Growing Prevalence of Dry Eye Syndrome Drives Industry Growth, FMI Predicts US$ 9.44 Billion Valuation by 2032

The global market for treating dry eye syndrome is expected to grow significantly from US$ 4.80 billion in 2022 to US$ 9.44 billion by 2032, at a compound annual growth rate (CAGR) of 7.0%. This growth is being driven by the rising prevalence of dry eye syndrome and the increasing demand for effective treatments.

Dry eye syndrome is a common condition that affects the eyes, causing them to feel dry, irritated, and uncomfortable. It can be caused by a variety of factors, including age, environmental conditions, and certain medical conditions. Dry eye syndrome can significantly impact a person’s quality of life, making it difficult to work, drive, and enjoy other activities.

There is a growing demand for effective treatments for dry eye syndrome. Currently, there is no cure for dry eye syndrome, but there are a variety of treatments that can help to manage the symptoms and improve the quality of life for those affected.

The growing market for dry eye syndrome treatment is an opportunity for pharmaceutical companies and medical device manufacturers to develop and launch new products and services. The market is also expected to attract new entrants in the coming years.

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One such example is the Narayana Nethralaya, a super specialty eye hospital based out of India, with a dedicated lab to diagnose and treat dry eyes. This lab aims to provide patients with awareness about eyelid problems such as Meibomian gland dysfunction, which leads to the development of dry eye syndrome.

Also, a similar trend is observed in developed markets such as the U.S. Various government awareness campaigns and not-for-profit initiatives try to create awareness about dry eye disease among the population that does not have access to eye care facilities. Eye Care America is an example of a public service organization run by the American Academy of Ophthalmology Foundation that provides free eye care through volunteer ophthalmologists.

Further, those who are age 65 or older and who have not seen an ophthalmologist in three or more years may be eligible to receive a comprehensive, medical eye exam and up to one year of care at no out-of-pocket cost. This consequently will increase the utilization of dry eye treatment products and drive the growth of the dry eye syndrome treatment industry during the forecast period.

Key Takeaways from Dry Eye Syndrome Treatment Study

• Greater acceptance of artificial tears owing to improved patient comfort leads the artificial tears segment to account for the maximum share of 60.8% in 2021, expanding at 7.1% CAGR during the forecast period.
• By prescription, Rx prescriptions are projected to account for 71.3% of the market share in 2022 indicating the highest demand, since the majority of the population visit hospitals to get the checkup done, in turn increasing the numbers of Rx prescriptions.
• Retail pharmacies, as distribution channel held the largest share of 60.8% in 2021 and is expected to grow with the same trend throughout the forecast period.
• By region, North America held the largest share of 37.6% of the dry eye syndrome treatment market in 2021 indicating the growth due to high prevalence and high treatment adoption rate in North America.

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“Growing incidence of dry eye syndrome due to growing aging population, and long working hours (increase in screen time) to drive the demand of Dry Eye Syndrome treatment products over the Decade,” says the FMI Analyst

Who is winning?

Key Players :

• Allergen plc. (Abbvie)
• Novartis AG
• Otsuka Pharmaceuticals Co.Ltd.
• Bausch Health Companies Inc.
• Akron Inc.
• Johnson & Johnson Inc.
• Thea Pharmaceuticals Limited
• OASIS Medical
• Altaire Pharmaceuticals Inc.
• Boiron USA
• Similasan Corporation
• Scope Ophthalmics Ltd.
• Reckitt Benckiser Group PLC
• Medicom Healthcare Ltd
• FDC Limited.
• Lupin Limited
• Jamjoom Pharmaceuticals Co.
• Sentiss Pharma Private Limited.

Some of the leading manufacturers of the dry-eye-syndrome treatment industry focuses on product launch and approvals with global expansion objectives, thereby, enhancing their market presence.

• In January 2021, SIFI an Italy-based international ophthalmic company launched SYNFO for moisturizing and lubrication in dry eye treatment.
• In December 2020, Alcon Canada announced the launch of its new product Systane an ultra-hydration lubricant eye drops preservative free containing Hyaluronic acid and HP-guar
• In November 2020, Santen Pharmaceutical launched Cationorm categorized as an artificial tear for moisturization and long-lasting relief of dry eye.

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Want more insights?

Future Market Insights brings a comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2031. The global dry eye syndrome treatment industry is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.

The study provides compelling insights on the dry eye syndrome treatment segment based on Products (Cyclosporine, Topical Corticosteroids, and Artificial Tears Punctal Plugs (removable, dissolvable), oral omega supplements, and others), prescription (Rx, OTC, Medical Devices), distribution channel (Hospital Pharmacies, Eye Health Clinics, Retail Pharmacies, and Online Pharmacies) across seven major regions.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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