Dry eye disease, commonly known as dry eye syndrome, refers to a condition in which a person’s eyes do not produce enough tears or their tears evaporate too quickly resulting in dryness, irritation, and discomfort. Symptoms include burning or stinging sensation, redness, blurred vision, and eye fatigue. Dry eye disease can significantly impact an individual’s quality of life and day-to-day activities like reading, working on the computer for long hours, and driving. It is a multifactorial disease associated with many underlying causes like autoimmune disorders, medications, environmental factors such as low humidity, or as a result of aging process. The global dry eye disease market offers several products such as artificial tears, anti-inflammatory drugs, punctal plugs, and omega supplements that help control symptoms and treat the underlying cause.
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, as highlighted in a new report published by Coherent Market Insights.
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Market key trends:
One of the key trends driving growth in the dry eye disease market is the growing adoption of prescription drugs for moderate to severe dry eye cases. Historically, artificial tears have been the first line of treatment for mild dry eye disease. However, clinicians are now increasingly prescribing omega supplements, anti-inflammatory and corticosteroid medications, immunomodulators, and secretagogues for chronic and severe cases that do not respond adequately to artificial tears alone. According to research, prescription medications can significantly reduce signs and symptoms, and improve quality of life in moderate to severe dry eye patients compared to artificial tears alone. This shift towards prescription drugs is expected to fuel market revenues over the forecast period.
Threat of new entrants: The threat of new entrants is moderate due to investments required to enter the dry eye disease market such as funding for R&D of new drugs.
Bargaining power of buyers: The bargaining power of buyers is moderate as the buyers have several treatment options to choose from for dry eye disease treatment.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are several raw material suppliers in the market.
Threat of new substitutes: The threat of new substitutes is low as there are limited treatment options currently available for dry eye disease.
Competitive rivalry: The competitive rivalry is high among existing players due to the presence of many national and international brands.
The global dry eye disease market is expected to witness high growth.
Regional analysis: North America is expected to hold the major share in the global dry eye disease market during the forecast period. The increasing prevalence of dry eye disease and new product launches are driving the market in the region. Asia Pacific is anticipated to grow at the fastest pace due to rising healthcare expenditure and growing focus on R&D activities in China, India, and Japan.
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. Johnson & Johnson dominates the global market due to its diversified product portfolio and strong geographic presence across regions.
- Source: Coherent Market Insights, Public sources, Desk research
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