Dry Eye Syndrome Treatment Market Expected to Reach $9.3 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Dry Eye Syndrome Treatment Market," The dry eye syndrome treatment market was valued at $4.7 billion in 2022, and is estimated to reach $9.3 billion by 2032, growing at a CAGR of 7.1% from 2023 to 2032.

Dry eye syndrome is a common ocular surface disease affecting millions of people worldwide. The patient of dry eye syndrome commonly has symptoms such as light sensitivity, eye irritation, redness, visual disturbances. These symptoms affect the quality of life of people with dry eye syndrome (DES). There are limited number of drugs approved for treatment of dry eye syndrome. However, lubricating, and anti-inflammatory eye drops help to reduce symptoms of dry eye syndrome.

The key Dry Eye Syndrome Treatment Market Trends such as rise in prevalence of dry eye syndrome (DES), surge in geriatric population, and increase in screen time act as the key driving forces of the global dry eye syndrome treatment market. For instance, according to American Academy of Ophthalmology report published in October 2022, extensive screen time may lead to eye dryness, blurry vision, redness and discomfort.

Moreover, increase in awareness of dry eye syndrome treatments among the population, rise in adoption of advanced healthcare services, regulatory approvals for new products, rise in product availability, and increase in healthcare expenditure notably contribute toward the growth of the Dry Eye Syndrome Treatment Market Size. In addition, various key players adopted strategies such as product launch and product acquisition, contributing to the growth of the Dry Eye Syndrome Treatment Industry. For instance, in Feb 2022, Viatris Inc. announced that its subsidiary, Mylan Pharmaceuticals Inc., has received approval from the U.S. Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA) for Cyclosporine Ophthalmic Emulsion 0.05%, the first generic version of Allergan's Restasis.

However, stringent regulatory process for drug approval and lack of awareness about dry eyes syndrome (DES) are expected to restrict the market growth. Conversely, increased adoption of dry eye syndrome treatment among the population and latest generic drug approvals are expected to provide lucrative opportunities for the growth of the Dry Eye Syndrome Treatment Market Size.

The dry eye syndrome treatment market is segmented into drug, dosage form, distribution channel, and region. On the basis of drug, the market is classified into lubricant, dry eye syndrome drugs, and others. Depending on dosage form, the market is bifurcated into eye drops, ointments, and others. On the basis of distribution channel, it is classified into hospital pharmacies, retail pharmacies and online providers.

On the basis of region, the market is studied across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).

On the basis of drug, the lubricant segment is projected to exhibit the fastest market growth during the Dry Eye Syndrome Treatment Market Forecast period owing to an increase in the adoption of lubricant eye drops and ointment for dry eye syndrome treatment and increase in screen time.

On the basis of dosage form, the ointments segment is projected to exhibit the fastest market growth during the forecast period owing to an increase in the adoption of ointments owing to its advantages such as long-term effect, and high efficiency to treat eye infections.

On the basis of distribution channel, the online providers segment is anticipated to grow at the highest rate due to upsurge in use of online pharmacies. Moreover, increase in the number of online providers and discount offered by the online providers contribute toward the growth of the Dry Eye Syndrome Treatment Industry.

In 2022, North America dominated the Dry Eye Syndrome Treatment Market Shareand is expected to continue the same trend throughout the forecast period owing to high expenditure in the research and development activities by the market players, strong presence of key players, and surge in product launches in the region. However, Asia-Pacific is expected to witness the highest CAGR during the Dry Eye Syndrome Treatment Market Analysis period owing to an increase in the number of patients with dry eyes, which helps to accelerate the demand for dry eye syndrome treatments, thus fostering market growth. In addition, key players have adopted various strategies such as product launches and distribution agreements to strengthen their foothold in the market and gain a competitive edge.

Key Findings of the Study

• On the basis of drug, the dry eye syndrome drug segment was the major share contributor in 2022.
• On the basis of dosage form, the eye drops segment was the major Dry Eye Syndrome Treatment Market Share contributor in 2022.
• On the basis of distribution channel, the online providers segment is anticipated to grow with the highest CAGR throughout the forecast period.
• On the basis of region, North America occupied major share of the dry eye syndrome treatment market in 2022.