Dry Eye Medication Global Market Report 2024

The dry eye medication market size has grown rapidly in recent years. It will grow from $9.74 billion in 2023 to $10.93 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The expansion observed in the past can be linked to factors such as an aging population, a growing number of contact lens users, an increase in disposable income, a rise in the availability of treatment options, a surge in the prevalence of allergies, an uptick in the consumption of unhealthy or improper diets, and the prevalence of diabetes mellitus.

The dry eye medication market size is expected to see rapid growth in the next few years. It will grow to $16.93 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The anticipated growth in the upcoming period can be ascribed to factors such as the increasing prevalence of laser surgeries, elevated screen time, busy lifestyles, a growing burden of diabetes, a rise in the prevalence of dry eye disease, a promising pipeline for dry eye disease, and the side effects associated with other medications. Key trends expected in the forecast period involve the creation of preservative-free eye drops, investment in the research and development of new and advanced drugs, the innovation of drugs to remain competitive in the market, the development of non-steroidal anti-inflammatory ophthalmic drugs for treating dry-eye syndrome, a focus on integrating modern techniques, and the development of combination therapies for the treatment of dry eye diseases.

The growing incidence of dry eye disease is contributing to an increased demand for its treatment. Factors such as aging, vitamin A deficiency, contact lens usage, eye surgeries, exposure to dry wind or smoke, and prolonged screen time are identified as factors that make individuals more susceptible to dry eye. For instance, a survey by the American Academy of Ophthalmology revealed that in the USA, nearly 3.2 million women and 1.68 million men aged over 50 were affected by dry eye syndrome. Similarly, a study from the Indian Journal of Ophthalmology indicated a 32% prevalence of dry eye disease in Northern India. The escalating prevalence of the disease is expected to drive the demand for its treatment and consequently foster the growth of the dry eye medication market.

The increasing number of ocular surgery procedures is anticipated to propel the expansion of the dry eye medication market. Ocular surgery, focusing on the diagnosis, treatment, and surgical management of various eye conditions and diseases, requires dry eye medication to ensure the eye's surface remains lubricated and comfortable. This facilitates smoother surgical procedures and aids in post-operative recovery. For instance, in October 2023, the Organization for Economic Co-operation and Development reported an 8.4% increase in cataract surgical procedures in the Czech Republic, totaling 142,670 procedures in 2022 compared to 131,612 in 2021. Hence, the upward trend in ocular surgery procedures is a driving force behind the growth of the dry eye medication market.

The treatment landscape for dry eye disease has advanced through the incorporation of modern techniques, leading to the development of advanced hyaluronic acid-based lubricants and lipid emulsions. These innovations have replaced traditional artificial tears containing isotonic sodium chloride, offering prolonged lubrication on the eye's surface. For example, Allergan, a global pharmaceutical company, introduced Refresh Repair Lubricant Eye Drops designed to repair and protect against dry eye disease, enhance vision clarity, and formulated with carboxymethylcellulose (CMC), hyaluronic acid, and osmoprotectants. These components contribute to ocular surface health and epithelial cell protection. Technological advancements are poised to positively impact the dry eye medication market.

Key players in the hormonal replacement therapy drugs market are strategically focusing on introducing single-ingredient prescription eye drops such as Miebo to optimize market revenue. Miebo is a prescription eye drop specifically designed for treating the signs and symptoms of dry eye disease. For instance, in September 2023, Bausch + Lomb, a US-based eye health company, launched Miebo in the United States, targeting tear evaporation - the primary cause of dry eye disease. Miebo is a water-free, preservative-free, and steroid-free single-ingredient prescription eye drop that quickly and comfortably spreads, reducing tear evaporation at the ocular surface.

In July 2022, Alcon, a Switzerland-based ophthalmology company, acquired Eysuvis pharmaceutical eye drops from Kala Pharmaceuticals for $60 million. This strategic move enhances Alcon's portfolio by adding Inveltys, a treatment for post-operative inflammation and pain following ocular surgery. Kala Pharmaceuticals, a US-based pharmaceutical company specializing in ocular medications, facilitated this acquisition.

Major companies operating in the dry eye medication market report are Allergan PLC, Alcon Inc., Bausch Health Companies Inc., Novartis AG, Otsuka Holdings Co. Ltd., Santen Pharmaceutical Co., Ltd., Sentiss Pharma Pvt. Ltd., OASIS Medical, Inc., VISUfarma B.V., Sun Pharmaceutical Industries Limited, Bayer AG, Pfizer, Johnson & Johnson, Daiichi Sankyo, Zhaoke Ophthalmology Pharmaceutical, Shanghai Pharmaceutical, ERC Labs, Vision gain, Medicom Health care, Implandata ophthalmic products GmbH, The Geuder Group, Novamedika, Aflofarm Farmacja Polska, VUAB Pharma Inc., Endo International PLC, Aurinia Pharmaceuticals Inc., Herzig Eye Institute, Thomas Eye Group, Alimera Sciences, Eyegate, Neurotech, Opthotech, Eyepoint pharmaceuticals, ReGenTree, LLC, Regenerx Biopharmaceuticals Inc., shire, Gama Vision, Biolab Pharma, Mitotech, Novaliq GmbH, Horus Pharma, Prestige Consumer Healthcare Inc., Bausch & Lomb Incorporated, Azura Ophthamics Ltd., Similasan, Hoya Corporation, Adcock Ingram.

North America was the largest region in the dry eye medication market in 2023. Middle East is expected to be the fastest-growing region in the global dry eye medication market share during the forecast period. The regions covered in the dry eye medication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the dry eye medication market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The primary categories of dry eye medication include aqueous dry eye syndrome and evaporative dry eye syndrome. Dry eye syndrome is a common issue arising when tears fail to adequately lubricate the eyes, often due to insufficiency and instability. Various products, such as liquid drops, gel, liquid wipes, and eye ointment, are utilized and can be found in hospital pharmacies, eye health clinics, retail pharmacies, and online pharmacies.

The dry eye medication market research report is one of a series of new reports that provides dry eye medication market statistics, including dry eye medication industry global market size, regional shares, competitors with a dry eye medication market share, detailed dry eye medication market segments, market trends and opportunities, and any further data you may need to thrive in the dry eye medication industry. This dry eye medication market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The dry eye medication market consists of sales of polyethylene glycol, polyvinyl alcohol, propylene glycol, carboxymethylcellulose, povidone, glycerine, and mineral oil. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.