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The dry eye syndrome drugs market size is forecast to increase by USD 2.14 billion, at a CAGR of 6.16% between 2023 and 2028. The market's expansion hinges on numerous factors, prominently the burgeoning geriatric population with a rising incidence of health concerns. The escalating healthcare expenditure and shifting lifestyles also play pivotal roles. Furthermore, the increasing prevalence of diseases like dry eye syndrome due to modern lifestyle choices underscores the market's growth trajectory. As individuals experience prolonged screen time and environmental factors impact ocular health, the demand for dry eye syndrome treatments intensifies. These interconnected dynamics drive innovation and investment in the ophthalmic industry, propelling advancements in eye care technologies and therapies to meet the evolving needs of consumers and healthcare providers alike.
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The market is driven by the increasing prevalence of Dry Eye Disease (DED), influenced by high screen time, hormonal changes, and conditions like autoimmune disorders and diabetes. Eye Care Centers, Eye Clinics, and Private Practices led by ophthalmologists and optometrists are key in clinical care for DED. Emerging alternative therapies like acupuncture and innovations from drug manufacturers such as Alcon are notable trends. Advanced treatments like CEQUA therapy drug, preservative-free lubricant eye drop, and nanodroplet technology improve patient outcomes. Challenges include navigating regulatory procedures, drug approval, and clinical trials. Factors like rheumatic conditions, changes in blood composition, and usage of contact lenses also impact the market. The rise in regulatory procedures ensures safety but adds to the complexity for drug manufacturers. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing geriatric population is notably driving the market growth. Dry eye syndrome occurs when the eyes do not produce enough tears or when the tears evaporate too quickly. It is more prevalent among the geriatric population, and the risk of developing the condition increases with age. Asia is one of the most lucrative regions in the market owing to its rapidly growing geriatric population. However, North America and Europe hold the major shares owing to high investment in the healthcare sector.
Moreover, dry eye syndrome, which becomes more prevalent with age due to declining tear production, is a significant factor driving market growth. The condition, affecting individuals aged 50 years and older according to the National Institutes of Health (NIH), results from various causes including lacrimal gland dysfunction and inflammatory processes. Tear deficiency leads to symptoms of dry eye syndrome, exacerbated by factors like the use of certain medications. As the aging population grows globally, the demand for solutions addressing dry eye syndrome, including artificial eye technologies, is expected to increase. This trend highlights the importance of advancements in ocular health technologies to meet the rising healthcare needs associated with age-related conditions affecting eye health.
Advancements in drug delivery technologies are a key trend in the market. In recent years, there have been significant advancements in drug delivery systems aimed at improving the efficacy and convenience of dry eye syndrome treatments. These advancements have addressed various challenges associated with traditional eye drop formulations, such as low bioavailability, poor patient compliance, and inconsistent dosing.
Moreover, lipid-based formulations mimic the composition of natural tears and help stabilize the tear film, reducing tear evaporation. Sustained release drug delivery systems, such as hydrogels, inserts, and punctual plugs, have been developed to provide controlled and extended drug release over an extended period. Nanoparticles and nano micelles can encapsulate therapeutic agents, protect them from degradation, and enhance their penetration into ocular tissues. Hence, advancements in drug delivery technologies will propel the growth of the market during the forecast period.
The presence of strong substitutes for treating dry eye syndrome is challenging market growth. There are many options available for the treatment of dry eyes apart from medications, such as surgical procedures and nutritional supplements. Many patients with dry eyes undergo severe corneal injuries, leading to the loss of vision.
Moreover, advanced surgical procedures such as using salivary glands as an alternative for tears have been developed in the market. Minor gland salivary auto transplant is another new surgical technique that has demonstrated effectiveness in studies. Punctual occlusion is another non-therapeutic treatment for dry eye syndrome. These are small bags that seal the tear ducts, keeping the eyes moist. Therefore, the increasing adoption of alternative treatment options will hamper the revenue growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Bausch Health Co. Inc. - The company offers dry eye syndrome drugs such as NOV03. The Bausch Lomb International segment focuses on pharmaceutical products, OTC products, medical devices, for vision care, eye surgery, and other ophthalmic products.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the retail pharmacies segment will be significant during the forecast period. Retail pharmacies play a critical role in the distribution and availability of drugs to consumers. They serve as convenient points of access for patients seeking OTC or prescription medications for managing dry eye symptoms. They generally include independent pharmacies, chain pharmacies, and drugstore retailers and stock a wide variety of drugs, including artificial tears, ointments, gels, and prescription medications. Patients can consult with pharmacists to receive guidance on the selection and proper use of dry eye medications.
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The retail pharmacies segment was valued at USD 2.22 billion in 2018 and continued to grow until 2021. Retail pharmacies cater to the needs of patients who prefer in-person assistance, immediate availability, and personalized recommendations. Patients can discuss their symptoms and concerns with a pharmacist and purchase suitable drugs based on their requirements. These factors will drive the growth of the segment during the forecast period.
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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The US and Canada are the leading revenue-generating countries. The growth of the market in the region is attributed to factors such as the entry of new prescription-based products, the presence of pharmaceutical giants, and the high prevalence rate of dry eye diseases. The growing awareness and diagnosis of dry eye syndrome also have contributed to market expansion. Various types of drugs are available in the market, including artificial tears, anti-inflammatory drugs, immunosuppressants, and secretagogues. Several pharmaceutical companies are engaged in the development and commercialization of drugs in North America. These factors will fuel the regional market's growth during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The market is expanding due to the increased occurrence of DED (Dry Eye Disease), particularly in emerging markets with evolving healthcare infrastructure. Factors like Vitamin A deficiency, lupus, thyroid disease, and chronic health conditions contribute to the rising patient pool. Innovations in nanobiotechnology and microencapsulation are enhancing treatments targeting tear glands and inflammation. Advanced emerging drugs such as Cyclosporine, Selagine, and immunoglobulin drops show promise with favorable pharmacokinetic characteristics and Phase 3 data. Ophthalmic drugs addressing Meibomian gland dysfunction are crucial. Despite the potential, challenges like high investment cost, regulatory burden, and patient burden remain. The effectiveness of treatments depends on reducing systemic absorption while maintaining action and reversible effects, improving the overall functioning of the eye and healing treatments.
Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.16% |
Market growth 2024-2028 |
USD 2.14 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.71 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 39% |
Key countries |
US, UK, Japan, Germany, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, AbbVie Inc., AFT Pharmaceuticals Ltd., Akorn Operating Co LLC, Bausch Health Companies Inc., F. Hoffmann La Roche Ltd., GlaxoSmithKline Plc, I MED Pharma Inc., Johnson and Johnson Services Inc., Laboratoires Thea, Mitotech SA, Novaliq GmbH, Novartis AG, Oasis Medical Inc., Otsuka Holdings Co. Ltd., Santen Pharmaceutical Co. Ltd., Sentiss Pharma Pvt. Ltd., Sun Pharmaceutical Industries Ltd., Viatris Inc., and Visufarma |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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