The Global Dry Eye Syndrome Market is projected to grow at a CAGR of around 6.5% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The global incidence of dry eye syndrome has been a key driver for the increasing demand for these drugs in the market in recent years, and this trend is expected to continue in the foreseeable future. Factors such as a growing geriatric population heightened awareness regarding diagnosis & treatment, and the widespread use of contact lenses & extended screen time have contributed to the market growth. However, some challenges have limited the market expansion, including stringent regulatory procedures for drug approval and the availability of alternative therapies. Consequently, manufacturers have been hesitant to invest in developing new products due to the high costs associated with research & development, clinical trials, and regulatory compliance.
Furthermore, the limited availability of prescribed treatment options has created a growing need to develop new therapies & treatment modalities for this complex ocular condition. This requirement for innovative solutions is presumed to drive the demand for dry eye drugs. Additionally, the pharmaceutical industry's rising investments in developing advanced drugs to treat dry eye syndrome would contribute to the ever-increasing market growth in the coming years.
Simultaneously, it is worth noting that the prevalence of dry eye disease is higher among individuals with other chronic health conditions, such as diabetes & rheumatoid arthritis, which can impact the normal functioning of the eyes. The changes in a patient's blood composition caused by diabetes, for example, can adversely affect tear glands, leading to dry eye syndrome. This further amplifies the need for effective drugs in the market, further states the research report, “Global Dry Eye Syndrome Market Analysis, 2023.”
Global Dry Eye Syndrome Market Segmentation Analysis
Anti-inflammatory Medications Driving Growth of the Global Dry Eye Syndrome Market
Based on the Distribution Channel, the market is further bifurcated into Offline & Online. Among the two, Hospital is playing a significant role in fueling the demand for the Global Dry Eye Syndrome Market in offline settings. These pharmacies cater to a large patient population within hospitals, resulting in a surge in demand for effective treatments, particularly for conditions like dry eye. This is mainly due to the fact that hospital pharmacies tend to dispense a higher volume of specialty medications that are prescribed for complex or chronic diseases such as dry eye. The presence of these medications in hospital pharmacies enhances the accessibility of dry eye disease drugs, ultimately driving up the need for such medications & contributing to the overall market growth. Hence, the reliance on hospital pharmacies as a reliable source for obtaining necessary medications would further reinforce the market expansion.
Rapidly Expanding Dry Eye Disease Drug Market in North America
The North American region has experienced significant growth, primarily due to various factors that have contributed to its substantial market share. The region's large patient pool has created a substantial demand for dry eye disease treatments. The increasing per capita healthcare expenditure in North America has allowed patients to have better access to healthcare services, including the necessary medications for dry eye disease. Moreover, the other factors driving the market growth are the notable investment activity, as well as the growing number of mergers & acquisitions among key players in the region. These strategic moves have not only facilitated the development of innovative treatment options but have also strengthened the distribution channels for dry eye disease drugs, leading to wider availability & higher market penetration.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Mitotech Pharma, ReGen Tree, Santen Pharmaceutical, HanAll Biopharma, Sun Pharma, Novaliq, Sylentis, Alcon. Horus pharma, Johnson& Johnson, Aldreya, Visufarma, Allergen, and Prestige Consumer Health, are looking forward to strengthening their market position.
Key Questions Answered in the Research Report