Dry Eye Syndrome Treatment Market to Reach $9.3 Billion, Globally, by 2032 at 7.1% CAGR: Allied Market Research

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Sep 29, 2023, 04:31 ET

The growth of the global dry eye syndrome treatment market is driven by an increase in the prevalence of dry eye syndrome, the rise in the geriatric population, and the increase in the number of key players.

PORTLAND, Ore., Sept. 29, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Dry Eye Syndrome Treatment Market Drug (Lubricant, Dry Eye Syndrome Drugs and Others), Dosage Form (Eye Drops, Ointments, And Others), and Distribution Channel (Hospital Pharmacies, Retail Pharmacies and Online Providers): Global Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, the global dry eye syndrome treatment market was valued for $4,725.00 million in 2022 and is estimated to reach $9,316.50 million by 2032, exhibiting a CAGR of 7.1% from 2023 to 2032.

Dry eye syndrome (DES), also known as keratoconjunctivitis sicca, occurs when eyes get dry due to lack of lubrication by tears. Dry eye syndrome is more common in people ages 50 and older.

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Prime determinants of growth

An increase in the prevalence of dry eye syndrome and rise in demand for advanced treatment and an increase in the geriatric population drive the growth of the global dry eye syndrome treatment market. However, high cost of the dry eye treatment may restrict the market growth. Moreover, a rise in the number of key players and developing economies presents new opportunities in the coming years.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$ 4.7 billion
Market Size in 2032	$ 9.3 billion
CAGR	7.1 %
No. of Pages in Report	235
Segments Covered	Drug, Dosage form, Distribution Channel, and Region.
Drivers	Rise in prevalence of dry eye syndrome. The rise in the geriatric population.
Opportunities	Increase in healthcare expenditure and improvement in healthcare infrastructure.
Restraints	Lack of awareness about dry eye syndrome and high cost of treatment.

Impact of Covid-19 on Dry Eye Syndrome Treatment Market

The outbreak of the Covid-19 pandemic had a negative impact on the global dry eye syndrome treatment market, owing to the decrease in the demand for dry eye syndrome treatment and the decline in number of surgeries.
The companies were more focused on COVID-19 vaccine development.

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The dry eye syndrome drugs segment to maintain its leadership status throughout the forecast period.

By drug, the dry eye syndrome drugs segment dominated the market in 2022, and is expected to remain dominant during the forecast period, owing to new product approvals and product launch by key player. In addition, increase in adoption of dry eye syndrome drugs, improving health care services, and rapid economic growth in developing countries further boost the market growth. Lubricant segment held the major CAGR of 7.7% in 2032.

The eye drops segment to maintain its leadership status throughout the forecast period.

Depending on dosage form, the eye drops segment dominated the market in 2022, and is expected to remain dominant during the forecast period, owing to an increase in prevalence of dry eye syndrome and a rise in the adoption of eye drops. Ointments segment held the major CAGR of 8.1% in 2032.

The retail pharmacies segment to maintain its leadership status throughout the forecast period.

By distribution channel, the retail pharmacies segment dominated the market in 2022 and is expected to remain dominant during the forecast period, owing to an increase in the number of retail pharmacies, improvements in the healthcare infrastructure, and increase in the number of dry eye patients. Online providers segment held the major CAGR of 8.1% in 2032.

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North America to maintain its dominance by 2032

Based on region, North America has the highest market share, with $2002 million in 2022, and is estimated to reach $3714.5 million by 2032, registering a CAGR of 6.5% during the forecast period. Owing to the presence of well-established healthcare infrastructure. The Asia pacific is projected to register the highest CAGR of 8.4% during the forecast period. High burden of chronic diseases, increase in affordability, and improvements in healthcare access in developing countries such as India and China are the key driving factors that boost the growth of the market in the region.

Leading Market Players: -

Abbvie
Viatris
Novartis AG
Bausch & Lomb Incorporated
Sun Pharma
Novaliq
Santen Pharmaceutical Co.
AFT Pharmaceuticals
Alcon
Johnson & Johnson

The report provides a detailed analysis of these key players in the global dry eye syndrome treatment market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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"We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market."

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