Booming Demand for Dry Eye Syndrome Treatment Propels Market to Reach US$ 9.44 Billion Valuation by 2030 | FMI Inc

The size of the global market for treatments for Dry Eye Syndrome demand is predicted to be US$ 4.80 billion in 2022 and to increase at a healthy CAGR of 7.0% from 2022 to 2032, surpassing a valuation of US$ 9.44 billion by the end of 2032.

According to a recent study by Future Market Insights (FMI), the global dry eye syndrome market is expected to witness high growth during the forecast period. The market is expected to grow from US$ 4.52 Bn in 2021 to around US$ 8.84 Bn by 2031. This reflects a cumulative CAGR of around 7.0% over the forecast period (2022-2031).

Dry eye syndrome is a lifestyle disease caused by long-term exposure to the computer screen, resulting in reporting of the higher incidence rates across developing economies. Also, this factor has pushed various ophthalmology care providers to educate and create awareness about the syndrome.

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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 market 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.

"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

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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 market 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.

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 market 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 dry eye syndrome treatment segment based on Product (Cyclosporine, Topical Corticosteroids, and Artificial Tears Punctal Plugs (removable, dissolvable), oral omega supplements, and others), prescription (Rx, OTC, Medical Device), 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, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.

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This release was published on openPR.