Global Dry Eye Syndrome Market Research Report: Forecast (2024-2030)

Market Definition

Dry eye disease (DED) is a common condition that occurs when the eyes do not produce enough tears or tears evaporate from the eyes. As tears are essential for keeping the eyes lubricated & nourished, if there is any imbalance in the tear film, it can cause itching, burning, inflammation, and damage to the cornea.

Market Insights & Analysis: Global Dry Eye Syndrome Market (2024-30):

The Global Dry Eye Syndrome Market size is valued at around USD 5.2 billion in 2023 and is projected to grow at a CAGR of around 4.21% during the forecast period, i.e., 2024-30. The growing incidence of this disease globally has been driving the demand for its drugs in the market since the historical years, and this trend is expected to flourish during the forthcoming period as well. Owing to the rise in the geriatric population, increased awareness of the diagnosis & treatment, and an upsurge in the usage of contact lenses, high screen time, etc., are some factors aiding in enhancing the market size.

However, the market expansion has been constrained by strict regulatory procedures for drug approval & the availability of alternative therapies, owing to which manufacturers are hesitant to develop new products due to the high investment cost in R&D, clinical trials, and regulatory burden associated with compliance.

Moreover, due to the limited prescribed treatment options available, there is growing pressure to develop new therapies & healing treatments within the global market to treat this multifactorial ocular condition, which would eventually uplift the demand for drugs in the market. Furthermore, the surging investment by pharmaceutical companies to produce advanced emerging drugs for treating disease would assist the market growth in the following years. The prevalence of dry eye disease is higher in the incidence of other chronic health conditions, such as diabetes, rheumatic, etc., which can affect the functioning of the eye. Due to this, the changes in a patient's blood composition due to diabetes can adversely affect the tear glands, causing dry eye syndrome, which would gradually upscale the requirement for these drugs in the market.

Additionally, many diseases that can cause dry-eye syndrome indirectly include vitamin A deficiency, such as lupus, thyroid disease, etc. Thus, the growing occurrence of such diseases in patients would assist in the overall market growth in the ensuing years.

Global Dry Eye Syndrome Market Driver:

Growing Number of Eye Care Centers Prompting Surge in Product Utilization – The prevalence of dry eye disease has been increasing worldwide, owing to various reasons such as environmental conditions, hormonal changes, a rise in the geriatric population, autoimmune disorders, etc. This has resulted in a spike in eye clinics & centers globally for treatment. Additionally, the blossoming of eye care centers is majorly driven by the steady boost in professionals, such as ophthalmologists & optometrists. While the number of ophthalmologists is expected to remain stable, the number of optometrists is presumed to raise.

Optometrists offer services through private practices, chain/mass merchandisers, and government organizations. Independent optometrists can differentiate themselves by providing personalized care, building patient loyalty, and offering clinical care. Hence, this allows them to offer a higher level of service to the patients. Thus, the growing number of eye care centers is prompting a surge in product utilization of DED & would propel its demand in the forecast years..

Global Dry Eye Syndrome Market Challenge:

Availability of Alternative Therapies – The presence of alternative therapies, such as nutritional supplements, acupuncture, etc., to treat dry eye disease is a significant challenge for the Dry Eye Syndrome Market. These therapies garnered attention owing to their natural & holistic nature of treatment among patients. This can make it tough for dry eye disease drugs to gain market share, especially if patients prefer alternative therapies as they are not aware of the benefits of prescribed medications. Hence, the presence of alternative therapies limits the adoption of the prescribed drug & hampers the market progression.

Global Dry Eye Syndrome Market Opportunity:

 Emerging Markets Offer Opportunities for the Drug Manufacturers – Emerging economies like India, China, Brazil, etc., offer a significant opportunity to the market. With the large & continuously increasing population in the regions & improved healthcare infrastructure & high prevalence of disease, demand for dry eye disease drugs is prevailing across the globe. According to the National Centre of Biotechnology Information NCBI research article, the total prevalence of dry eye disorder in Asia was around 20% of its total population in 2022.

