According to Coherent Market Insights, the global dry eye disease market size is estimated to be valued at USD 7.33 billion in 2024 and is expected to surpass USD 13.26 billion by 2031, growing at a CAGR of 8.8% from 2024 to 2031.
Dry eye disease can be caused due to various reasons such as excessive TV watching, computer work, lack of blinking, medical conditions such as arthritis etc. Technological advancements have resulted in wide spread use of digital devices which has increased screen time and reduced blinking rate leading to dry eye issues.
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Advancements in diagnosis and treatment options have also improved survival rate of patients with dry eye disease. For instance, awareness regarding available treatment options, new artificial tears and eyelid therapies have boosted early detection and management of the condition.
Market Trends:
Growth in Geriatric Population: Aging is a significant risk factor for dry eye disease. According to the WHO, number of people aged 60 years and above is expected to reach 2.1 billion by 2050 from 962 million in 2017. Prevalence of dry eye disease increases with age as eye's inability to produce tears adequately increases with increasing age.
Dry Eye Disease Market Report Coverage
|
Report Coverage |
Details |
|
Market Revenue in 2024 |
$7.33 billion |
|
Estimated Value by 2031 |
$13.26 billion |
|
Growth Rate |
Poised to grow at a CAGR of 8.8% |
|
Historical Data |
2019–2023 |
|
Forecast Period |
2024–2031 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Product Type, By Formulation Type, By Distribution Channel |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Growth Drivers |
• Increasing product launches and approvals for dry eye disease treatment • Increasing usage of computer and mobile screens |
|
Restraints & Challenges |
• Poor accessibility to eye care services • Product recalls |
Rising Prevalence
of Associated Conditions: Certain medical conditions such as arthritis,
diabetes are also linked with causing dry eye disease. Growing incidence of
these conditions globally is expected to increase prevalence of dry eye
disease. Market Opportunities: The artificial
tears segment accounted for the largest market share in 2022 and is expected to
exhibit a CAGR of 15% during the forecast period. Artificial tears are the
first line of treatment for dry eyes as they are widely available over the
counter and provide immediate relief from dryness, irritation, and burning
sensation. Immediate
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The
anti-inflammatory drugs segment is projected to witness the highest growth
during the projected period, registering a CAGR of over 18%. Dry eye disease
has an inflammatory component and hence anti-inflammatory drugs play a vital
role in its treatment. Companies are focusing on developing novel topical
anti-inflammatory treatments that are safer and more effective than existing
options. Key Market
Takeaways The global dry
eye disease market is anticipated to exhibit a CAGR of 16.4% during the
forecast period. Rising prevalence of dry eye disease due to increasing screen
time and older population age group is expected to propel market growth. Based on product,
the artificial tears segment holds the largest market share owing to high usage
as first line therapy to provide instant relief from dryness symptoms. Within
this segment, preservative-free artificial tears are most popular due to lower
risks of preservative toxicity. In terms of
distribution channel, hospital pharmacies segment dominate the market due to
the availability of wide range of prescription drugs and ease of procurement.
However, online pharmacies segment is poised to witness highest growth during
the forecast period. Regionally, North
America dominates the global market and is expected to retain its position
throughout the forecast period. This can be attributed to growing elderly
population, increasing usage of digital devices, and availability of advanced
treatment options. Competitor
Insights - Santen
Pharmaceutical Co. Ltd - OASIS Medical - Alcon Inc. - Bausch Health
Companies Inc. - AbbVie Inc.
(Allergan PLC) Recent
Developments: In October 2022,
Aldeyra Therapeutics, Inc. completed the phase 3 clinical trial of 0.25%
reproxalap ophthalmic solution. This is an investigational new drug candidate
used for treating allergic conjunctivitis. In January 2022,
NovaBay Pharmaceuticals launched Avenova lubricating eye drops to treat dry eye
symptoms. Ask For
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