The global dry eye syndrome market size was worth US$ 3.5 Billion in 2018. Dry eye syndrome, medically known as keratoconjunctivitis sicca (KCS), is a term that defines the lack of lubrication or moisture on the surface of the infected person’s eyes. It is a commonly occurring disease which can affect almost anyone. Various symptoms of dry eye include aching and burning sensations, sore eyes, red eyes, fatigued eyes, itchy eyes, photophobia, etc. Apart from this, watery eyes can also be a symptom as the dry surface of the eyes over-stimulate the production of watery component of tears in order to reduce the dryness. There are several factors that can cause dry eye syndrome such as excessive computer use, allergies, aging, menopause, smoking, LASIK eye surgery, hormone replacement therapy, etc.
Various diseases, such as diabetes, thyroid disorders, Sjogren’s syndrome, lupus, scleroderma, rheumatoid arthritis, etc., are also contributing to the prevalence of dry eyes among people. As per statistics, around 425-430 Million individuals across the globe get affected by diabetes. It causes constant changes in the composition of patient’s blood which adversely affects the tear glands resulting in a rising prevalence of dry eye. Another key factor which is contributing to the growth of the market is the rising geriatric population. As per estimates, around 9% of the global population is above 65 years of age, and by 2050 this segment is expected to account for around 17% of the global population. With the prevalence of dry eyes being fairly high among the elderly, we expect the market for dry eye syndrome to exhibit a strong growth. Other factors augmenting the growth of this market include increasing awareness levels, rising diagnostic rates, better treatment options, etc. Looking forward, the market value is projected to reach US$ 5.1 Billion by 2024, exhibiting a CAGR of 6.5% during 2019-2024.
Breakup by Disease Type:
On the basis of the disease type, the market has been bifurcated into evaporation and aqueous dry eye syndrome. At present, evaporative dry eye syndrome is the most common disease type. It occurs owing to the deficiency of tear film lipid layer. Doctors generally prescribe antibiotics called macrolides to treat evaporative dry eye.
Breakup by Drug Type:
Based on the drug type, the market has been segmented into lubricant eye drops, anti-inflammatory drugs and autologous serum eye drops. Currently, the anti-inflammatory drugs represent the largest segment as they assist in reducing the ocular surface inflammation that is commonly associated with dry eye syndrome.
Breakup by Product:
On the basis of the product, the market has been classified into liquid drops, gels, liquid wipes, eye ointment and others. The report finds that liquid eye drops account for the majority of the total market share.
Breakup by Distribution Channel:
The market has been analyzed on the basis of the distribution channel into retail, hospital and online pharmacies. Amongst these, hospital pharmacies exhibit a clear dominance in the market. They are widely trusted by patients as the hospital staff has complete details about the patient’s illness and medical history.
On the geographical front, North America represents the largest market for dry eye syndrome. This can be accredited to the large patient pool, an increase in digital device usage and the presence of several key players in the region. Other regions include Asia Pacific, Latin America, Middle East and Africa and Europe.
The competitive landscape of the market has also been examined with some of the key players being Novartis AG, Allergan plc., Otsuka Holdings Co., Ltd., Santen Pharmaceutical Co., Ltd., Nicox S.A., Auven Therapeutics, Akorn, Inc., Bausch + Lomb, Alimera Science and GlaxoSmithKline plc.
This report provides a deep insight into the global dry eye syndrome market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the dry eye syndrome market in any manner.
Key Questions Answered in This Report:
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