The dry eye disease market is witnessing high growth trends with rapid technological advancements in diagnosis and treatment modalities. Dry eye disease, also known as keratoconjunctivitis sicca, is a multifactorial disease of the ocular surface characterized by disruption of tear film homeostasis. It causes discomfort, visual disturbance, and tear film instability with potential damage to the ocular surface. The treatment of dry eye disease involves artificial tears, gels and ointments which provide moisture and lubrication to eyes. Advances like topical cyclosporine, punctal plugs, serum eye drops and contact lenses are improving patient outcomes. Global dry eye disease market is estimated to be valued at US$5492.44 Mn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the dry eye disease market are VISUfarma, Johnson & Johnson, Otsuka Holdings Co. Ltd., OASIS Medical, Novartis AG, Sentiss Pharma Pvt. Ltd., AbbVie Inc. (Allergan PLC), Bausch Health Companies Inc., Santen Pharmaceutical Co. Ltd., and Sun Pharmaceutical Industries Ltd. Rapidly aging populations and growing awareness about dry eye disease diagnosis and treatment options is fueling the global demand. The market players are investing in R&D to develop novel drugs and devices to cater to the rising global demand for effective dry eye treatment.
Growing demand in the market can be attributed to the rising geriatric population worldwide which is more susceptible to dry eye conditions. According to WHO, the number of people aged 65 years and older is projected to reach 1.5 billion in 2050 from 703 million in 2019. Further, increasing pollution levels and extensive use of digital devices are major environmental factors aggravating dry eye symptoms.
The dry eye disease treatment market is expanding globally with market players focusing on emerging nations. As per estimates, Asia Pacific region has over 60% of the global geriatric population and is expected to be a lucrative market for dry eye treatment due to growing awareness. European countries are also adopting novel dry eye treatment therapies at a higher rate. North America currently dominates the global market share owing to established healthcare infrastructure and availability of advanced treatment options.
Market key trends
A key trend gaining traction is 3D-printed artificial tears. Researchers are developing 3D-printed tear supplements tailored for individual patients using their own stem cells and blood plasma. These novel tears mimic the natural composition and rheological properties of human tears very closely for optimal relief from dry eye symptoms. Another significant trend is the increasing adoption of artificial intelligence and data analytics by market players. AI tools are being utilized for automated dry eye diagnosis using infrared thermal imaging, meibography and other techniques for early detection and improved patient outcomes.
Porter’s Analysis
Threat of new entrants: New companies will face high costs for R&D, regulations and establishing brand reputation in this market. Bargaining power of buyers: Individual consumers have low bargaining power but group purchasing organizations may have more influence on prices. Bargaining power of suppliers: A few major companies dominate the supply of key drugs and medical devices giving them significant power over players. Threat of new substitutes: Alternatives are limited due to lack of substitutes for prescription drugs and medical devices used in treatment. Competitive rivalry: Strong competition exists between major companies for market share and profits through continuous innovation in products and services.
Geographical Regions
North America accounts for the largest share of the global dry eye disease market currently due to high awareness levels, sophisticated healthcare infrastructure and availability of advanced treatment options in the region. The United States represents the single largest market for dry eye drugs and devices.
Asia Pacific region is poised to register the fastest growth over the forecast period driven by rising incidence of dry eye syndrome, growing elderly population, increasing healthcare spending and expanding availability of Western treatment approaches in emerging countries such as China and India. Penetration of major international players is also boosting the dry eye treatment market in Asia.
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