Dry Eye Medication: Emerging Trends and Market Insights 2024

"The Business Research Company recently released a comprehensive report on the Global Dry Eye Medication Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The dry eye medication market size has grown rapidly in recent years. It will grow from $9.74 billion in 2023 to $10.93 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to aging population, rising number of contact lens users, increase in disposable income, increase in number of treatment options, increase in number of allergies, rise in consumption of unhealthy or improper diets, and prevalence of diabetes mellitus.

The dry eye medication market size is expected to see rapid growth in the next few years. It will grow to $16.93 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The growth in the forecast period can be attributed to rising laser surgeries, rising screen time, busy lifestyles, the increasing burden of diabetes, increase in prevalence of dry eye disease, promising pipeline for dry eye disease, and side effects of other medications . Major trends in the forecast period include developing preservative-free eye drops, investing in research and development of new and advanced drugs, developing innovative drugs to survive in the market, developing non-steroidal anti-inflammatory ophthalmic drugs for the treatment of dry-eye syndrome, focusing on incorporating modern techniques, and developing combination therapies for the treatment of dry eye diseases.

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Market Drivers and Trends:

The increased number of cases of dry eye disease results in an increased demand for its treatment. Factors such as aging, lack of vitamin A, wearing lenses, eye surgeries, direct contact with dry wind or smoke, and exposing one's eyes to screens for a long duration increase the occurrence of the dry eye more likely. For example, a survey conducted by the American Academy of Ophthalmology reported that in the USA, nearly 3.2 million women and 1.68 million men, over the age of 50 were affected by dry eye syndrome. Similarly, a study conducted by the Indian Journal of Ophthalmology indicated a 32% prevalence of dry eye disease in the Northern part of India. the rising prevalence of the disease would increase the demand for its treatment and ultimately facilitate the growth of the dry eye medication market.

Treatment for dry eye disease improved with the incorporation of modern techniques that helped invent advanced hyaluronic acid-based lubricants and lipid emulsions. This technology replaces artificial tears that include isotonic sodium chloride and provides long-lasting lubrication on the surface of the eye. For instance, Allergan, a global pharmaceutical company, launched Refresh Repair Lubricant Eye Drops which are designed to repair and protect the eyes from dry eye disease and improve the clarity of vision and are formulated with carboxymethylcellulose (CMC), hyaluronic acid, and osmoprotectants. These components maintain the health of the ocular surface and safeguard epithelial cells. Advances in technology will have a positive effect on the dry eye medication market.

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Major Key Players of the Market:

Allergan plc, Alcon Inc., Bausch Health Companies Inc., Novartis AG, Otsuka Holdings Co. Ltd., Santen Pharmaceutical Co., Ltd., Sentiss Pharma Pvt. Ltd., OASIS Medical, Inc., VISUfarma B.V., Sun Pharmaceutical Industries Limited, Bayer AG, Pfizer, Johnson & Johnson, Daiichi Sankyo, Zhaoke Ophthalmology Pharmaceutical, Shanghai Pharmaceutical, ERC Labs, Vision gain, Medicom Health care, Implandata ophthalmic products GmbH, The Geuder Group, Novamedika, Aflofarm Farmacja Polska, VUAB Pharma Inc., Endo International plc, Aurinia Pharmaceuticals Inc, Herzig Eye Institute, Thomas Eye Group, Alimera Sciences, Eyegate, Neurotech, Opthotech, Eyepoint pharmaceuticals, ReGenTree, LLC, Regenerx Biopharmaceuticals Inc, shire, Gama Vision, Biolab Pharma, Mitotech, Novaliq GmbH, Horus Pharma, Prestige Consumer Healthcare Inc., Bausch & Lomb Incorporated, Azura Ophthamics Ltd, Similasan, Hoya Corporation, Adcock Ingram.

Dry Eye Medication Market 2024 Key Insights:

• The dry eye medication market size is expected to see rapid growth in the next few years. It will grow to $16.93 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%.
• Growing Cases Of Dry Eye Disease Drive Demand For Treatment And Fuel Market Growth
• Technological Advancements Enhance Dry Eye Medication And Treatment
• North America was the largest region in the dry eye medication market in 2023

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