of dry eye conditions can discourage some patients from seeking timely and consistent treatment, impacting treatment adherence. In addition, the economic burden limits market penetration, especially in regions where access to healthcare resources is constrained.
Segment Insights
Drugs Insights:
On the basis of drugs, the global dry eye syndrome market is segmented into Restasis, Xiidra, Cequa, Eysuvis, and Others.
The Restasis drug segment accounted for largest revenue share in 2022 due to rising adoption of this drug for the treatment of dry eye syndrome owing to its unique mechanism of action and efficacy in managing chronic dry eye conditions. Restasis contains cyclosporine, an immunosuppressive agent that helps reduce inflammation on the ocular surface.
The Xiidra drug segment is expected to register robust revenue CAGR during the forecast period. Xiidra drug is expected to develop at a critical pace of 11.3% during the estimated time frame. The medication was endorsed by the U.S. FDA for the treatment of signs and side effects of dry eye syndrome. Development of Xiidra is because of great reception of medication. Besides, it is the first prescription in a new class of medications, called lymphocyte function-associated antigen 1 antagonist for the treatment of dry eye. The medication is a main product for dry eye commercially marketed by Novartis and endorsed in significant regions across the globe. These are the major factors that are contributing to revenue growth of this segment.
Distribution Channel Insights:
On the basis of distribution channel, the global dry eye syndrome market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies.
The hospital pharmacies segment accounted for largest revenue share in 2022 due to expanded number of emergency clinic patient admissions owing to rising cases of eye-related illness among the populace. Increasing availability of high-level medical services facilities is driving revenue growth of the segment. In addition, hospital pharmacies maintain stringent quality control measures, ensuring the authenticity and proper storage of medications, which is crucial for the efficacy of dry eye treatments. The presence of knowledgeable pharmacists in hospital settings further supports patient education, enhancing medication adherence and overall management of dry eye syndrome.
Emergen Research is Offering Limited Time Discount (Grab a Copy at Discounted Price Now) @ https://www.emergenresearch.com/request-discount/2706
Regional Insights:
North America accounted for a relatively larger revenue share than other regional markets in the global dry eye syndrome market in 2022, especially in countries especially in U.S. and Canada. The revenue growth of the market in this region because of increasing use of gadgets such as laptops, and PCs in workplace leading to eye issues such as blurred vision, rising inclination of children and teenagers towards mobiles & laptops, and developing geriatric populace. Rising cases of eye issues in the United States is triggering the requirement for effective treatment.
Major market companies are upgrading their existing product portfolios, which is driving revenue growth of this market. For instance, on 23 May 2022, Alcon acquired EYSUVIS (loteprednol etabonate suspension) 0.25% pharmaceutical eye drops from Kala Pharmaceuticals, Inc. as part of its strategy to broaden its range of ophthalmic eye drop products.
Asia Pacific is expected to register a robust revenue CAGR during the forecast period. Expanded medical services spending, developing eye cancer awareness, technological progressions, rising geriatric populace, and the increasing number of optic surgeries in Asia Pacific are some of the factors boosting revenue growth of the market in this region. As per the UN Economic and Social Affairs Report, people aged 60 years or above in Asia are expected to increase from 395.3 million in 2019 to 587.4 million by 2030, which is expected to consequently drive prevalence of age-related eye diseases in the region.
Scope of Research
| Report Details | Outcome |
| Market size in 2022 | USD 5.32 Billion |
| CAGR (2023–2032) | 7.3% |
| Revenue forecast to 2032 | USD 10.55 Billion |
| Base year for estimation | 2022 |
| Historical data | 2019-2021 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Type, Drugs, Distribution Channel, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | AbbVie, Inc.; Alcon Inc., Altaire Pharmaceuticals Inc., Boiron USA, Similasan Corporation, Scope Ophthalmics Ltd. Sun Pharmaceutical Industries Ltd.; Santen Pharmaceutical Co., Ltd.; AFT Pharmaceuticals; Johnson & Johnson Services, Inc.; Otsuka Pharmaceutical Co., Ltd.; Novartis AG; OASIS Medical.; Oyster Point Pharma, Inc., Bausch & Lomb Novartis AG, Johnson & Johnson Services, Inc., Carl Zeiss AG, and among others. |
| Customization scope | 10 hours of free customization and expert consultation |
Direct Order Can Be Placed Through This Link [Exclusive Copy] @ https://www.emergenresearch.com/select-license/2706
Major Companies and Competitive Landscape
The global dry eye syndrome market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective dry eye syndrome solutions. Some major players included in the global dry eye syndrome market report are:
- AbbVie Inc.,
- AFT Pharmaceuticals
- Alcon Inc.
- Altaire Pharmaceuticals Inc.
- Boiron USA
- Similasan Corporation
- Scope Ophthalmics Ltd.
- Reckitt Benckiser Group PLC
- Medicom Healthcare Ltd
- FDC Limited.
- Lupin Limited,
- Johnson & Johnson Services, Inc.
- Jamjoom Pharmaceuticals Co.
- Sentiss Pharma Private Limited.
- Novartis AG
- Otsuka Pharmaceutical Co., Ltd.
- OASIS Medical
- Oyster Point Pharma, Inc.
- Bausch & Lomb,
- Sun Pharmaceutical Industries Ltd.
Strategic Development
- On 23 November 2023, The U.S. Food and Drug Administration (FDA) approved the New Drug Application (NDA) for Reproxalap, a novel investigational drug. This approval is granted with the intent to address conditions like Dry Eye Disease (DED), marking Reproxalap as a first-in-class candidate for topical ocular treatment.
- On 18 May 2023, in their efforts to offer a potent remedy for the indications and discomfort associated with dry eye disease (DED), Bausch + Lomb Corporation and Novaliq GmbH have declared the approval of MIEBO (Perfluorohexyloctane Ophthalmic Solution, previously identified as NOV03) by the U.S. Food and Drug Administration (FDA). MIEBO stands out as the inaugural and sole FDA-sanctioned treatment for DED specifically designed to address the issue of tear evaporation.
Browse Full Report Description + Research Methodology + Table of Content + Infographics@ https://www.emergenresearch.com/industry-report/dry-eye-syndrome-market
For the purpose of this report, Emergen Research has segmented the global dry eye syndrome market on the basis of type, drugs, distribution channel, and region:
- Type Outlook (Revenue, USD Billion; 2019-2032)
-
- Evaporative Dry Eye Syndrome
- Aqueous Deficient Dry Eye Syndrome
- Drugs Outlook (Revenue, USD Billion; 2019-2032)
-
- Restasis
- Xiidra
- Cequa
- Eysuvis
- Others
- Distribution Channel Outlook (Revenue, USD Billion; 2019-2032)
-
- Hospital Pharmacies.
- Retail Pharmacies.
- Online Pharmacies.
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
Emergen Research is Offering Exclusive Customization as per your Specific Requirements@ https://www.emergenresearch.com/request-for-customization/2706
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.
Contact Us:
Eric Lee
Corporate Sales Specialist
Emergen Research | Web: https://www.emergenresearch.com/
Direct Line: +1 (604) 757-9756
E-mail: sales@emergenresearch.com
Explore Our Blogs and Insights Section: https://www.emergenresearch.com/insights