Due to these majority of cases, various pharmaceutical companies are expanding their businesses in these regions to cater to the growing demand for treatment drugs. For instance, in 2023, Sun Pharma launched its CEQUA therapy drug to treat dry eye disease in India. Moreover, government initiatives to improve access to healthcare are also contributing to the progression & creating a favorable environment for drug manufacturers to expand their business in these regions.

Global Dry Eye Syndrome Market Trend:

Advanced Drug Delivery Technologies – Advanced technologies like nanobiotechnology & microencapsulation for drug delivery are emerging as a new trend in the market. These technologies offer targeted drug delivery with precise & more effective results, improving the efficacy of the treatment. Additionally, these technologies allow sustained drug release, which reduces the frequency of drug dosage, enhances patient compliance, and has a formulation for longer shelf life. Furthermore, these drug-delivery technologies are also being explored for novel drugs with improved therapeutic profiles. For instance, in 2022, Alcon announced the launch of a complete preservative-free lubricant eye drop based on nanodroplet technology. Thus, the increasing adoption of advanced drug delivery technologies in the Dry Eye Syndrome Market is expected to drive innovation & growth during 2024-30.

Global Dry Eye Syndrome Market (2024-30): Segmentation Analysis

The Global Dry Eye Syndrome Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2024–2030 at the global, regional, and national levels. Based on the analysis, the market has been further classified as:

Based on Product:

• Artificial Tears
• Anti-inflammatory Drugs
• Punctal Plugs

Anti-inflammatory drugs are among the most prevailing treatments for dry eye disease & have a high contribution in expanding the market size, hence driving the market growth. Inflammation is one of the key factors in the development & progression of drugs, as it can help to reduce inflammation from the eye & relieve symptoms. Among anti-inflammatory drugs, the use of cyclosporine as a treatment for dry eye is most prevailing, as it does not have serious adverse effects, has a low rate of systemic absorption, and its action is reversible after the treatment. These pharmacokinetic characteristics make cyclosporine a preferred choice for manufacturers to develop the drug for better efficacy & fewer side effects. This results in the high adoption of the product among pharmaceutical companies & would also influence the revenue growth of the market in the following years.

Based on Distribution Channel:

• Offline
• Online

The Offline segment held a significant share of the Global Dry Eye Disease Market. Hospital Pharmacies serve a large population of patients, which leads to an upsurge in demand for effective treatments from this category. These pharmacies have a higher volume of specialty medications prescribed for complex or chronic diseases like dry eye. Thus, the accessibility of drugs from hospital pharmacies is more. Besides this, retail pharmacies are also driving the market growth of dry eye disease drugs owing to easier accessibility to over-the-counter dry eye disease treatments.

Global Dry Eye Syndrome Market Regional Projection:

Geographically, the Global Dry Eye Syndrome Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

North American region depicts considerable growth in the market, as the region captured the major share of the Dry Eye Syndrome Market owing to a large patient pool, increasing per capita healthcare expenditure, and soaring investment, merger, and acquisition of key players across the region. For instance, in 2023, Grifols collaborated & licensed an agreement with Selagine to develop immunoglobulin drops to treat the disease. Moreover, the high adoption of prescription disease drugs in the region & the surging number of approvals for new drugs from the United States FDA has driven the Dry Eye Syndrome Market growth.

Global Dry Eye Syndrome Industry Recent Development:

• 2023: Novaliq & Bosch+Laumb announced the publication of pivotal phase 3 data of their ophthalmic drug NOVO3, which is developed to treat the signs & symptoms of Dry Eye Disease associated with meibomian gland dysfunction.
• 2022: Santen Pharmaceutical launched its dry-eye treatment DIQUAS® LX Ophthalmic Solution in Japan, which is an improved formulation to reduce administration frequency to three times daily & ease the patient burden.

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