Dry Eye Medication Market Definition And Segments
Dry eye medication refers to the drugs or medication that is used to treat dry eye by increasing your eye moisture. A multifactorial condition of the tears and ocular surface known as dry eye causes symptoms such as pain, blurred vision, and tear film instability, as well as the possibility of ocular surface injury.
The main types of dry eye medication are aqueous dry eye syndrome and evaporative dry eye syndrome. Dry eye syndrome is a frequent problem that arises when the tears aren't able to keep the eyes lubricated enough. Tears may be insufficient and unstable for a variety of causes. The different types of products include liquid drops, gel, liquid wipes, and eye ointment and are used by hospital pharmacies, eye health clinics, retail pharmacies, and online pharmacies.
The dry eye medication market covered in this report is segmented –
1) By Type Of Product: Aqueous, Evaporative, Aqueous and Evaporative
2) By Delivery System: Liquid, Gel, Ointment, Other Delivery System
3) By Prescription Type: OTC Drugs, Prescription Drugs
4) By End-User: Hospital Pharmacies, Eye Health Clinics, Retail Pharmacies, Online Pharmacies
The dry eye medication market size has grown rapidly in recent years. It will grow from $9.74 billion in 2023 to $10.93 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to aging population, rising number of contact lens users, increase in disposable income, increase in number of treatment options, increase in number of allergies, rise in consumption of unhealthy or improper diets, and prevalence of diabetes mellitus.
The dry eye medication market size is expected to see rapid growth in the next few years. It will grow to $16.93 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The growth in the forecast period can be attributed to rising laser surgeries, rising screen time, busy lifestyles, the increasing burden of diabetes, increase in prevalence of dry eye disease, promising pipeline for dry eye disease, and side effects of other medications. Major trends in the forecast period include developing preservative-free eye drops, investing in research and development of new and advanced drugs, developing innovative drugs to survive in the market, developing non-steroidal anti-inflammatory ophthalmic drugs for the treatment of dry-eye syndrome, focusing on incorporating modern techniques, and developing combination therapies for the treatment of dry eye diseases.
Growing Cases Of Dry Eye Disease Drive Demand For Treatment And Fuel Market Growth
The increased number of cases of dry eye disease results in an increased demand for its treatment. Factors such as aging, lack of vitamin A, wearing lenses, eye surgeries, direct contact with dry wind or smoke, and exposing one’s eyes to screens for a long duration increase the occurrence of the dry eye more likely. For example, a survey conducted by the American Academy of Ophthalmology reported that in the USA, nearly 3.2 million women and 1.68 million men, over the age of 50 were affected by dry eye syndrome. Similarly, a study conducted by the Indian Journal of Ophthalmology indicated a 32% prevalence of dry eye disease in the Northern part of India. the rising prevalence of the disease would increase the demand for its treatment and ultimately facilitate the growth of the dry eye medication market.
Surge In Ocular Surgery Procedures Boosts Demand For Dry Eye Medication
The rising number of ocular surgery procedures is expected to propel the growth of the dry eye medication market. Ocular surgery refers to a branch of surgery that focuses on the diagnosis, treatment, and surgical management of various eye conditions and diseases. Dry eye medication is essential in eye surgery to ensure the eye's surface remains lubricated and comfortable, facilitating smoother surgical procedures and post-operative recovery. For instance, in October 2023, according to the Organization for Economic Co-operation and Development, a France-based intergovernmental organization, there was an 8.4% increase in cataract surgical procedures in the Czech Republic, with a total of 142,670 procedures in 2022 compared to 131,612 in 2021. Therefore, the rising number of ocular surgery procedures is driving the growth of the dry eye medication market.
