Global Dry Eye Disease Treatment Market 2022-2028

Global Dry Eye Disease Treatment Market 2022-2028

Global Dry Eye Disease Treatment Market Size, Share, & Analysis by Type (Aqueous and Evaporative), by Treatment (Anti-Inflammatory Drugs, Artificial Tears, PunctaL Plug, and secretagogues), and by Anti-Inflammatory drugs (Lifitegrast, Corticosteroid, and Cyclosporine) Forecast Period (2022-2028)

The global dry eye disease market is anticipated to grow at a CAGR of 5.0% during the forecast period (2022–2028). The market value was $4.4 billion in 2021 and is estimated to reach $6.1 billion in 2028. The primary factors attributable to the market growt-h include the rising prevalence of eye infections, dry eye diseases, or ocular surface diseases across the globe. As per the article published by ORCID, Inc., in December 2021, among all the eye-related diseases, dry eye disease is the 5th and 9th most prevalent ocular surface disease in women and men in the US, respectively. In addition, according to the National Health and Wellness Survey published in August 2021, dry eye diseases or syndromes increase with age and account for the prevalence range from 5% to 20%. Thus, the rising elderly population with dry eye diseases is the major factor bolstering the global dry eye disease market over the forecast period.

Market Segment Outlook

Based on the type, the dry eye disease market is bifurcated into aqueous and evaporative. Among these, the evaporative sub-segment held the largest market share of 74.7% accounting for around $3.3 billion in 2021 and is estimated to reach $4.5 billion in 2028. The segment is projected to grow at the highest CAGR of 4.8% during the forecast period (2022-2028). The primary factor attributed to the segmental growth includes the rising prevalence of evaporative dry eye among the population across the globe. According to the US National Library of Medicine (Clinical Trial.gov), evaporative dry eyes are a more common type of dry eyes diagnosed among people. Of the US population, around 16.4 million people diagnosed with dry eye disease as of 2021. Furthermore, out of this estimated number, around 35% to 45% of the cases are of evaporative dry eyes.

Based on the treatment, the market is sub-segmented into anti-inflammatory drugs, artificial tears, punctal plugs, and secretagogues. Among these, anti-inflammatory drugs held the largest share of 63.4% in 2021, accounting for a market value of $2.8 billion in 2021. The number is further estimated to reach $3.9 billion in 2028, growing at a CAGR of 5.1% during the forecast period (2022-2028). The rising incidence of eye infections such as fungal endophthalmitis and inflammation across the globe has boosted the demand and usage of anti-inflammatory drugs. According to the Centers for Disease Control and Prevention (CDC), endogenous fungal endophthalmitis is a very common complication, where the fungi enter the eyes due to the existing bloodstream infection. Among the total endophthalmitis cases, 2% to 15% are of endogenous fungal infection.

Based on anti-inflammatory drugs, the market is further sub-segmented into lifitegrast, corticosteroid, and cyclosporine. Among these, corticosteroids held the largest share of 56.9% in 2021, accounting for a market value of $1.6 billion in 2021. This number is further estimated to reach $2.2 billion in 2028, growing at a CAGR of 5.1% during the forecast period (2022-2028). Corticosteroid is the most effective anti-inflammatory drug for treating short-term symptoms of dry eyes. Thus, corticosteroids are also highly prescribed by healthcare professionals. Additionally, another factor propelling the segmental growth includes the rising establishment of new market players with increasing adoption of strategic initiatives and the development of new steroid-based drugs. For instance, in May 2022, Alcon signed a strategic agreement to acquire EYSUVIS 0.25% eye drop developed by Kala Pharmaceuticals, Inc. The acquisition aims to expand its product portfolio in the ophthalmic dry eye category.

Regional Outlook

Based on region, the global dry eye disease market is segmented into North America, Europe, Asia-Pacific, and the rest of the world. Among these, North America held the largest market share of 40.4% in 2021, accounting for $1.8 billion in 2021. The number is further estimated to reach $2.5 billion, growing at a CAGR of 4.9% during the forecast period (2022-2028). The primary factor contributing to the growth of the market includes the rapidly rising prevalence of dry eye diseases coupled with the wide availability of drugs across the country such as the US and Canada. Additionally, the growing elderly population in the region is another factor propelling the regional market growth. According to the data revealed by the Administration for Community Living (ACL) of the US, around 54.1 million people were aged 65 years and above in 2021, which was about 16% of the total US population. Further, the percentage is projected to reach 21.6% of the total population by 2040.

Key Players Outlook

Prominent players in the global dry eye disease market include Allergan PLC, Bausch Health Companies, Inc., Santen Pharmaceutical Co., Ltd., Novartis AG, Johnson & Johnson Vision Care, Inc., Pfizer, Inc., and Sun Pharmaceutical Industries, Ltd., among others. These market players are adopting various strategies to sustain themselves in the competitive market. These companies are embarking on aggressive strategies such as partnerships and product launches in the dry eye disease market to gain a leading position across the globe. For instance, in March 2021, Allergan PLC received approval from the US Food and Drug Administration (US FDA) for DURYSTA, which is a bimatoprost implant available as 10 mcg for intracameral administration. The drug was developed to reduce intraocular pressure (IOP) in patients, which leads to several adverse reactions, including dry eyes, eye pain and irritation, blurred vision, iritis, headache, and others.