The dry eye syndrome treatment market comprises products that relieve dryness, irritation, discomfort and vision impairment associated with lack of sufficient tears or poor tear quality. The global dry eye syndrome treatment market is dominated by artificial tears segment that moisturize eyes to relieve dryness and irritation. Improved formulations including viscosity agents and oil-based tears offer longer relief and are becoming popular. Other categories including anti-inflammatory, punctal plugs and secretagogues that promote tear production are gaining traction.
The global dry eye syndrome market is estimated to be valued at US$ 7,245.3 million in 2022 and is expected to exhibit a CAGR of 16.4% during the forecast period (2022-2030).
Key Takeaways
Key players: Key players operating in the dry eye syndrome treatment are AbbVie Inc., Novartis AG, Bausch Health Companies Inc., Johnson & Johnson, Inc., I-MED Pharma inc., Santen Pharmaceutical Co., Ltd, AFT Pharmaceuticals, Novaliq GmbH, Otsuka Pharmaceutical Co., Ltd., Sun Pharmaceutical Industries, Inc., Teva Pharmaceutical Industries Ltd., Mitotech, SA, Viatris Inc.
Key opportunities: Growing geriatric population prone to dry eye conditions and increasing awareness about treatments present lucrative dry eye syndrome market opportunities techniques for stronger relief and lesser usage frequency are being tapped.
Technological advancements: Emerging therapies like artificial tear spray, contact lenses carrying hydrating agents, punctal plug drug delivery and stem cell therapy are being researched. Newer classes of anti-inflammatory drugs are demonstrating good efficacy and safety.
Market drivers: Increasing usage of digital devices and growing air pollution levels have aggravated dry eyes leading to higher treatment uptake. Strong R&D pipeline with over 100 ongoing clinical trials and rising disposable incomes in emerging economies will drive exponential market growth.
Current Challenges in the Dry Eye Syndrome Treatment Market:
The dry eye syndrome treatment market is facing multiple challenges currently. Firstly, due to the COVID-19 pandemic, providing comprehensive eye care has become difficult as social distancing measures are limiting in-person consultations. Moreover, many patients are avoiding visiting clinics due to fears of contracting the infection. Other challenges include a lack of awareness about available treatment options in developing regions. Diagnosis of dry eye syndrome also remains difficult due to its subjective nature. Finally, the cost and complexity of newly developed treatments pose hardships for certain patient groups. Overall, addressing these challenges will be important to sustain stable market growth over the coming years.
SWOT Analysis
Strength: Novel drugs and therapies in the pipeline offer long term relief with less frequent dosing. Research is focusing on treatments targeting the underlying cause rather than just symptoms.
Weakness: High treatment costs remain unaffordable for some patients. Symptoms still recur in many cases despite therapy.
Opportunity: Growing elderly population prone to dry eyes creates demand. Untapped potential in developing markets where awareness is low.
Threats: Threat of substitutes like artificial tears. Stringent regulations for approval of new products increase costs and timelines.
Geographical regions with high market concentration in terms of value:
North America currently accounts for the largest share of the global dry eye syndrome treatment market in terms of value. This is primarily because of high awareness levels, developed healthcare infrastructure, and heavy spending on eye care in countries like the US. Europe is another major regional market driven by favorable government initiatives and private insurance coverage for treatments.
The Asia Pacific region is poised to experience the fastest growth over the forecast period in the dry eye syndrome treatment market. This growth can be attributed to factors like a rapidly aging population, improving economic conditions, rising focus on modern eye care, and increasing health expenditures. Additionally, growing awareness about available therapies is driving the market higher across developing nations like China and India.
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About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: www.linkedin.com/in/alice-mutum-3b247b137 )
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