Major companies operating in the dry eye medication market report are Allergan PLC, Alcon Inc., Bausch Health Companies Inc., Novartis AG, Otsuka Holdings Co. Ltd., Santen Pharmaceutical Co., Ltd., Sentiss Pharma Pvt. Ltd., OASIS Medical, Inc., VISUfarma B.V., Sun Pharmaceutical Industries Limited, Bayer AG, Pfizer, Johnson & Johnson, Daiichi Sankyo, Zhaoke Ophthalmology Pharmaceutical, Shanghai Pharmaceutical, ERC Labs, Vision gain, Medicom Health care, Implandata ophthalmic products GmbH, The Geuder Group, Novamedika, Aflofarm Farmacja Polska, VUAB Pharma Inc., Endo International PLC, Aurinia Pharmaceuticals Inc., Herzig Eye Institute, Thomas Eye Group, Alimera Sciences, Eyegate, Neurotech, Opthotech, Eyepoint pharmaceuticals, ReGenTree, LLC, Regenerx Biopharmaceuticals Inc., shire, Gama Vision, Biolab Pharma, Mitotech, Novaliq GmbH, Horus Pharma, Prestige Consumer Healthcare Inc., Bausch & Lomb Incorporated, Azura Ophthamics Ltd., Similasan, Hoya Corporation, Adcock Ingram.
The High Cost Of Treatment Hinders The Market
The high costs of treatment had a negative impact on the growth of the dry eye medication market during the forecast period. The high treatment costs may discourage patients from pursuing and adhering to dry eye medication, potentially limiting market growth and patient access to effective therapies and efficacious treatments. For instance, in November 2022, according to CorneaCare Inc., a US-based eye care company, a patient with dry eye disease spent $750–$2,200 per year on treatments. Therefore, high treatment costs can have a negative impact on the growth of the dry eye medication market.
Technological Advancements Enhance Dry Eye Medication And Treatment
Treatment for dry eye disease improved with the incorporation of modern techniques that helped invent advanced hyaluronic acid-based lubricants and lipid emulsions. This technology replaces artificial tears that include isotonic sodium chloride and provides long-lasting lubrication on the surface of the eye. For instance, Allergan, a global pharmaceutical company, launched Refresh Repair Lubricant Eye Drops which are designed to repair and protect the eyes from dry eye disease and improve the clarity of vision and are formulated with carboxymethylcellulose (CMC), hyaluronic acid, and Osmo protectants. These components maintain the health of the ocular surface and safeguard epithelial cells. Advances in technology will have a positive effect on the dry eye medication market.
Innovative Single-Ingredient Prescription Eye Drops Revolutionize Dry Eye Treatment
Major companies operating in the drugs for dry eye memarket are increasing their focus on introducing single-ingredient prescription eye drops such as Miebo to maximize revenue in the market. Miebo is a prescription eye drop used to treat the signs and symptoms of dry eye disease. For instance, in September 2023, Bausch + Lomb, a US-based eye health company, launched Miebo in the United States for the treatment of the signs and symptoms of dry eye disease. Miebo is the first and only prescription eye drop that directly targets tear evaporation, the leading cause of dry eye disease. Miebo is a single-ingredient prescription eye drop free from water, preservatives, and steroids that spreads quickly and comfortably, reducing tear evaporation at the ocular surface.
h4 class=reporthtag>Alcon Expands Ocular Surgery Medication Portfolio With Eysuvis Acquisition
In July 2022, Alcon, a Switzerland-based ophthalmology company acquired Eysuvis pharmaceutical eye drops from Kala Pharmaceuticals for a deal amount of $60 million. Through this acquisition, Alcon acquires Inveltys treatment of post-operative inflammation and pain following ocular surgery and expands its portfolio. Kala Pharmaceuticals is a US-based pharmaceutical company operating in drug eye medication.
North America was the largest region in the market in 2023. Middle East is expected to be the fastest-growing region in the global dry eye medication market share during the forecast period. The regions covered in the dry eye medication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the dry eye medication market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
The dry eye medication market consists of sales of polyethylene glycol, polyvinyl alcohol, propylene glycol, carboxymethylcellulose, povidone, glycerine, and mineral oil. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The dry eye medication market research report is one of a series of new reports from The Business Research Company that provides dry eye medication market statistics, including dry eye medication industry global market size, regional shares, competitors with a dry eye medication market share, detailed dry eye medication market segments, market trends and opportunities, and any further data you may need to thrive in the dry eye medication industry. This dry eye medication market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.