Dry eye syndrome is a medical condition caused by the inability of the human body to create tears. It is also known as keratoconjunctivitis. Tears provide lubrication and eliminate any foreign matter present in the eyes. Some of the common symptoms of dry eye syndrome include eye fatigue, eye redness, and sensitivity to watery eyes. The global dry eye syndrome market report by Market Research Future (MRFR) contains an in-depth analysis of latest trends and opportunities and their possible effects on the market.
The global Dry Eye Syndrome Market Growth is expected to reach a magnanimous market valuation by exhibiting 6.6% CAGR from 2017 to 2023 (forecast period). Rising prevalence of diseases such as rheumatoid arthritis, diabetes, and others are one of the biggest drivers of the market. According to the World Health Organization (WHO), close to 422 million adults have been reportedly diagnosed with diabetes in 2014. The large geriatric populace and their vulnerability to the malady can be fruitful for the global dry eye syndrome market till the end of the forecast period. Its numbers are expected to account for close to 17% of the global population by 2050.
Rising cases of eye problems as well as changing viewing patterns of current consumers by spending their time on smartphones can drive the market growth. Rising awareness of the syndrome and increasing use of contact lenses are other market drivers.
But low healthcare budget, lack of skilled pathologists, and strict FDA approvals are factors which can impede market growth.
The global Dry Eye Treatment is segmented by type, diagnosis, treatment, end-user, and distribution channel.
By type, the market is segmented into aqueous dry eye syndrome, evaporative dry eye syndrome, and others.
By diagnosis, the market is categorized into Schirmer test, eye exam, and others.
By treatment, it is segmented into surgery, nutritional supplements, anti-inflammatory drugs segments, serum eye drops, lubricant eye drops, and others. Lubricant eye drops segment is sub-segmented into preservative-free drops, oily tear eye drops, ointments, and others. Tetracyclines, corticosteroids, and others are sub-segments within the anti-inflammatory drugs segments segment. The surgery segment is further divided into intense pulsed light therapy, punctal occlusion, and others.
By distribution channel, the market is segmented into retail pharmacies, hospital pharmacies, online pharmacies, and others.
By end-users, the market is segmented into home care, hospitals, clinics, and others.
Asia Pacific (APAC), North America, Europe, and the Middle East & Africa (MEA) are regions taken into consideration in the compilation of the global dry eye syndrome market report.
The Americas are expected to dominate the global market due to a well-developed healthcare sector and a large patient pool. The large healthcare expenditure and presence of major pharmaceutical companies such as Acadia Pharmaceutical, Auven Therapaeutics, Johnson & Johnson, and others are factors primed to bolster the market demand in the region.
Europe is the second-largest region due to the large geriatric populace, huge patient pool, funds for research and development, and well-defined healthcare framework. According to Pratiques en Ophtalmologie, the probability of dry eye increases in patients between the range of 40 to 65.
The APAC region is touted to exhibit a stellar growth rate due to the huge patient pool in economies of Australia, India, China, and others. On the other hand, the MEA region has the lowest market share but can enjoy a significant growth rate during the forecast period. The large healthcare expenditure of economies of Saudi Arabia, Kuwait, Dubai, and others as well as the well-developed healthcare sector
Major industry participants in the global dry eye syndrome market include Allergan, Otsuka Pharmaceutical Co. Ltd., Novartis AG, Acadia Pharmaceutical, I-Med Pharma Inc., Allostera Pharma, AFT pharmaceuticals, Johnson & Johnson Vision, Valeant Pharmaceuticals, Santen Pharmaceuticals Co. Ltd., Auven therapeutics, Novaliq GmBh, and others.
In 2019, Sun Pharmaceutical Industries Ltd. has commercialized the product of CEQUA which is a cyclosporine ophthalmic solution for treating eye troubles or eye syndromes. Its approval and commercialization by the U.S. Food and Drug Administration (FDA) can spell a huge windfall for the company and bolster the global dry eye syndrome market demand.
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