(2020-2030) Dry Eye Medication Market Size, Share, Growth And Trends Analysis by TBRC

The Business Research Company’s Dry Eye Medication Market Report - Opportunities And Strategies - Global Forecast To 2030

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The global dry eye medication market is expected to decline from $3,727.5 million in 2019 to $2919.9 million in 2020 at a compound annual growth rate (CAGR) of -22%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 6.5% from 2021 and reach $5,047.9 million in 2023. The market is expected to grow at a CAGR of 7.1% to nearly $5,794.7 million by 2025, and at a CAGR of 6.9% to $8,078.4 billion by 2030.

The Key drivers of the Dry Eye Medication Market include:-
Ophthalmology research has proved a significant link between laser eye surgeries and the prevalence of dry eye disorders. Dry eye is a common side effect after laser vision correction surgeries. It is estimated that almost half of the patients that undergo laser, experience some degree of dry eyes following the procedure. Rising number of people going in for laser eye surgeries is expected to increase the demand for dry eye medications in the forecast period. In a LASIK procedure, cutting of some nerves in the cornea leads to reduction in corneal sensitivity to some degree. In response, eyes may not sense the need for lubrication, causing the body to produce fewer tears, leading to dry eyes. According to a study by Refractive Surgery Council, the number of laser vision correction procedures in the US grew for the third consecutive year in 2018. In the US, in 2018, more than 843,000 laser vision correction procedures had been conducted, including LASIK, photorefractive keratectomy (PRK) and small incision lenticule extraction (SMILE).

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Dry Eye Medication Market Segmentation:-
By Type
1.Aqueous
2.Evaporative
3.Aqueous And Evaporative
The aqueous and evaporative market was the largest segment of the dry eye medication market, accounting for $3,071 billion or 82% of the total in 2019. The evaporative market is expected to be the fastest-growing segment going forward at a CAGR of 7.5

By Prescription Type
1.OTC Drugs
2.Prescription Drugs
The OTC drugs was the largest segment of the dry eye medication market, accounting for $2,016 million or 54% of the total in 2019. The prescription drugs market is expected to be the fastest-growing segment going forward at a CAGR of 8.0%..05%.

By Distribution Channel
1.Hospital Pharmacies,
2.Eye Health Clinics,
3.Retail Pharmacies And
4.Online Pharmacies
The retail pharmacies was the largest segment of the dry eye medication market, accounting for $2,393 million or 64% of the total in 2019. The online pharmacies market is expected to be the fastest-growing segment going forward at a CAGR of 10.7%.

By Delivery System
1.Liquid
2.Gel
3.Ointment
4.Others
The liquid drops were the largest segment of the dry eye medication market, accounting for $3,638 million or 98% of the total in 2019. The eye ointment market is expected to be the fastest-growing segment going forward at a CAGR of 17.3%.

By Drug Variation
1.Branded Drugs
2.Generic Drugs
The branded drugs segment was the largest segment of the ophthalmology drugs market in 2019 at 64.5% or $2,404.2 million. Going forward, the generic drugs is expected to be the fastest-growing segment going forward at a CAGR of 10.0%.

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By Geography - The Dry Eye Medication Market is segmented Into
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa

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Some of the major key players involved in the dry eye medication market are
1.Allergan Plc.
2.Alcon Inc.
3.Bausch Health Companies Inc.
4.Novartis AG
5.Otsuka Holdings Co, Ltd

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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.

This release was published on openPR.