Dry Eye Products Market is expected to reach US$ 10.04 billion by 2031

Artificial Tears Segment to Hold Significant Share of Dry Eye Products Market During 2023–2031 

According to our latest study on "Dry Eye Products Market Forecast to 2031 – Global Analysis – Product, Dosage Form, Type, and Distribution Channel," the market was valued at US$ 6.95 billion in 2023 and is projected to reach US$ 10.04 billion by 2031. The market is expected to grow at a CAGR of 4.7% by 2031. Factors such as the rising prevalence of dry eye and an upsurge in the geriatric population are contributing to the growing dry eye products market size. However, side effects of eye drop and product recalls impede the market growth.

Changes or improvements in daily habits such as diet, sleep, and exercise are among the major areas focused on during the treatment of dry eye disease (DED). Many companies have designed innovative formulae that are in the pipeline to offer better eye drops for dry eye conditions. For instance, Alcon has achieved the primary endpoint for AR-15512 for DED in Phase III COMET trials. AR-15512 has not been submitted for approval to the US Food and Drug Administration and is not commercially available. Alcon plans to file the New Drug Application (NDA) for AR-15512 in mid-2024.

Dry Eye Products Market

Stuart Therapeutics’ ST-100 (vezocolmitide) ophthalmic solution to diagnose DED is in the Phase III clinical trial. The ST-100 drug candidate has been shown to relieve symptoms of dry eye and restore nerve function in previous phases of trials, resulting in improvements in the lacrimal functional unit or tear process. Patients begin experiencing relief as soon as the second day of use, with a vastly superior speed of action compared to existing therapeutics.

CS Pharmaceuticals (CSP) has acquired AxeroVision, a company engaged in developing novel therapies for treating DED and other ophthalmic inflammatory diseases by addressing the underlying inflammatory processes. With this, CSP has also acquired the pipeline product AXR-270, a novel selective glucocorticoid receptor agonist. AXR-270 is formulated with a cutting-edge drug delivery system that is designed to overcome the issues of poor compliance and inefficient delivery of conventional eye drops. Thus, the expanding product pipelines are likely to bring new dry-eye product market trends in the coming years.

Market Segmentation:

The dry eye products market analysis has been carried out by considering the following segments: product, dosage form, type, and distribution channel. Based on product, the market is segmented into artificial tears, anti-inflammatory drugs, punctual 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 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 the 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.

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. Eye drops can relieve the signs of most eye problems, including dry eye. Lubricating eye drops, also known as artificial tears, can help subside short-term dry eye. These drops help treat dry eye resulting from digital eye strain, sun and wind exposure, tiredness, and other problems.

By type, the market 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. Patients tend to visit ophthalmologists when OTC drugs fail to produce the desired effects. Most of the prescription dry eye products contain preservatives that are added to enable a longer shelf life by preventing bacterial growth. Further, prescription eye drops are used to treat disorders such as DED and the lowering of intraocular pressure (IOP) in glaucoma patients.

The 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% during 2023–2031. Retail pharmacy stores sell prescription drugs, OTC drugs, and some fast-moving consumer goods, along with providing related services. Patients find it easy to receive counseling from pharmacists due to the easily accessible locations of these pharmacies.

Dry Eye Products Market, by Geography:

The scope of the dry eye products market report entails North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). North America dominated the dry eye products market in 2023. Asia Pacific is anticipated to register the highest CAGR in the dry eye products market during 2023–2031.

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. Thus, with the rising incidence of dry eye disease, the demand for therapeutic products is on the rise in the country. In January 2021, Kala Pharmaceuticals Inc. launched EYSUVIS 0.25% (loteprednol etabonate ophthalmic suspension) for the short-term (up to two weeks) treatment of dry eye disease symptoms. EYSUVIS is now available in national and regional pharmaceutical distribution centers across the US.

The dry eye products market growth in Asia Pacific is attributed to the increasing incidence of DED among young people due to prolonged usage of computers, growing government support for eye health, and ongoing developments in ophthalmic solutions. 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. In December 2021, Hengrui obtained positive outcomes from the critical Phase 3 clinical trial of SHR8058 (NOV03) for the treatment of dry eye disease linked with meibomian gland dysfunction; the trial was conducted at 17 sites across China. The Chinese firm is expected to distribute these products across China and Southeast Asia. Thus, the contributions and market initiatives of Novaliq and Hengrui in China are propelling the dry eye products market growth.

Apart from factors driving the market, the dry eye products market report emphasizes on prominent players operating in the market; these include 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.

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