DRY EYE DISEASE MARKET ANALYSIS

Dry Eye Disease Market Size and Trends

The dry eye disease market is estimated to be valued at USD 7.33 Bn in 2024 and is expected to reach USD 13.26 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 8.8% from 2024 to 2031.

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The dry eye disease market is expected to witness steady growth during the forecast period. This growth is attributed to rising geriatric population worldwide who are more prone to developing dry eye disease. Additionally, the increasing prevalence of chronic diseases, such as diabetes, which can cause tear deficiency is also contributing to the growth of the market. With growing awareness about disease diagnosis and treatment options, there is higher demand for prescription and over-the-counter medications to manage the symptoms of dry eyes. Furthermore, technological advancements in incorporating artificial tears, punctum plugs, and other medical devices for dry eye treatment is expected to provide new opportunities for market players over the next few years.

Increasing product launches and approvals for dry eye disease treatment

The increasing number of product approvals and launches for dry eye disease treatment over the past couple of years has provided a significant boost to the dry eye disease market. With the disease affecting a substantial portion of the global population, especially with rising screen time and digital device usage, the demand for effective treatment options has grown exponentially. Several biotechnology and pharmaceutical companies have responded to this demand by investing heavily in research and developing new drugs and therapies. For instance, in February 2023, Aldeyra Therapeutics, Inc., a company discovering and developing innovative therapies designed to treat immune-mediated diseases, announced that the U.S. Food and Drug Administration (FDA) had accepted the New Drug Application (NDA) for topical ocular reproxalap, a first-in-class investigational new drug candidate, for the treatment of the signs and symptoms of dry eye disease.

People who frequently use computer or screens are also at high risk of developing dry eyes, as using screens for a long period can lead to reduced blinking and tear production. Digital device usage has increased significantly in recent years among all age groups, due to extensive use for social and professional purposes. Blue light emitted by digital screens is associated with symptoms of dry eye syndrome. Exposure to blue light (range of 400–500 nm) can be harmful to the retina. Longer duration and less intense light exposure can also induce photochemical damage in the eyes. Furthermore, lack of sleep and excessive stress can play a crucial role in the onset of dry eye syndrome due to oily tear gland dysfunction. According to the data provided by SleepFoundation.org, a foundation providing information about sleep and promoting overall wellness, in May 2023, more than one-third of U.S. adults sleep less than seven hours per night, on average. According to the same source, 50 million to 70 million people in the U.S. have ongoing sleep disorders.