The dry eye disease market is estimated to be valued at USD 7.33 billion in 2024, growing at a CAGR of 8.8% over the forecast period (2024–2031). Furthermore, the increasing prevalence of dry eye disease among the geriatric population, growing awareness about the disease and its treatment options, and growing demand for advanced diagnostic devices are expected to fuel the market growth.
Market Dynamics:
Rising healthcare expenditure in developed and developing countries is expected to drive the growth of the dry eye disease market. Growing disposable incomes have allowed people to spend more on their health and wellness. This has increased the demand for advanced dry eye disease diagnostic devices and treatment options. The risk of dry eye disease increases with age as tear production and quality declines naturally. The worldwide geriatric population is growing rapidly. According to the United Nations, the number of people aged 65 years and above is projected to grow from 703 million in 2019 to 1.5 billion in 2050. The aging demographics will drive the market growth over the forecast period.
Increasing Prevalence of Dry Eye Disease due to the Extensive Usage of Digital Devices is Driving the Market Growth
The extensive usage of digital devices such as smartphones, tablets, laptops, etc. for long hours is significantly contributing to the growing prevalence of dry eye disease. Prolonged screen time reduces blinking rate which disrupts the natural tear film formation leading to various symptoms of dry eyes. With rapid digitalization and rising smartphone penetration worldwide, the screen time per day has increased drastically over the past few years. This high dependence on digital devices for work, education, and entertainment is expected to further augment the cases of dry eye disease, thereby propelling the demand for its treatment and management in the coming years.
Rising Geriatric Population Plagued by Age-related Dry Eye Issues is Fuelling the Market Growth
Dry eye disease is highly prevalent among the geriatric population majorly due to various age-related physiological changes. With advancing age, the meibomian glands produce less lipid content resulting in abnormal tear film composition. Moreover, aging eyes tend to lose excess water content much faster leading to increased tear evaporation and hyperosmolarity of tears. The global geriatric population, defined as people aged 65 years or above, is growing at an unprecedented rate. This dramatic rise in the aging demographic worldwide poses a huge patient pool suffering from dry eye symptoms necessitating long-term treatment support. This demographic tailwind is expected to significantly contribute to the ongoing expansion of the dry eye disease market.
High Cost of Treatment and Lack of Awareness Hamper Wider Uptake of Available Therapies
While the market is witnessing sustained growth from increasing disease burden, some restraints continue to limit its potential to some extent. The high cost associated with frequent doctor visits, special eye tests, prescription medications, and artificial tears make long-term management of dry eye disease unaffordable for many patients. Also, the lack of comprehensive symptom awareness among the general population as well as primary care physicians often leads to underreporting and delayed diagnosis of dry eye problems. This leads to faster progression of the condition to more advanced stages necessitating expensive surgeries and devices for effective management. The limited reimbursement policies of both government-backed and private healthcare insurers also pose budgetary challenges for patients. Such financial barriers restrict wider adoption of prescribed dry eye therapies and devices even in developed markets.
Growing Adoption of Novel Therapies like Fat Substitutes and Gene Therapies will Open Lucrative Opportunities
New research efforts are intensively focusing on developing more effective and long-lasting treatments for dry eye disease that can eliminate the need for lifelong dependence on artificial tears. Novel therapeutic modalities like fat substitutes, which can mimic lipid-containing meibum to restore normal tear film, hold significant promise. They promise longer relief from dryness than conventional artificial tears. Gene therapies involving the introduction of corrective genetic materials also present an attractive opportunity as they can potentially provide a "functional cure" by permanently reversing age/disease-induced changes in tissue structure/function. Increasing funding in R&D will support the development of such transformative therapies over the coming decade. The emergence of novel drug delivery systems like punctal plug drug inserts embedded with multiple sustained-release medications also opens new futuristic opportunities.
Growth of E-Commerce Platforms Selling Dedicated Dry Eye Products will Boost Accessibility
The increasing shift towards online retail channels provides an encouraging opportunity for the wider availability and affordability of dry eye care products. E-commerce platforms selling a dedicated range of artificial tears, hot/cold eye masks, eye massagers, eyelid wipes, and nutritional supplements directly to consumers present a cost-effective way for patients to access such therapies and self-manage mild to moderate dry eye issues. Established e-retailers as well as startups catering to eye care needs are emerging as attractive direct-to-consumer distribution channels for dry eye product manufacturers. Market leaders are also focusing on strategic tie-ups and private label partnerships with e-commerce companies to strengthen their online presence. This growing popularity of e-commerce retail networks is expected to boost the accessibility and affordability of dry eye therapies, thereby augmenting the overall market growth.
Link: https://www.coherentmarketinsights.com/market-insight/dry-eye-disease-market-5438
Key Development
- On January 11, 2024, Harrow, a prominent U.S.-based pharmaceutical company specializing in eyecare, unveiled the availability of VEVYE (cyclosporine ophthalmic solution) 0.1%. VEVYE is a patented prescription medication administered twice daily (BID), utilizing an innovative "water-free" semifluorinated alkane eyedrop technology. The product launch in the U.S. includes a 100% Money Back Guarantee program. VEVYE, dispensed in 10 microliter drops, represents a breakthrough as the first and only cyclosporine-based treatment approved for addressing both the signs and symptoms of dry eye disease (DED).
- On January 9, 2024, Alcon, a global leader in eyecare, disclosed positive topline findings from two pivotal Phase 3 clinical trials (COMET-2 and COMET-3) evaluating the efficacy and safety of AR-15512, a prospective treatment for dry eye disease (DED)
- In June 2023, Novaliq GmbH, a biopharmaceutical firm, announced the approval of VEVYE (cyclosporine ophthalmic solution) 0.1% by the U.S. Food and Drug Administration (FDA) for addressing dry eye symptoms. Developed under the name CyclASol, VEVYE stands as the first and sole cyclosporine solution sanctioned for mitigating both the signs and symptoms of dry eye disease, with demonstrated efficacy following a four-week treatment regimen.
- In May 2023, ENTOD Pharmaceuticals, a research-driven pharmaceutical enterprise, introduced CYCLOTEARS eye drops for patients afflicted with inflammatory Dry Eye Disease (DED) in India and various international markets. CYCLOTEARS eye drops mark a significant advancement as the world's premier dry eye treatment leveraging the company's patented self-emulsifying drug delivery system (SEDDS) technology.
Key Players: Novartis AG, Alcon Inc., I-MED Pharma Inc, Sun Pharmaceutical Industries Ltd., Novaliq GmbH, Cipla Inc., AbbVie Inc., Lupin, Otsuka Holdings Co., Ltd., Santen Pharmaceutical Co., Ltd, Cambium Medical Technologies, Viatris Inc., Teva Pharmaceutical Industries Ltd., Bausch & Lomb Incorporated, Abbott, Adrif Vision, Grevis Pharmaceuticals Pvt. Ltd., AFT Pharmaceuticals, URSAPHARM Arzneimittel GmbH, and Altacor
