The dry eye products market size is projected to grow from US$ 6.95 billion in 2023 to US$ 10.04 billion by 2031, recording a CAGR of 4.7% during 2023–2031.
The report includes growth prospects owing to the current dry eye products market trends and their foreseeable impact during the forecast period. Dry eye is a condition characterized by the lack of adequate quality of tears to lubricate and nourish the eye or by a quick evaporation of tears. With hormonal changes, as people get older, the tendency to produce tears decreases. Dry eye is common in both males and females. However, more cases are recorded in women, mainly those who have gone through menopause. Dry eye is a chronic condition that doesn’t have a specific cure, but treatments can help manage the symptoms. Developing countries are expected to offer significant growth opportunities to the dry eye products market in the coming years.
Growth Drivers:
Upsurge in Geriatric Population Drives Dry Eye Products Market Growth
Dry eye syndrome is a common eye disorder affecting a substantial share of the population, especially those older than 50. Middle-aged and older adults are more common targets of this syndrome, which can be associated with the usage of contact lenses, the prevalence of autoimmune diseases, systemic drug effects, and refractive surgeries. The burden of dry eye syndrome would continue to surge due to increased life expectancy, along with the rising cases among the elderly population. According to the World Health Organization (WHO), the population aged 60 and above would increase from 1 billion in 2020 to 1.4 billion by 2030; the number is further likely to double and reach ~2 billion by 2050. The number of individuals aged 80 and above is expected to triple from 2020 to 2050 to reach 426 million. According to an article published by the American Academy of Ophthalmology, the risk of DED increases with age. The prevalence of DED ranges from 2.7% in individuals aged 18–34 to 18.6% in those aged 75 and above. The Centers for Disease Control and Prevention (CDC) states that in the US the prevalence of diabetic retinopathy was lowest among people younger than 25 years (13.0%) and highest among people from the age group of 65–79 (28.4%). Thus, the demand for dry eye products such as artificial tears is increasing with the growing geriatric population worldwide.
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Dry Eye Products Market: Strategic Insights
Market Size Value in US$ 6.95 billion in 2023 Market Size Value by US$ 10.04 billion by 2031 Growth rate CAGR of 4.7% from 2023 to 2031 Forecast Period 2023-2031 Base Year 2023
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Dry Eye Products Market: Strategic Insights
| Market Size Value in | US$ 6.95 billion in 2023 |
| Market Size Value by | US$ 10.04 billion by 2031 |
| Growth rate | CAGR of 4.7% from 2023 to 2031 |
| Forecast Period | 2023-2031 |
| Base Year | 2023 |
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Report Segmentation and Scope:
The dry eye products market analysis is performed by considering the following segments: product, dosage form, type, and distribution channel.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Segmental Analysis:
By product, the dry eye products market is segmented into artificial tears, anti-inflammatory drugs, punctal plugs, secretagogues, oral omega supplements, and others. The artificial tears segment held the largest dry eye products market share in 2023. The anti-inflammatory drugs segment is anticipated to register the highest CAGR of 5.7% during 2023–2031. Anti-inflammatory drugs are further categorized into cyclosporine, corticosteroid, and others. The dryness of eyes is a result of the low level of tear production or the lack of the right-quality tear film in the eye. The lack of lubrication of eyes, mostly due to the insufficiency of tears, leads to the dryness of eyes. Artificial tears help maintain good moisture content on the outer surface of eyes, subsequently lubricating them. They are generally available as over-the-counter products. Artificial tears, or eye drops, are available in two forms: with preservatives and without preservatives. These are recommended based on the frequency of use. Artificial tears are also available in gel and gel insert forms. These products may have side effects such as blurred vision.
Dry Eye Products Market, by Product – 2023 and 2031
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
By dosage form, the dry eye products market is categorized into eye drops, gels, capsules and tablets, and others. The eye drops segment held the largest market share in 2023. The gels segment is anticipated to register the highest CAGR of 5.2% during 2023–2031.
By type, the dry eye products market is bifurcated into OTC and prescription. The OTC segment held a larger market share in 2023, and it is anticipated to register a higher CAGR of 5.1% during 2023–2031. The prescription eye drops are used to treat disorders such as DED and the lowering of intraocular pressure (IOP) in glaucoma patients.
The dry eye products market, by distribution channel, is segmented into retail pharmacy, hospital pharmacy, and online pharmacy. The retail pharmacy segment held the largest market share in 2023. The online pharmacy is anticipated to register the highest CAGR of 5.7% during the forecast period.
Regional Analysis:
The scope of the dry eye products market report includes North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. In 2023, North America accounted for the largest dry eye products market share. The market growth in this region is driven by increasing awareness of dry eyes disease, a growing aging population, technological advancements, and rising eye disease cases. Moreover, the easy availability of various drugs due to frequent launches of new drugs is one of the key factors propelling the market growth in the region.
Europe occupies a significant position in the global dry eye products market, and it is expected to record a strong growth rate during the forecast period. The dry eye products market growth in the region is mainly attributed to rising incidences of glaucoma (leading to the growing cases of dry eye disease), availability of new products, the surging aging population, and rising awareness about DED. Germany is a country with a large number of patients suffering from eye disorders. Due to the widespread occurrence of ophthalmic conditions such as glaucoma, cataracts, and retinal detachments, eye drops have become increasingly important in the country. According to the "Incidence of Retinal Detachment in Germany: Results from the Gutenberg Health Study," published in Ophthalmologica in May 2021, the incidence of retinal detachment disease in Germany was 42 per 100,000 people per year in the age group of 35–74. Compared to estimates from other European nations, Germany has a high incidence of retinal detachment in people from this age group. Thus, the demand for eye drops increases with population aging in Germany.
