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  • Published On : Dec 2022
  • Code : CMI5438
  • Industry : Pharmaceutical
  • Pages : 163
  • Formats :

The global dry eye disease market was valued at US$ 5,206.1 Mn in 2021 and is forecast to reach a value of US$ 7,394.1 Mn by 2028 at a CAGR of 5.1% between 2022 and 2028. The global dry eye disease market is experiencing strong growth owing to the rising incidence of dry eye disease across the globe and increase in demand for safe and effective treatment. Moreover, rise in focus on the development of dry eye disease treatments and growing geriatric population is expected to boost the market growth. However, factors such as availability of alternative therapeutics/therapies and high cost of dry eye products are expected to hamper growth of the market.

Global Dry Eye Disease Market: Regional Insights

Based on geography, the global dry eye disease market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period due to the increasing prevalence of dry eye disease, increase in demand for novel diagnostic tools, and increase in demand for safe and effective treatment in the region. For instance, dry eye disease is a condition that occurs when tears are not able to provide adequate lubrication to eyes. According to the American Academy of Ophthalmology, over 20 million people in the U.S. (344 million people worldwide) have dry eye disease (DED), and that number is growing in both young and old adults, making it imperative that clinicians figure out how best to treat it.

Europe and Asia Pacific are also expected to witness robust growth in the global dry eye disease market owing to the rising incidence of dry eye disease, increase in demand for safe and effective treatment, and favorable government initiatives. For instance, DED treatment in Europe in general follows TFOS Dry Eye Workshop II recommendations. However, diagnostic and treatment options vary between different European countries due to availabilities/reimbursement issues. Moreover, the newly founded European Dry Eye Society supports both European researchers and clinicians to expand their knowledge in the area of dry eye and other ocular surface diseases.

Figure 1. Global Dry Eye Disease Market Share (%), by Region, 2021

Dry Eye Disease  | Coherent Market Insights

Global Dry Eye Disease Market Drivers:

Rising incidence of dry eye disease across the globe is expected to boost the growth of the global dry eye disease market during the forecast period. For instance, dry eye disease is a multifactorial disease of the ocular surface with loss of homeostasis of the tear film & ocular symptoms. As per the National Institutes of Health (NIH), studies have estimated that over 344 million people around the world and 16.4 million adults in the U.S. have some form of dry eye disease. It is believed that around 70% of DED cases are owing to some form of evaporative dry eye, for which Meibomian gland dysfunction (MGD) is the major cause.

Increase in demand for safe and effective treatment is expected to augment the growth of the global dry eye disease market over the forecast period. For instance, with the rise in prevalence of DED, the demand for safe and effective treatment is also increasing with a rapid pace. In January 2022, Sun Pharma Canada Inc. announced the launch of Cequa (cyclosporine ophthalmic solution 0.09% w/v), a new treatment for dry eye disease, in Canada. It is the first dry eye treatment available in Canada that improves the bioavailability and physicochemical stability of cyclosporine to increase ocular tissue penetration, according to Sun Pharma.

Global Dry Eye Disease Market Opportunities:

Increase in focus on the development of dry eye disease treatment is expected to provide significant growth opportunities for players in the global dry eye disease market. For instance, due to the rise in incidence of dry eye disease across the globe, players in the market are focusing on developing and launching safe and effective treatment options in the market. In February 2021, researchers at the University of Illinois Chicago received a five-year, US$ 10.15 million grant to develop a broad-spectrum immunomodulatory eye drop to treat people with severe dry eye & ocular surface disease due to inflammatory and immune system disorders.

Growing geriatric population around the world is expected to offer lucrative growth opportunities for players in the global dry eye disease market. For instance, prevalence of dry eye is common in the older population. According to the National Center for Biotechnology Information, older men and women are almost twice as likely to have dry eyes compared with their younger counterparts. The dry eye prevalence is 3.90% among men aged from 50 to 54 years compared to 7.67% among men 80 years and older. Moreover, according to the United States (2019 report), there were 703 million people aged 65 or older, a number that is projected to reach 1.5 billion by 2050.

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Dry Eye Disease Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 5,206.1 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2022 to 2028
Forecast Period 2022 to 2028 CAGR: 5.1% 2028 Value Projection: US$ 7,394.1 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Product: Artificial Tears, Anti-Inflammatory Drugs, Punctal Plugs, Secretagogues, and Other Products
  • By Distribution Channel: Hospital Pharmacies, Independent Pharmacies and Drug Stores, and Online Pharmacies
Companies covered:

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., among others.

Growth Drivers:
  • Rising incidence of dry eye disease across the globe
  • Increase in demand for safe and effective treatment
Restraints & Challenges:
  • Availability of alternative therapeutics/therapies
  • High cost of dry eye products

Global Dry Eye Disease Market Trends:

The major trend driving the growth of the dry eye disease market is the increase in research and development activities for the development of novel therapeutics/treatments. Players in the market as well as governments worldwide are focusing on developing and launching novel therapeutics or treatments worldwide to meet rising demand. This trend is expected to continue over the forecast period, driving the growth of the global dry eye disease market.

Moreover, older men and women are almost twice as likely to have dry eyes compared with their younger counterparts, increasing the demand for better and more effective therapeutics against dry eye disease which is expected to drive growth of the market. Growing geriatric population around the world is driving the market growth as geriatric population is more prone to various ophthalmic disorders, such as dry eye disease. This trend is also expected to continue over the forecast period.

Global Dry Eye Disease Market Restraints:

Availability of alternative therapeutics/therapies is expected to hinder growth of the global dry eye disease market. For instance, several therapeutics/therapies are currently available to target DED associated ocular surface inflammation. Acupuncture, use of the warm cloth to the eyelids, use of mild soap on the eyelids, and castor oil eye drops can be used to deal with dry eye disease. This in turn is restraining the growth of the market.

