The Dry Eye Syndrome Treatment Market To Re-Invent The Growth Curve With A CAGR Of 7%
Dry eye syndrome results in irritated and burning eyes due to lack of tear production and moisturization. Meibomian Gland Dysfunction has more prevalence among the geriatric population. The market consists of several products used in therapeutics, such as cyclosporine, topical corticosteroids, punctal plugs, omega supplements, and the especially popular artificial tears. Fast approval and launch of products used for dry eye treatment is expected to drive market growth in future.
Several key market players are focused on collaborative product development, innovation, and expansion of product portfolio. For instance, in October 2020, Santen Pharmaceutical and Orbis International announced their long-term collaboration for ten years to contribute toward the increasing burden of eye diseases in low- and middle-income countries.
Rapidly increasing number of eye care centers due to rising focus on primary eye care is expected to propel dry eye syndrome treatment market growth. Increasing number of LASIK surgeries, which is one of the major causes leading to dry eyes, is estimated to further drive market growth over the coming years.
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Companies covered in Dry Eye Syndrome Treatment Market Report
Otsuka Pharmaceutical Co.,Ltd.
Santen Pharmaceutical Co Ltd.
Bausch Health Companies Inc.
Johnson & Johnson, Inc.
Thea Pharmaceuticals Limited
Altaire Pharmaceuticals Inc.
Scope Ophthalmics Ltd.
Reckitt Benckiser Group PLC
Medicom Healthcare Ltd
Jamjoom Pharmaceuticals Co.
Sentiss Pharma Private limited
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The global dry eye syndrome treatment market is estimated to be valued at over US$ 4.2 Bn in 2020, and is expected to exhibit an impressive CAGR of 7% over the forecast period (2020-2030).
Key Takeaways from Market Study
The artificial tears segment, by product, is estimated to generate the highest revenue share over the coming years, estimated to be valued at US$ 5 Bn by 2030, at an expected CAGR of over 7%.
COVID-19 has had a negative impact on the dry eye syndrome treatment market due to large-scale closures of manufacturing units and disruption in supply chain activities. Decreased hospital visits and focus on the pandemic further hurt market growth in 2020. However, long-term prospects look bright through 2030.
Among the prescriptions, Rx is expected to dominate the market with more than 70% revenue share, with increasing number of eye care centers and rising treatment adoption rate for dry eyes.
Among all distribution channels, retail pharmacies is the leading segment, followed by hospital pharmacies. Retail pharmacies are anticipated to grow at a CAGR of around 7% over the forecast period, owing to rise in the number of retail pharmacies and improving supply chain activities.
North America and Europe are leading regions in the global dry eye syndrome treatment market, with a revenue share of around 70%.
The market in the U.S. and Germany is projected to expand at a CAGR of around 7% through 2030.
The market in Japan is slated to progress at a steady CAGR of over 6% over the next ten years.
“Rising diagnosis and treatment adoption has led to increasing product innovation and development, contributing to market. Developing and under-developed countries with high prevalence of dry eye syndrome and lower product adoption will create several opportunities for leading market players,” says a Persistence Market Research analyst.
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