The dry eye disease market is estimated to be valued at US$ 5750.66 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Dry eye disease, also known as keratoconjunctivitis sicca, is a multifactorial disease of the tears and ocular surface. It is characterized by a quality or quantity of tear film that leads to ocular discomfort, visual impairment and potential damage of the interpalpebral ocular surface. The signs and symptoms can include burning, dryness, irritation, foreign body sensation, photophobia, blurred vision and eye fatigue. The prevalence of dry eye disease increases with age, with women being affected more than men.

Market key trends:
The dry eye disease market is witnessing high growth owing to increasing prevalence of dry eye disease. It has been estimated that approximately 33 million Americans are affected by dry eye disease. The prevalence has increased over the years, largely due to increasing screen time from computers, smartphones and other digital devices that reduce blinking rate and tear production. The increasing elderly population is another factor, as dry eye disease is more common in older age. Moreover, growing awareness about dry eye disease diagnosis and treatment options available is encouraging more patients to seek medical help, thereby supporting market growth. Allergic conjunctivitis and autoimmune diseases which have association with dry eye disease are on the rise as well. New product launches with novel formulations and advanced drug delivery are expanding treatment choices for dry eye patients.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the dry eye disease market is low due to the high capital requirements for research and development activities needed to develop new treatments. Bargaining power of buyers: The bargaining power of buyers in the dry eye disease market is high owing to the presence of generic drugs for dry eye treatment. Bargaining power of suppliers: The bargaining power of suppliers in the dry eye disease market is moderate as the manufacturers depend on a limited number of raw material suppliers and contract manufacturers. Threat of new substitutes: The threat of substitutes is moderate as there are a few alternative treatment options but they also have limitations. Competitive rivalry: is high due to presence of established market players.

SWOT Analysis
Strength: Wide range of treatment options available and increasing prevalence of dry eye disease. Weakness: Lack of approved drugs for severe dry eye disease and high cost of therapies. Opportunity: Large untapped markets in developing regions and growing geriatric population. Threats: Patent expiration of major drugs and stringent regulatory requirements.

Key Takeaways
The global Dry Eye Disease Market Share is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing prevalence of dry eye disease. The Asia Pacific region is expected to dominate the market over the forecast period owing to rising aging population, increase in pollution levels and growing awareness related to symptoms and available treatment options.

Regional analysis
The North America region currently dominates the dry eye disease market and is expected to grow at a CAGR of 4.8% during the forecast period. This is attributed to the presence of developed healthcare infrastructure, high awareness levels amongst the population and new product launches. Meanwhile, Asia Pacific region is expected to showcase the fastest growth over the forecast period owing to rapidly growing geriatric population, improving access to healthcare facilities and rapidly developing economies.

Key players
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., among others.

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