Enjoy complimentary customisation on priority with our Enterprise License!
The dry eye syndrome drugs market is estimated to grow at a CAGR of 6.53% between 2022 and 2027. The market size is forecast to increase by USD 2,159.21 million. The growth of the market depends on several factors, including the growing geriatric population, growing healthcare expenditure, and changing lifestyles and rising cases of diseases contributing to dry eye syndrome.
This dry eye syndrome drugs market report extensively covers market segmentation by distribution channel (retail pharmacies, hospital pharmacies, and online pharmacies), product (OTC drugs and prescription drugs), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, View Report Sample
The growing geriatric population is notably driving the market growth, although factors such as the presence of strong substitutes for treating dry eye syndrome may impede market growth. 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.
Dry eye syndrome has a direct relation with age, as tear production declines with increasing age. According to the National Institutes of Health (NIH), the disease is more prevalent in people aged 50 years and above. Decreased tear production as a result of altered reflex secretion, lacrimal gland dysfunction, inflammatory destruction of lacrimal glands, or diminished corneal sensation may lead to tear deficiency, causing dry eye syndrome. Other factors, such as the use of topical medications also increase the risk of dry eyes. These factors will drive market growth during the forecast period.
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 drops formulations, such as low bioavailability, poor patient compliance, and inconsistent dosing.
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 punctal plugs, have been developed to provide controlled and extended drug release over an extended period. Nanoparticles and nanomicelles 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 dry eye syndrome drugs 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.
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 dry eye syndrome drugs market during the forecast period.
The market report includes the adoption lifecycle of the market, 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 growth strategies.
Global Dry Eye Syndrome Drugs Market Customer Landscape
Vendors 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 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors 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 dry eye syndrome 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 dry eye syndrome 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.
Get a glance at the market contribution of various segments View the PDF Sample
The retail pharmacies segment was valued at USD 2,138.72 million in 2017 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 dry eye syndrome drugs based on their requirements. These factors will drive the growth of the segment during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
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 dry eye syndrome 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 dry eye syndrome drugs in North America. These factors will fuel the regional market's growth during the forecast period.
In 2020, due to the COVID-19 pandemic, the region witnessed a significant slowdown in the market. Although pharmaceutical companies remained operational in lockdowns, the disruption in supply chains and restrictions on the number of people at workplaces adversely impacted the operational capabilities of vendors. In addition, raw material procurement was delayed. However, post-lockdown, vendors started to focus on resuming their operations with full capabilities by ensuring the safety of their employees and adhering to COVID-19 guidelines. They also initiated COVID-19 test programs for their employees to ensure a safer workplace. These factors will drive market growth during the forecast period.
The dry eye syndrome drugs market report forecasts market growth by revenue at global, regional, & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the dry eye syndrome drugs market as a part of the global pharmaceuticals market within the overall healthcare industry. The parent market, the global pharmaceuticals market, covers products and companies engaged in the R&D or production of generic drugs, non-generic drugs, and veterinary drugs. Technavio calculates the global healthcare market size based on the combined revenue generated by manufacturers/providers of equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
|
Dry Eye Syndrome Drugs Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
161 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 6.53% |
|
Market growth 2023-2027 |
USD 2,159.21 million |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
5.51 |
|
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
|
Performing market contribution |
North America at 39% |
|
Key countries |
US, UK, Germany, Japan, and China |
|
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Abbott Laboratories, AbbVie Inc., AFT Pharmaceuticals Ltd., Akorn Operating Co. LLC, Bausch Health Co. Inc., F. Hoffmann La Roche Ltd., GlaxoSmithKline Plc, I MED Pharma Inc., Johnson and Johnson Services Inc., Laboratoires THEA SAS, 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 analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the 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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Customized Report as per your Business Needs
Let us help you make report more suited to your requirements.
Get the report (PDF) sent to your email within minutes.
