Dry Eye Products Market Outstrip US$ 9,141.01 million by 2027 COVID-19 Impact and Global Analysis by Product and Geography by The Insight Partners
Dry Eye Products Market: Insight
According to our latest study on “Dry Eye Product Market Forecast to 2027– COVID-19 Impact and Global Analysis– by product, and type, “the market was valued at US$ 6,385.14 million in 2019 and is projected to reach US$ 9,141.01 millionby2027; it is expected to grow at a CAGR of 4.8%during 2020–2027. The report highlights trends prevailing in the global dry eye product market, and the drivers and hindrances pertaining to the market growth.
Dry eye is a chronic syndrome and is a progressive depending upon the cause and severity. It is a condition when a person does not have tears to lubricate his or her eyes. Tears are an essential part of maintaining good health of the eye and assist in providing good vision. The syndrome is commonly seen among older people and is becoming common among people spending a long time in front of the computer. The factors that can cause dry eye include age, medications, environmental conditions, long term use of contact lenses. The conditions cannot be cured completely; however, it can be managed by using medical products. The dry eye product market growth is mainly attributed to the rising incidences of dry eye and growing older population. Moreover, the development of the technology is focusing on stem cell therapy that can help in treating a dry eye conditions further expected to foster the market growth during the forecast period. However, the side effects caused due to eye drops such as blurred vision, increased sensitivity, watering eyes, redness, swelling of eyelids, sticky eyelashes, and discomfort limit the growth of the market.
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Dry Eye Products Market Competitive Landscape
The growth of the dry eye product market is attributed to factors such arising incidences of dry eye and growing older population. However, the side effects caused due to eye drops restrain the growth of the market. Novartis AG; Santen Pharmaceutical Co., Ltd; Johnson and Johnson Services, Inc; OASIS Medical; URSAPHARM Arzneimittel GmbH; ROHTO Pharmaceutical Co., Ltd; OCuSOFT Inc; Bausch Health Companies Inc; AbbVie Inc; and Prestige Consumer Healthcare In care among the leading companies operating in the global dry eye product market.
The COVID-19 pandemic is perplexing healthcare institutions in North America with unprecedented operational and clinical challenges. North American countries such as the US, Canada, and Mexico was totally closed for two to three months as the strict lockdown was imposed. The lockdown situation has resulted in a fall down a visit to healthcare facilities centers, and fewer prescriptions have been issued for ophthalmic conditions.
Rising Incidences of Dry Eye
The incidence and prevalence of dry eye are rising among all demographics. It is caused by multiple factors that cause discomfort, irritation, and visual disturbance. The developed nations are experiencing a significant rise in the incidences of dry eye. For instance, in April 2020, according to a study ‘National Health and Wellness Survey’ in the US, ~16.4 million people were diagnosed with dry eye. The data also stated that the prevalence has gone up by 2.7% among the people age 18 to 34 years old. In addition, the prevalence was 18.6% in older people. Based on sex, the percentage of prevalence was higher in women; it accounted for 8.8% than men with 4.5%.
Similarly, the incidences of dry eyes are much higher in the European and Asia Pacific regions. Whereas regions like the Middle East and Africa also have increasing prevalence due to the chronic health conditions and environmental conditions. According to an article published in 2019 by the Department of Research, King Khaled Eye Specialist Hospital, Riyadh, Saudi Arabia, the incidence of dry eye is high among women. The primary cause of dry eye was the medication of glaucoma. The increasing incidences of the dry eye lead to rising direct cost of treatment. According to Ocular Surgery News, the annual direct cost for mild dry eye symptom treatment was US$ 678, for moderate dry eye symptom was US$ 771, and for the severe dry symptom was US$ 1,267. Thus, the increasing incidence of the dry eye leads to the growing cost of healthcare. And it is also expected to drive the market growth during the forecast period.
Dry Eye Products Market: Segmentation
Based on product, the dry eye products market is segmented into artificial tears, antibiotic drops, hormone drops and others. The artificial tears segment held the largest share of the market in 2019.However, the hormone drops segment is anticipated to register the highest CAGR in the market during the forecast period. Artificial tear ware widely used for the treatment of the dry eye. These artificial tears help in lubricating and maintaining good moisture on the outer surface of the eye. Many local and international players have artificial tears in the product portfolio; for instance, the Refresh product line from Allergan Inc. has a dedicated collection to treat dry eye.
Based on type, the dry eye product market is segmented into OTC Drugs and prescription drugs. The OTC drugs segment held the largest share of the market in 2019. However, the prescription drugs segment is anticipated to register the highest CAGR in the market during the forecast period. Eye drops which are accessible over the counter are also called as non-prescription eye drops. Available at a much lower cost when compared with prescription drugs. Eye drops for dry are artificial tears. These drops provide relief from dry eye symptom which are temporary in nature.
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