by Dry eye disease, also known as keratoconjunctivitis sicca, is a multifactorial disease of the tears and ocular surface that results in symptoms of discomfort, visual disturbance, and tear film instability with potential damage to the ocular surface. Dry eye disease is prevalent and can negatively impact quality of life. Its prevalence is expected to rise with increasing digital device usage, shorter blink rates with digital screen time, and time spent in indoor spaces with low humidity levels due to climate control. Treatments for dry eye disease include eye drops, gels, warm compresses, and punctal plugs that block tear drainage and allow more moisture on the ocular surface.
The global Dry Eye Disease Market is estimated to be valued at US$ 5,750.66 Million in 2023 and is expected to exhibit a CAGR Of 5.3% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising usage of digital devices is driving the growth of the dry eye disease market. Prolonged usage of digital devices like smartphones, tablets, laptops results in less blinking and drying of eyes. Studies have found that digital screen time can decrease blink rates to as low as one-third of the normal rate. This increases the rate of evaporation of the tear film layer and leads to dry eye disease over time. Additionally, the rising indoor pollution levels due to poor air quality and low humidity levels in artificially-controlled climates are further aggravating dry eye disease prevalence. These environmental conditions impair the homeostasis of the ocular surface and exacerbate signs and symptoms of dry eye. Treatments targeting symptomatic relief and tear film stabilization are expected to witness increased demand with growing dry eye disease patient pool worldwide.
Segment Analysis
The dry eye disease market can be segmented on the basis of product type, distribution channel and end-user. On the basis of product type, the market has been segmented into artificial tear, anti-inflammatory drugs, punctal plugs, secretagogue etc. Among these, anti-inflammatory drugs segment is dominating the market as it effectively treats the redness and irritation associated with dry eyes. The secretagogue segment is anticipated to witness the fastest growth over the forecast period owing to its effective moisturizing of eyes.
PEST Analysis
Political: The growth of the dry eye disease market is supported by various government initiatives and favorable regulations regarding availability of effective treatments.
Economic: Rising healthcare expenditure and growing incomes in developing countries are driving the demand for advanced dry eye treatment options. Improvement in reimbursement policies will further aid the market growth.
Social: Increasing awareness about available treatment options through social media platforms and non-profit organizations is boosting the adoption of dry eye therapies. Moreover, rising geriatric population who are more prone to dry eye conditions support the market expansion.
Technological: Continuous innovation in preservation technology has led to improved shelf-life and efficacy of eye drops. Further, emergence of smart devices for detecting signs of dry eyes is augmenting the market growth.
Key Takeaways
The Dry Eye Disease Market Demand is expected to witness high growth over the forecast period.
Regional analysis:
North America dominates the dry eye disease market owing to presence of major players, increasing per capita healthcare expenditure and rising number of patients suffering from dry eye disease. The US contributes to the major share in the region due to growing adoption of advanced eye care medicines and devices.
Key players operating in the dry eye disease market are Aerie Pharmaceuticals Inc., Novartis AG, Otsuka Holdings Co. Ltd., Allergan, Bausch Health Companies Inc., Santen Pharmaceutical Co. Ltd., and Sun Pharmaceutical Industries Ltd. No conclusion has been provided as mentioned in the instructions.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
