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Pune, India, May 24, 2023 (GLOBE NEWSWIRE) — According to Fortune Business Insights, global Dry Eye Syndrome Market size was valued at USD 6.61 billion in 2022 and is projected to grow from USD 7.02 billion in 2023 to USD 11.26 billion in 2030, exhibiting a CAGR of 7.0% during the forecast period. A frequent ophthalmic ailment known as Keratoconjunctivitis Sicca (KCS) or Dry Eye Syndrome (DES) or Dry Eye Disease (DES), which develops when there aren’t enough good tears to lubricate or nourish the eye. Blurred vision, watery eyes, stringy mucus surrounding the eye, and redness, stinging, scratching, or burning sensations are some of the symptoms. According to a study by the BMC Ophthalmology journal that was released in February 2022, people over the age of 80 were more likely to experience dry eyes than patients under the age of 60, with a 20% frequency. Signs of eye dryness were also recorded in 5 to 30% of older subjects. Also, as people age, their lachrymal glands’ capacity to make tears declines, contributing to this disorder. Fortune Business Insights presents this information in its report titled “Dry Eye Syndrome Market Forecast, 2023-2030”.
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Key Industry Development:
January 2022: Sun Pharmaceutical Industries Ltd. launched CEQUA, a cyclosporine ophthalmic solution, in Canada for the treatment of dry eye disease.
- Dry Eye Syndrome Market size in North America was USD 3.10 billion in 2022
- The increasing occurrence of dry eye syndrome will propel market expansion.
- Increasing prevalence drives demand for effective therapies, fueling dry eye syndrome market growth.
- The Artificial tears and lubricants segment is expected to hold a major market share during the projected period.
Discover the Leading Players Featured in the Report:
- AbbVie Inc. (Ireland)
- Alcon (Switzerland)
- Novartis AG (Switzerland)
- Santen Pharmaceutical Co., Ltd. (Japan)
- OASIS Medical (U.S.)
- Sun Pharmaceutical Industries Ltd. (India)
- Otsuka Pharmaceutical Co., Ltd. (Otsuka Holdings, Co., Ltd) (Japan)
- Sentiss Pharma Pvt. Ltd. (India)
- Johnson & Johnson Vision Care, Inc. (Johnson & Johnson Services, Inc.) (U.S.)
- VISUfarma (Netherlands)
Report Scope & Segmentation:
|Forecast Period||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR||7.0%|
|2030 Value Projection||USD 11.26 Billion|
|Dry Eye Syndrome Market Size in 2022||USD 6.61 Billion|
|Historical Data for||2019 to 2021|
|No. of Pages||120|
|Segments covered||Product, Distribution Channel and Geography|
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Drivers & Restraints:
Increasing Incidence of Dry Eye Disease to Fuel Market Expansion
The significant rise in prevalence of this ailment around the world is one of the key factors that has a favorable effect on the global market. Age affects how common this chronic illness is. Yet, due to expanding screen usage, poor diet, growing contact lens use, and growth in LASIK operations, the prevalence is rising in both the younger and older population. According to an epidemiological study by UpToDate, Inc., the prevalence of Dry Eye Disease (DED) varied from 5 to 50% over the world in January 2023. The rise in prevalence will fuel the need for more potent treatments, which will increase the global dry eye syndrome market share throughout the forecast period.
On the contrary, the prospective patient population’s lower priority for ocular problems, such as dry eye syndrome, may impede the adoption rate of these treatments over the projected period, which would restrict the global dry eye syndrome market growth.
- Anti-inflammatory Products
- Artificial Tears and Lubricants
By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- North America
- Asia Pacific
- Middle East & Africa
- South America
North America Dominates the Market due to Increasing Number of Patients and Treatments
The market for treating dry eye syndrome in North America was valued at USD 3.10 billion in 2022 and is anticipated to continue dominating the industry throughout the forecast period as a result of the disease’s rising prevalence and the increasing use of pharmaceuticals to treat it. For instance, according to a survey released by Eyes On Eyecare in March 2022, the number of Americans who suffer from dry eye disease is expected to reach 35.0 million. The demand for these treatment interventions is projected to increase as a result of this increased prevalence, boosting regional growth during the projection period.
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Substantial Market Share was held by AbbVie, Inc. in 2022 as a Result of Strong Brand Presence
Due to its significant brand presence, particularly in the OTC artificial tears and lubricants category, and its extensive distribution network, AbbVie, Inc. is one of the market’s top players. Its flagship brand is the Refresh line of artificial tears and lubricants. In 2022, Alcon also had a substantial market share and is now concentrating on keeping that position by forming strategic agreements to broaden its range.
How big is the Dry Eye Syndrome Market?
Dry Eye Syndrome Market size was USD 6.61 billion in 2022. It is expected to reach USD 11.26 billion in 2030.
How fast is the Dry Eye Syndrome Market growing?
The Dry Eye Syndrome Market will exhibit a CAGR of 7.0% during the forecast period, 2023-2030.
Ophthalmic Disease Therapeutics Market Size, Share, Revenue Forecast and Opportunities
Artificial Tears Market Overview, Industry Share and Forecast
Vision Care Market Size, Share, Opportunities & Analysis
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