Artificial Tears Segment by Product to Lead Dry Eye Products Market during 2021–2028
According to our latest study on "Dry Eye Products Market Forecast to 2028 – COVID-19 Impact Analysis – by Product and Type," the market is projected to reach US$ 9,681.73 million by 2028 from US$ 6,837.26 million in 2021; it is estimated to grow at a CAGR of 5.1% from 2021 to 2028." The report highlights the key factors driving the market growth and prominent players with their developments in the market. Factors such as rising incidences of dry eye and the growing geriatric population are expected to boost the growth of the global dry eye products market. However, the side effects caused due to eye drops are limiting the growth of the dry eye products market.
Dry eye is a chronic, progressive syndrome depending on the cause and severity. It is a condition when people do not have tears to lubricate their 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 incidence and prevalence of dry eye are rising among population, especially in developed nation. Dry eye is caused by multiple factors that result in discomfort, irritation, and visual disturbance. For instance, in April 2020, according to a study 'National Health and Wellness Survey' conducted in the US, ~16.4 million people were diagnosed with dry eye. The data also stated that the prevalence has gone up by 2.7% among the people of age 18−34 years. Additionally, the prevalence was 18.6% among older people. Based on sex, the percentage of prevalence was higher in women; it accounted for 8.8% than men with 4.5%. The dry eye incidences are higher among the population 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 is the medication of glaucoma. The increasing incidence of dry eye is leading to the rise in 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 eye symptom was US$ 1,267. Thus, the increasing prevalence of dry eye is expected to drive the growth of dry eye products market
All the regions were highly affected in the world as the outbreak of COVID–19 has come from China. Countries such as China, India, and South Korea have registered the highest number of COVID–19 positive patients. The countries have imposed lockdowns for several months. Few countries, such as South Korea and China, have recovered from the pandemic. However, India is still struggling to fight against COVID–19. Therefore, there has been a tremendous economic drop in the country, which is trying to recover. The fast recovery from the situation was seen due to the shift of focus of various companies operating in the ophthalmic division. Companies have shifted their focus towards supplying relief to these countries as corporate social responsibility (CSR) activity. Also, governments are seeking help from the private sector to contribute during the challenging situation. Therefore, market players have strengthened their efforts to supply personal protective equipment. For instance, in January 2020, Allergan plc donated US$ 9,514 million (one million yen) to the Chinese Red Cross Foundation to provide medical masks, robes, gloves, eyewear, and other protective equipment for medical providers in Wuhan.
The dry eye products market is fragmented, and majorly, it consists of the players such as companies such as 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 Inc. The companies have been implementing various strategies that have helped the company's growth and, in turn, have brought about various changes in the market. The companies have utilized organic strategies such as launches, expansion, and product approvals. Whereas inorganic strategies such as mergers & acquisitions, partnerships, and collaborations, were widely seen in the dry eye products market.
- In May 2021, URSAPHARM Arzneimittel GmbH formed a partnership with Scope Eyecare. With the launch of the OPTASE HYLO range of dry eye products in the United States in June 2021, the new partnership expanded Scope's Dry Eye Portfolio.
- In June 2020, OCuSOFT Inc. and EKKDA Research, LLC entered into a sales-distribution agreement. This partnership helped the partners to establish and develop in ophthalmology and optometry-related business. EKKDA's research LLC's projects are focused fundamentally on eye care.
The Dry Eye Products Market has Been Segmented as Follows:
The dry eye products market is fragmented, and majorly, it consists of the players such as companies such as 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 Inc. The companies have been implementing various strategies that have helped the company's growth and, in turn, have brought about various changes in the dry eye products market market. The companies have utilized organic strategies such as launches, expansion, and product approvals. Whereas inorganic strategies such as mergers & acquisitions, partnerships, and collaborations, were widely seen in the dry eye products market.
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