Competitive Landscape and Key Companies:
The dry eye products market forecast can help stakeholders in this marketplace plan their growth strategies. Santen Pharmaceutical Co Ltd, Johnson & Johnson, OASIS Medical, URSAPHARM Arzneimittel GmbH, Rohto Pharmaceutical Co Ltd, OCuSOFT Inc, Bausch Health Companies Inc, AbbVie Inc, Prestige Consumer Healthcare Inc, Farmigea SpA, and Alcon AG are among the prominent companies profiled in the dry eye products market report. These companies focus on developing new technologies, upgrading existing products, and expanding their geographic presence to meet the growing consumer demand worldwide. As per company press releases, the following are a few recent developments by major companies in the market:
- In September 2023, Bausch + Lomb Corporation (Bausch + Lomb), a subsidiary of Bausch Health Companies Inc, completed its acquisition of XIIDRA (lifitegrast ophthalmic solution) 5%, a non-steroid eye drop specifically approved to treat the signs and symptoms of dry eye disease. The product specifically focuses on inflammation associated with dry eye and certain other ophthalmology assets.
- In November 2022, Santen Pharmaceutical Co Ltd launched DIQUAS LX Ophthalmic Solution 3% (diquafosol sodium) in Japan. The DIQUAS LX solution is a formulation that requires the administration of one drop three times daily to treat dry eye disease.
- In August 2022, Alcon and Aerie Pharmaceuticals Inc. entered into a definitive merger agreement. As a part of this deal, Alcon acquired Aerie. This transaction helps bolster Alcon’s presence in the ophthalmic pharmaceutical space with its growing portfolio of commercial products and development pipeline.
- In July 2021, TheraTears was acquired by Prestige Consumer Healthcare Inc. The acquisition of TheraTears added to Prestige's leading eye care portfolio and provided the company with new long-term growth prospects.
- In February 2021, Allergan launched Refresh Digital, a new lubricant eye drop designed to specifically relieve dryness and irritation caused by prolonged screen time.
- In June 2020, OCuSOFT Inc. and EKKDA Research LLC entered into a sales-distribution agreement. This partnership helps the partners to establish and develop in the ophthalmology and optometry-related business. EKKDA’s research LLC's projects are focused fundamentally on eye care.
- In May 2020, AbbVie Inc acquired Allergan plc as a part of the company's inorganic business strategy. The acquisition has provided the company access to and expanded its business portfolio in the eye care associated markets.
- In January 2020, Santen Pharmaceutical Co Ltd as a part of its business expansion in China constructed its second plant for its Chinese subsidiary "Santen Pharmaceutical (China) Co Ltd." to support the growing demand for products in China.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product, Dosage Form, Type, and Distribution Channel
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The dry eye products market by distribution channel, is categorized into retail pharmacies, hospital pharmacies, and online pharmacies. The retail pharmacies segment held the largest dry eye products market share in 2023. The online pharmacies segment is anticipated to register the highest CAGR of 5.7%.
Asia Pacific is expected to be the fastest growing region in the dry eye products market. The dry eye products market in Asia Pacific is expected to register the highest CAGR during the forecast period. According to NIH, in China, ~20–30% of people are diagnosed with dry eye conditions every year. The dry eye products market in China is quite competitive, with the presence of both domestic and international pharmaceutical companies. Novaliq has established a strategic cooperation with Jiangsu Hengrui Pharmaceuticals to manufacture, develop, and commercialize NOV03 for the treatment of dry eye disease.
The dry eye products market, based on product, is segmented into artificial tears, anti-inflammatory drugs, punctal plugs, secretagogues, oral omega supplements, and others. The artificial tears segment held the largest dry eye products market share in 2023. The anti-inflammatory drugs segment is anticipated to register the highest CAGR during 2023–2031.
The dry eye products market by dosage form is bifurcated into OTC and prescription. The OTC segment held a larger share of the market in 2023, and it is anticipated to register a higher CAGR of 5.1% during 2023–2031.
The factors that are driving growth of the market are the rising prevalence of dry eye and upsurge in geriatric population.
Dry eye is a condition characterized by the lack of adequate quality of tears to lubricate and nourish the eye or by a quick evaporation of tears. With hormonal changes, as people get older, the tendency to produce tears decreases. Dry eye is common in both males and females. However, more cases are recorded in women, mainly those who have gone through menopause. Dry eye is a chronic condition that doesn’t have a specific cure, but treatments can help manage the symptoms.
The dry eye products market majorly consists of the players such as Santen Pharmaceutical Co Ltd, Johnson & Johnson, OASIS Medical, URSAPHARM Arzneimittel GmbH, Rohto Pharmaceutical Co Ltd, OCuSOFT Inc, Bausch Health Companies Inc, AbbVie Inc, Prestige Consumer Healthcare Inc, Farmigea SpA and Alcon AG.
US holds the largest market share in dry eye products market. DED is a common but underdiagnosed condition in the US, and an increase in the population age can be associated with the surging prevalence of this disease. According to the Centers for Disease Control and Prevention (CDC), age-related eye diseases such as cataract, macular degeneration, diabetic retinopathy, and glaucoma are the primary causes of blindness and impaired vision in the US. Other common eye disorders include amblyopia and strabismus. Dry eye disease is expected to affect as many as 2.79 million US men by 2030.
The List of Companies - Dry Eye Products Market
- Santen Pharmaceutical Co., Ltd.
- Johnson & Johnson
- OASIS Medical
- URSAPHARM Arzneimittel GmbH
- Rohto Pharmaceutical Co Ltd
- OCuSOFT Inc.
- Bausch Health Companies Inc
- AbbVie Inc
- Prestige Consumer Healthcare Inc.
- Farmigea SpA
- Alcon AG
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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