Dry eye disease, also known as keratoconjunctivitis sicca, is a multifactorial disease of the tears and ocular surface that results in symptoms of discomfort, visual disturbance, and tear film instability which is often accompanied by increased osmolarity of the tear film. It occurs when the eye does not produce tears properly or when the tears are not of the correct consistency and break up too quickly. Some of the major advantages of dry eye disease treatments include reducing ocular discomfort, improving vision quality, alleviating ocular fatigue, moisturizing the ocular surface, and restoring lubrication. With the increasing geriatric population worldwide and the risk of developing dry eye rising significantly with age, the demand for efficient dry eye disease treatments has also been surging steadily. The Global Dry Eye Disease Market is estimated to be valued at US$ 5492.44 Mn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the dry eye disease market are VISUfarma, Johnson & Johnson, Otsuka Holdings Co. Ltd., OASIS Medical, Novartis AG, Sentiss Pharma Pvt. Ltd., AbbVie Inc. (Allergan PLC), Bausch Health Companies Inc., Santen Pharmaceutical Co. Ltd., and Sun Pharmaceutical Industries Ltd. The key players are focusing on new product launches, geographical expansions, and mergers and acquisitions to strengthen their market presence. Increasing awareness about dry eye disease treatment, introduction of advanced personalized therapies, and surge in research funding are some of the key opportunities in the global dry eye disease market. Geographically, North America is expected to dominate the global dry eye disease market during the forecast period owing to rising prevalence of dry eye disorders, supportive government initiatives, and improving reimbursement policies in the region. However, Asia Pacific region is anticipated to register fastest growth due to aging demographics, rising standards of living, and growing medical tourism in countries such as China, India, and Japan.

Market Drivers

The increasing geriatric population is one of the major drivers of the dry eye disease market. Age is one of the strongest risk factors for dry eye disease. According to the United Nations, there were around 703 million people aged 65 years and above globally in 2019 which has risen sharply from 209 million in 1950. Moreover, elderly people over 65 years represent 8.5% of world population currently and this percentage is projected to jump to 16.7% by 2050. Older people experience reduced tear production and increased evaporation resulting in dry eye. Additionally, a rise in prevalence of autoimmune disorders, environmental pollution, excessive computer usage, and lifestyle factors such as smoking are further fueling the global dry eye disease treatment demand.

PEST Analysis

Political: The dry eye disease market is influenced by regulations and guidelines set by governing bodies like the FDA for approval of new drugs and medical devices. Regulations determine the level of compliance for quality and safety standards.

Economic: Increasing healthcare expenditure and rising disposable income levels have enabled people to spend more on eye care and treatment. The growing geriatric population which is more prone to dry eye problems also boosts market growth.

Social: Rising awareness through social media and education programs help people understand symptoms of dry eye diseases early. Patients are increasingly seeking effective treatment options to improve their quality of life and productivity.

Technological: Advancements in drug delivery systems, like punctal plugs and punctal occlusion devices have enabled long-lasting and targeted treatment options. Use of natural polymers in artificial tear formulations aid retention and alleviates eye irritation.

The geographical regions where the dry eye disease market in terms of value is concentrated includes North America, Europe and Asia Pacific. North America holds the largest market share due to high healthcare spending levels, easy access to treatment options and growing awareness regarding dry eyes. The Asia Pacific region is fastest growing for the dry eye disease market, driven by massive untapped opportunities in emerging economies like India and China. Factors like rising incomes, healthcare investments by foreign players and increasing lifestyle diseases drive market growth in Asia Pacific.

The United States represents the largest market for dry eye disease currently. However, China is emerging as the fastest growing regional market due to rising incomes, changing lifestyles leading to increased screen time and growing concern towards eye care. Increasing preferences for home-based eye care products in China are a major factor driving market demand. Availability of affordable treatment options, growth of e-commerce and rising medical tourism also supports market expansion in China.