High cost of dry eye products and complex reimbursement scenario is expected to hinder growth of the global dry eye disease market. For instance, the average cost of managing dry eye disease is more than US$ 11,000 per person, or more than US$ 55 billion to the U.S. economy as a whole. In the U.S., the cost of managing dry eye patients in health care organizations is estimated at US$ 700,000 per million patients. This in turn is restraining the market growth.

Figure 2. Global Dry Eye Disease Market Share (%), by Product, 2021

Dry Eye Disease  | Coherent Market Insights

Global Dry Eye Disease Market Segmentation:

The global dry eye disease market report is segmented into Product, Distribution Channel, and Region.

Based on Product, the market is segmented into Artificial Tears, Anti-Inflammatory Drugs, Punctal Plugs, Secretagogues, and Other Products. Out of which, Anti-Inflammatory Drugs Segment is expected to dominate the dry eye disease market over the forecast period and this is attributed to the increase complication such as inflammation among the patient population.

Secretagogues Segment is also expected to witness robust growth in the near future and this is owing to the increase in prevalence of dry eye disease. Secretagogues are one of the modern-day treatments for dry eye related indications.

Based on Distribution Channel, the market is segmented into Hospital Pharmacies, Independent Pharmacies and Drug Stores, and Online Pharmacies. Of which, Hospital Pharmacies Segment is expected to dominate the market over the forecast period and this is attributed to the increase in frequency of patients in out-patient departments.

Online Pharmacies Segment is also expected to witness significant growth in the near future and this is owing to the increase in popularity of online pharmacies worldwide.

Global Dry Eye Disease Market: Key Developments

In January 2021, Kala Pharmaceuticals launched the Food and Drug Administration (FDA) approved EYSUVIS (loteprednol etabonate ophthalmic suspension) for the short-term treatment of the signs and symptoms of dry eye disease.

In October 2019, Sun Pharmaceutical Industries Ltd. announced that one of its wholly-owned subsidiaries commercialized CEQUA (cyclosporine ophthalmic solution) 0.09% for the treatment of dry eye disease in United States.

In February 2020, RegeneRx Biopharmaceuticals announced that GtreeBNT, its Korean partner in the U.S. for development of RGN-259 for the treatment of dry eye disease, issued an update on the U.S. phase 3 clinical trial.

Global Dry Eye Disease Market: Key Companies Insights

The global dry eye disease market is highly competitive. This is attributed to the rise in demand for safe and effective dry eye disease treatment, as a result, players in the market are focusing on launching novel treatment options in the market.

Some of the key players in the global 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., among others.

*Definition: Dry eye disease (DED) is the condition that occurs when tears are not able to provide adequate lubrication to eyes. DED is a multifactorial disease of the ocular surface with loss of homeostasis of the tear film and ocular symptoms.

Dry eye disease (DED) is the condition that occurs when tears are not able to provide adequate lubrication to eyes. DED is a multifactorial disease of the ocular surface with loss of homeostasis of the tear film and ocular symptoms. Over-the-counter (OTC) eye drops, such as artificial tears, and prescription eye drops, are effective treatments for dry eye.

Market Dynamics:

Rising incidence of dry eye disease worldwide, rise in demand for safe and effective treatment, rise in focus on the development of novel therapeutics, growing geriatric population, emergence of novel diagnostic tools, and technological advancements are major factors expected to propel the growth of the global dry eye disease market.

For instance, in February 2022, Viatris Inc. announced that its subsidiary, Mylan Pharmaceuticals Inc., received approval from the U.S. Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Cyclosporine Ophthalmic Emulsion 0.05%, the first generic version of Allergan's Restasis, to treat dry eye disease.

Moreover, in October 2021, Oyster Point Pharma, Inc. announced that the U.S. FDA has approved TYRVAYA (varenicline solution) Nasal Spray 0.03 mg for the treatment of signs and symptoms of dry eye disease. Nasal spray administration provides a new way to treat dry eye disease without administering medication onto an already irritated ocular surface.

Key features of the study:

  • This report provides in-depth analysis of the global dry eye disease market, and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2022–2028), considering 2021 as the base year.
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
  • It profiles key players in the global dry eye disease market based on the following parameters such as company highlights, products portfolio, key highlights, financial performance, and strategies.
  • Key companies covered as a part of this study include 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., among others.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
  • The global dry eye disease market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global dry eye disease market.

Detailed Segmentation:

  • Global Dry Eye Disease Market, By Product:
    • Artificial Tears
    • Anti-Inflammatory Drugs
    • Punctal Plugs
    • Secretagogues
    • Other Products
  • Global Dry Eye Disease Market, By Distribution Channel:
    • Hospital Pharmacies
    • Independent Pharmacies and Drug Stores
    • Online Pharmacies
  • Global Dry Eye Disease Market, By Geography:
    • North America
    • Europe
    • Asia-Pacific
    • Middle East and Africa
    • South America
  • Company Profiles:
    • 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.
    • Sun Pharmaceutical Industries Ltd.

Frequently Asked Questions

The global dry eye disease market size is estimated to be valued at US$ 5,470.5 Million in 2022 and is expected to exhibit a CAGR of 5.1% between 2022 and 2028
Rising incidence of dry eye disease across the globe and increase in demand for safe and effective treatment is fueling the market.
The Anti-Inflammatory Drugs segment is the leading product segment in the market.
Availability of alternative therapies and high cost of dry eye products are major factors restraining growth of the market.
Major players operating in the 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., among others.

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