Dry Eye Disease Market Insights: Key Players and Competitive Landscape
The dry eye disease market comprises products used for the treatment of dry eye disease, a condition caused due to insufficient tear production or excessive tear evaporation. Some key products in the market include lubricating eye drops, anti-inflammatory drops, artificial tears, and punctal plugs. The rising usage of digital devices such as smartphones, tablets, and laptops for prolonged periods is leading to reduced blinking rate and increased tear evaporation, resulting in dry eyes. Growing awareness about the disease and availability of various treatment options are also fueling the market growth.
The Global Dry Eye Disease Market is estimated to be valued at US$ 5492.44 Mn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031.
Key Takeaways
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. These players are focusing on new product launches and expansion strategies to strengthen their global footprint. For instance, in 2021, Santen introduced SANTEN TearEYE TM, an AI-based dry eye diagnostic device, to aid precise disease diagnosis.
The key opportunities in the market include rising investment in R&D of novel and advanced treatment options such as artificial tears with novel drug delivery technologies. Companies are also exploring opportunities in emerging markets through collaboration with regional players. For instance, in 2020, OASIS Medical partnered with Sentiss Pharma to commercialize and distribute OASIS Medical's NovaTears lubricant eye drops in select Asia Pacific markets.
The increasing prevalence of digital eyestrain and adoption of sedentary lifestyle in developed regions provides lucrative growth opportunities for market players. Major players are investing in emerging Asian, Latin American, and Middle Eastern countries through acquisitions and partnerships to leverage high growth potential. For instance, in 2019, Bausch Health acquired Novaliq, a German ophthalmic pharmaceutical developer, to leverage its drug delivery platform in dry eye disease treatment.
Market Drivers
Increasing usage of digital devices such as smartphones, laptops, and tablets for prolonged periods is leading to reduced blinking rate and increased tear evaporation, thereby accelerating the onset of dry eye disease. Moreover, growing elderly population prone to age-related dry eye issues acts as a high-impact driver for the market.
Market Restrains
High cost of advanced dry eye treatment options may limit their adoption in price-sensitive developing regions. Moreover, lack of awareness about disease diagnosis and management in rural areas further hinders the market growth.
Segment Analysis
The dry eye disease market comprises artificial tears segment and anti-inflammatory drugs segment. The artificial tears segment dominates the market owing to its ability to provide temporary relief from dryness symptoms. It accounts for over 50% market share. Artificial tears provide lubrication to eyes and are preferred first line treatment by majority of patients and physicians.
The anti-inflammatory drugs segment is the next major segment. It treats dry eye disease by reducing inflammation. Cyclosporine eye drops are most commonly prescribed anti-inflammatory eye drop and dominates this segment due to its efficacy and tolerability.
Global Analysis
North America region accounts for the largest share in the dry eye disease market currently. This is attributed to increasing prevalence of dry eye disease, growing awareness about dry eye treatment options, and higher healthcare expenditure in the region. Asia Pacific region is anticipated to witness fastest growth during the forecast period. This is driven by growing geriatric population, improvements in diagnostics, and increasing healthcare expenditure in developing countries such as India and China.
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