Dry Eye Disease Is Estimated To Witness High Growth Owing To Increasing Awareness Regarding Disease Management
The Dry Eye Disease market is estimated to be valued at US$ 5750.66 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Dry eye disease refers to a condition wherein the eyes do not produce enough tears or the tears have an inconsistent composition leading to irritation and discomfort. This happens due to prolonged exposure to digital devices and climate changes. The major products available in the market are artificial tears, gels, eye washes, ointments, eye wipes and other devices for moisture retention. These products provide lubrication and relief from various eye problems.
Market Dynamics:
The dry eye disease market is driven by increasing awareness regarding disease management and presence of various treatment options. According to the American Academy of Ophthalmology, dry eye disease impacts millions of Americans resulting in ocular burning, irritation and blurred vision. Hence, various NGOs and eye healthcare institutions are conducting awareness programs to educate people about the early symptoms and treatment options available. Secondly, advancement in drug delivery techniques along with new formulations such as long acting gels, preservative free eye drops, ointments with mucoadhesive polymers aid in achieving longer relief duration thereby driving their demand among consumers. However, low diagnosis rates in developing nations and lack of medical reimbursements act as a challenge for market growth.
SWOT Analysis
Strength: Dry Eye Disease market has high growth potential owing to aging population and increasing screen time. Early diagnosis and management help reduce symptoms effectively. Growing awareness regarding treatment options available strengthens the market.
Weakness: High cost of therapies limits patient access in low-income regions. Lack of awareness in remote areas negatively impacts the market.
Opportunity: Developing economies offer lucrative opportunities due to rising healthcare expenditure and improving access. Novel drug delivery systems and therapies present new growth avenues.
Threats: Presence of alternative treatment methods like artificial tears poses competition. Patent expiries of blockbuster drugs increase generic penetration.
Key Takeaways
The global Dry Eye Disease Market Share is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing urbanization and widespread adoption of digital devices leading to rise in screen time globally.
Regional analysis
North America dominates the global dry eye disease market owing to increasing prevalence of the disease due to aging population, extensive R&D activities, and presence of major players in the region. Asia Pacific exhibits the fastest growth due to large patient pool, improving access to healthcare facilities, and rising awareness about available treatment options in the region.
Key players
Key players operating in the Dry Eye Disease market are VISUfarma, Johnson & Johnson, Otsuka Holdings Co. Ltd., OASIS Medical, Novartis AG, Sentiss Pharma Pvt. Ltd., AbbVie Inc. (Allergan PLC), Bausch Health Companies Inc., Santen Pharmaceutical Co. Ltd., and Sun Pharmaceutical Industries Ltd., among others.
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