As per the latest report by IMARC Group, titled “Dry Eye Syndrome Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global dry eye syndrome market size reached US$ 3.5 Billion in 2018. Dry eye syndrome, also known as keratoconjunctivitis sicca (KCS), refers to a condition in which the patient experiences a lack of lubrication or moisture on the surface of their eyes. The symptoms include aching and burning sensations, soreness, redness, fatigue, and itching in the eyes, along with photophobia. Moreover, watery eyes can also be a symptom of this condition as the dry eye surface can over-stimulate the production of the watery component of tears to reduce dryness.
Global Dry Eye Syndrome Market Trends:
Reliance on electronic gadgets like computers and smartphones is one of the primary factors increasing the prevalence of dry eye syndrome. Prolonged usage of these devices results in strained eyes, diminished visual alertness, and mucosal dryness or burning sensation. Additionally, continuous staring at these devices can decrease the stability of the tear film and cause ocular discomfort. Apart from this, numerous diseases, such as diabetes, thyroid disorders, Sjogren’s syndrome, lupus, scleroderma and rheumatoid arthritis, increase the chances of developing dry eyes among patients. As per statistics, approximately 425-430 million individuals around the world get affected by diabetes. It causes constant changes in the composition of the patient’s blood, thereby adversely affecting their tear glands. On account of these factors, the market value is projected to reach US$ 5.1 Billion by 2024, expanding at a CAGR of around 6.5% during 2019-2024.
- Based on the disease type, the market has been bifurcated into evaporative and aqueous dry eye syndrome. At present, evaporative dry eye syndrome represents the most common disease type.
- On the basis of the drug type, the market has been segregated into lubricant eye drops, anti-inflammatory drugs and autologous serum eye drops. Currently, anti-inflammatory drugs represent the largest segment as they aid in reducing the ocular surface inflammation that is commonly associated with dry eye syndrome.
- Based on the product, the market has been segmented 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.
- 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.
- Region-wise, North America is the largest market for dry eye syndrome owing to the large patient pool, an increase in the usage of digital devices and the presence of several key players in the region. Other major markets 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 Nicox S.A., Allergan plc., Novartis AG, Otsuka Holdings Co., Ltd., Santen Pharmaceutical Co., Ltd., Auven Therapeutics, Akorn, Inc., Bausch + Lomb, Alimera Science and GlaxoSmithKline Plc.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal