Dry Eye Products Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product [Antibiotic Drops, Hormone Drops, Artificial Tears (OTC Artificial Tears and Prescription Artificial Tears) and Others] and Type (Prescription Drugs and OTC Drugs)

Dry Eye Products Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product [Antibiotic Drops, Hormone Drops, Artificial Tears (OTC Artificial Tears and Prescription Artificial Tears) and Others] and Type (Prescription Drugs and OTC Drugs)

The dry eye products market is projected to reach US$ 9,681.73 million by 2028 from US$ 6,837.26 million in 2021; it is estimated to grow at a CAGR of 5.1% from 2021 to 2028.

Factors such as rising incidences of dry eye and the growing geriatric population drive the growth of dry eye products market. However, the side effects caused due to eye drops hamper the dry eye products market growth.

The dry eye condition is expected to be seen in the majority of the population across the world in the coming years. Many research studies have proven dry eye as a lifestyle disease. Improvements or changes in daily habits such as sleep, diet, and exercise are included in the treatment of dry eyes. Additionally, the stressful life among people across the world is likely to increase the incidences of dry eyes. Therefore, the rising incidences of dry eyes are expected to propel the demand for dry eye products in the coming years. The advancement in technology has resulted in increased product development. Various companies are entering the market, which is contributing greatly to enhancing market growth. Various companies have designed various innovative formulae to offer better eye drops for dry eye conditions. The cycle of product development is continuous and is likely to act as a vital growth factor during the forecast period. For instance, in 2019, Aldeyra Therapeutics had enrolled in the RENEW phase three clinical trial for its reproxalap ophthalmic solution (0.25%) to treat moderate to severe dry eye conditions. Similarly, Novaliq has two products in pipelines, such as NOVO3 (100% perfluorohexyloctane) and CyclASol (ophthalmic solution of 0.1% cyclosporine A in EyeSol). Some companies are focusing on innovating other forms of products that can treat dry eye conditions. For instance, in October 2018, Oyster Point Pharma had a nasal spray that is in phase three clinical trial for the treatment of DED. The product is developed from the compound OC–01, a highly selective nicotinic acetylcholine receptor (nAChR) agonist, which targets the parasympathetic nervous system and partially controls tear film homeostasis through partially through the trigeminal nerve. The company is expected to submit a new drug application (NDA) in 2020. Thus, such innovations are likely to act as trending factors and are expected to contribute significantly to the growth of dry eye products market in the coming years.

The incidence of dry eye is commonly seen in older people 65 and above. The geriatric population is increasing rapidly across the world. The older population is becoming a significant social transformation, such as depending on the other for financial needs and wellness of the younger people in the present century. Older people are significantly contributing to the medical sector's development as it helps by offering various innovative techniques to treat older people. Various healthcare companies design their products by focusing on the geriatric population. Older people's degeneration process is much faster, so they are highly prevalent in dry eye conditions. Therefore, the high prevalence of dry eye among the older population is likely to encourage manufacturers to introduce new dry eye products, which, in turn, contributes to the growth of dry eye products market. For instance, according to the Department of Economic and Social Affairs, the United Nations report for 2019, there were 703 million individuals of age 65 years and above, which is estimated to grow double to 1.5 billion by 2050.

The Asia Pacific region is highly affected worldwide as the outbreak of COVID–19 has come from China. Countries such as China, India, and South Korea have registered the highest number of COVID–19 positive patients. The countries have imposed lockdowns for several months. Few countries, such as South Korea and China, have recovered from the pandemic. However, India is still struggling to fight against COVID–19. Therefore, there has been a tremendous economic drop in the country, which is trying to recover. The fast recovery from the situation was seen due to the shift of focus of various companies operating in the ophthalmic division. Companies have shifted their focus towards supplying relief to these countries as corporate social responsibility (CSR) activity. Also, governments are seeking help from the private sector to contribute during the challenging situation. Therefore, market players have strengthened their efforts to supply personal protective equipment. For instance, in January 2020, Allergan plc donated US$ 9,514 million (one million yen) to the Chinese Red Cross Foundation to provide medical masks, robes, gloves, eyewear, and other protective equipment for medical providers in Wuhan.

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 Inc. are among the leading companies operating in the dry eye products market.

Product Insights

The dry eye products market is segmented on the basis of product and type. Based on the product, the dry eye products market is segmented into artificial tears, antibiotic drops, hormone drops, and others. The artificial tears segment is further subsegmented into OTC artificial tears and prescription artificial tears. The artificial tears segment held the largest share of the market in 2021, and the hormone drops segment is estimated to register the highest CAGR of 5.9% in the market during the forecast period.

World Health Organization, Royal Society of Medicine, Brazilian Research Association for Vision and Ophthalmology, Canadian Dry Eye Summit, International Dacryology Society, National Health Service, Royal Society of Medicine are among the primary and secondary sources referred to while preparing the report on the dry eye products market.

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