The dry eye syndrome market is anticipated to grow with a CAGR of ~6% over the forecast period of 2019-2028. According to a study published by Insure Insights on the dry eye syndrome market, the rise in the number of geriatric population, and the increasing awareness associated with the disease are considered as some of the driving factors for the market growth. Additionally, the development of contact lenses and the high adoption of these lenses from the individuals is also boosting the growth of the market.

Top Driver: Rising Prevalence of Dry Eye Syndrome and Technological Advancement are Driving the Dry Eye Syndrome Market

Dry eye is a type of condition in which an individual doesn’t have adequate quality and amount of tears to lubricate and nourish the eye. Tears are essential for maintaining the health of the front surface of the eye, which leads to providing a clear vision. These types of issues are commonly found among the geriatric population. According to a study published in February 2019 by the American Journal of Ophthalmology, the annual prevalence of the dry eye syndrome was estimated to increase from 0.8% to 3.0% overall, including male and female beneficiaries. The female recipients were found to be more prone to the disease than the male recipients. The rise in the prevalence of this chronic disease is one of the major factors driving the growth of the market. Furthermore, the increase in various diseases such as hyperalgesia, spontaneous pain, and allodynia, suggesting dysfunction of the ocular sensory apparatus and others, also impacts the lacrimal functional unit that results in changing basal and reflex tear secretion leading to affect the eyes causing the eyes to go dry.

Similarly, the high prevalence of other conditions that including diabetes is another major factor that is advancing the prevalence of dry eye syndrome. The changes in the composition of the individual’s blood due to diabetes can affect tear glands and may lead to cause dry eye syndrome. Furthermore, other conditions, such as lack of thyroid disorders, vitamin A, lupus, and rheumatoid arthritis, may also cause dry eye syndrome. Additionally, the increase in the investments by the government and private companies for the development of a cure for the syndrome is also impacting the growth of the market positively.

Retail Pharmacies to Make Crucial Contribution to the Growth of Global Dry Eye Syndrome Market  

Based on the distribution channel, the dry eye syndrome market has been segmented as hospital pharmacies, retail pharmacies, online pharmacies, and others. The retail pharmacies segment holds the largest share in the distribution channel segment for the dry eye syndrome market due to the presence of various retail pharmacies across the globe. Additionally, the rise in the segment is due to the presence of multiple drugs and solutions for chronic disease. Additionally,  lubricant eye drops, artificial tears, punctual bags, and medications for dry eye syndrome are readily available on the retail pharmacies of various brands, which are driving the growth of the market.

Based on type, the global dry eye syndrome market has been segmented as evaporative dry eye syndrome and aqueous dry eye syndrome. The evaporative dry eye syndrome holds the largest share for the type segment as these types of the syndrome is more common among the old age population. Furthermore, these types of the syndrome are the most common which most of the individual faces. Thus to overcome these issues the companies have developed artificial tears that are expected to boost the growth of the market.

Established Healthcare Industry in North America is Driving the Market

North America dominates the dry eye syndrome market across the regions due to well-developed facilities and infrastructure. Similarly, the presence of a large patient population affected by this syndrome and increasing healthcare expenditure is also driving the growth of the market. The presence of the various gigantic players such as Johnson & Johnson Vision, Acadia Pharmaceutical, Auven therapeutics, and others within the region is also driving the growth of the market.  Additionally, the presence of countries such as the US and Canada, which has major healthcare well-established hospitals, clinics, and other healthcare manufacturing units are leading to drive the growth of the market.

Players to Focus on Development of New Solutions

The global dry eye syndrome market is expected to grow with a significant CAGR due to presence of various companies including Johnson & Johnson Vision, Acadia Pharmaceutical, Allostera Pharma, I-Med Pharma Inc., Allergan, Novartis AG, Otsuka Pharmaceutical Co. Ltd., Valent Pharmaceuticals, Santen Pharmaceuticals Co. Ltd., AFT pharmaceuticals, Novaliq GmBh, Auven therapeutics and others which are developing new solutions to overcome these syndromes that are boosting the market growth.

Oxford Biomedica plc: In June 2019, Oxford Biomedica plc entered into an R&D collaboration and signed an option & license agreement for starting a research and development on gene therapy products that eventually lead to starting the treatment of inherited retinal disease

Alcon Inc.: In December 2018, Alcon Inc. an eye care division of Novartis acquired Tear Film Innovations, Inc. This is acquisition leads the Alcon for global expansion and strengthens its product portfolio in ocular health products and provides treatment for dry eye syndrome.

Scope of the Report

By Type

• Evaporative Dry Eye Syndrome
• Aqueous Dry Eye Syndrome

By Product

• Anti-inflammatory
• Artificial Tears
• Lubricants

By Distribution Channel

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies
• Others

By Region

• North America
• Europe
• Asia Pacific
• Rest of the World

Key Reasons to Purchase this Report

1. It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.