Dry eye is a chronic syndrome and is a progressive depending upon the cause and severity. It is a condition when a person does not have tears to lubricate his or her eyes. Tears are an essential part of maintaining good health of the eye and assist in providing good vision. The syndrome is commonly seen among older people and is becoming common among people spending a long time in front of the computer. The factors that can cause dry eye include age, medications, environmental conditions, long term use of contact lenses. The conditions cannot be cured completely; however, it can be managed by using medical products. The dry eye product market growth is mainly attributed to the rising incidences of dry eye and growing older population. Moreover, the development of the technology is focusing on stem cell therapy that can help in treating a dry eye conditionis further expected to foster the market growthduring the forecast period. However, the side effects caused due to eye drops such as blurred vision, increased sensitivity, watering eyes, redness, swelling of eyelids, sticky eyelashes, and discomfortlimit the growth of the market.
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The growth of the dry eye productmarket is attributed to factors such asrising incidences of dry eye and growing older population. However, the side effects caused due to eye drops restrain the growth of the market.Novartis AG; Santen Pharmaceutical Co., Ltd; Johnson and Johnson Services, Inc; OASIS Medical; URSAPHARM Arzneimittel GmbH; ROHTO Pharmaceutical Co.,Ltd; OCuSOFT Inc; Bausch Health Companies Inc; AbbVie Inc; and Prestige Consumer Healthcare Incare among the leading companies operating in the global dry eye productmarket.
The global dry eye product market,based on product, is segmented into artificial tears, antibiotic drops, hormone drops, and others.The artificial tearssegment held the largest share of the market in 2019, and this growth is ascribed tothe increasing product launch and easy availability as over the counter drug globally. However, the hormone dropssegment is estimated to register the highest CAGR during the forecast period. Also, the COVID-19 pandemic has negatively impacted the global market. The market in North American countries such as the US, Canada, and Mexico was totally closed for two to three months as the strict lockdown was imposed. The lockdown situation has resulted in a fall down a visit to healthcare facilities centers, and fewer prescriptions have been issued for ophthalmic conditions.
The COVID-19 pandemic is perplexing healthcare institutions in North America with unprecedented operational and clinical challenges. North American countries such as the US, Canada, and Mexico was totally closed for two to three months as the strict lockdown was imposed. The lockdown situation has resulted in a fall down a visit to healthcare facilities centers, and fewer prescriptions have been issued for ophthalmic conditions.
Similarly, the incidences of dry eyes are much higher in the European and Asia Pacific regions. Whereas regions like the Middle East and Africa also have increasing prevalence due to the chronic health conditions and environmental conditions. According to an article published in 2019 by the Department of Research, King Khaled Eye Specialist Hospital, Riyadh, Saudi Arabia, the incidence of dry eye is high among women. The primary cause of dry eye was the medication of glaucoma.The increasing incidences of the dry eye lead to rising direct cost of treatment. According to Ocular Surgery News, the annual direct cost for mild dry eye symptom treatment was US$ 678, for moderate dry eye symptom was US$ 771, and for the severe dry symptom was US$ 1,267. Thus, the increasing incidence of the dry eye leads to the growing cost of healthcare. And it is also expected to drive the market growth during the forecast period.
Based on type, the dry eye product marketis segmented into OTC Drugs and prescription drugs. The OTC drugs segment held the largest share of the market in 2019. However, the prescription drugs segment is anticipated to register the highest CAGR in the market during the forecast period.Eye drops which are accessible over the counter are also called as non-prescription eye drops. Available at a much lower cost when compared with prescription drugs. Eye drops for dry are artificial tears. These drops provide relief from dry eye symptom which are temporary in nature.
Product launches, mergersand acquisitions, collaborations, and expansionsarethe commonly adopted strategies by various companies to expand their footprint worldwide and meet the growing demandby expanding theirrespective product portfolios.The players operating in the dry eye product marketadopted the product innovationsstrategy to cater to changing customer demand worldwide, which also permits them to maintain their brand name globally.
The report segments global dry eye product market as follows:
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