April 24, 2024

Dry Eye Disease Market High Growth Opportunities, Emerging Trends, Industry Review, Forecast Till 2031

Pharmaceuticals

The global dry eye disease market is witnessing significant growth owing to the rising prevalence of dry eye disease among people spending increased time staring at digital screens. Dry eye disease, also known as keratoconjunctivitis sicca, is a common ocular condition caused due to lack of tears or insufficient tear production by the lacrimal glands of the eyes. It occurs when the eyes do not produce enough tears or when the tears evaporates too quickly and do not lubricate the eyes properly. Some common symptoms of dry eye disease include irritation, burning sensation, dryness, redness, blurred vision, and eye fatigue.

The growing use of computers, smartphones, tablets and other digital devices has led to a substantial surge in the screen time spent by people at work and homes, which has significantly contributed to the development of dry eye symptoms. Prolonged screen time causes infrequent blinking due to staring at screens resulting in over-evaporation of tears and inflammation. Moreover, indoor air-conditioning also contributes to drying of the eyes. Subsequently, the increasing prevalence of dry eye disease worldwide has propelled the demand for effective diagnostic tools and treatment therapies globally.

The global dry eye disease market is estimated to be valued at US$ 4.9 billion in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/dry-eye-disease-market-5438

Market key trends:

One of the major trends witnessed in the dry eye disease market is the growing preference and adoption of prescription medications and therapies over generic versions and off-label treatment options. This can be attributed to the higher efficacy and safety profile offered by prescription eye drops in comparison to generic and over-the-counter drugs especially for moderate to severe dry eye cases. Moreover, a growing number of pipeline drugs in various late-stage clinical trials by key players also hold significant potential to further expand the market opportunities. Some of the promising candidates in Phase III trials include cenegermin by Oyster Point Pharma, Lifitegrast by Shire, and Reproxalap by Alcon aimed at providing improved symptomatic relief in dry eye patients.

Porter’s Analysis

Threat of new entrants: The threat is moderate as the dry eye disease market requires high R&D investments and clinical trials for new product development.

Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of several established brands and treatment options.

Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of substitutes and less differentiation in components.

Threat of new substitutes: The threat is low as there are limited treatment alternatives available for dry eye disease currently.

Competitive rivalry: The competitive rivalry is high due to the large number of players operating in the market.

Key Takeaways

The global dry eye disease market size is expected to witness high growth between the forecast period of 2024 to 2031.
Regional analysis: North America holds the largest share of the global dry eye disease market mainly due to the increasing prevalence of dry eye disease. According to the estimates of Tear Film and Ocular Surface Society, approximately 5 million Americans above 50 years of age suffer from dry eye disease.

Key players:

Key players operating in the dry eye disease market are Johnson & Johnson, Novartis, Allergan, Otsuka Pharmaceutical, Santen Pharmaceutical, TRB Chemedica, Mitotech, etc. Johnson & Johnson dominates the market owing to its extensive product portfolio for dry eye disease treatment.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it