Dry Eye Syndrome Treatment Market Size To Reach $ 10.13 Billion By 2030

 San Francisco, 14 Aug 2023: The Report Dry Eye Syndrome Treatment Market Size, Share & Trends Analysis Report By Type (Evaporative, Aqueous Deficient), By Drug, By Product, By Dosage Form, By Sales Channel, By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

The global dry eye syndrome treatment market size is expected to reach USD 10.13 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.85% from 2023 to 2030. The growth of the market is attributed to factors such as the increasing use of screens, the rising geriatric population, and a heightened prevalence of eye diseases.

The heightened use of devices with a screen, surging use of computers, and a decreased number of blinks are subsequently leading to the growth of evaporative dry eye syndrome globally. For instance, as per Frontiers Journal in 2021, when compared to pre-pandemic years, the use of screens has increased by 60–80% in adults during the COVID-19 pandemic. The exposure to the screen leads to a 66% decreased blinking rate, thus escalating the evaporation of tears and leading to dry eye disease.

Over-the-counter (OTC) products predominate the marketplace due to the extremely low acceptance of prescription products. For instance, only 10% of the diagnosed population is on prescription therapies, while 75% of the population has never tried prescription therapy. However, the number of patients diagnosed with dry eye syndrome accounts for 5-35% of overall ophthalmologist visits.

Moreover, existing products such as Xiidra and Restasis take months or weeks to demonstrate effects. In addition, as per eye consultants, these products have tolerability issues and a failure rate of as high as 50%. This depicts an unmet need in the market and is anticipated to create a lucrative opportunity for pipeline products expected to launch in the upcoming years. Moreover, regulations associated with the drugs further hamper the growth of the overall market. For instance, in 2020, Novartis had to voluntarily withdraw the use of Xiidra in Europe after regulators raised major objections to its use of xiidra.

Innovations and strategic initiatives by key players are driving the market. New product launch is a common strategy being used by the players. For instance, in October 2021, Tyrvaya (varenicline solution) nasal spray by Oyster Point Pharma was approved by the FDA as an alternative treatment approach.

Access Research Report of Dry Eye Syndrome Treatment Market @ https://www.grandviewresearch.com/industry-analysis/dry-eye-syndrome-treatment-market

Dry Eye Syndrome Treatment Market Report Highlights

• By type, evaporative dry eye syndrome held the largest share in 2022 owing to the increasing prevalence of the condition and heightened screen time
• Based on dosage form, eye drops held the largest revenue share in 2022 owing to easy availability as well as increased preference for eye drop administration of the product
• By drug, Restasis held the largest market share in 2022 owing to its high adoption as a prescription drug for dry eye treatment
• Based on distribution channel, online pharmacies are expected to grow at the fastest rate over the forecast period due to the increased consumer preference for online pharmacies owing to the convenience
• North America dominated the market in 2022 due to the high prevalence of the disease, surging awareness, and enhanced treatment rate

Dry Eye Syndrome Treatment Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 5.92 billion
Revenue forecast in 2030	USD 10.13 billion
Growth rate	CAGR of 7.85% from 2023 to 2030
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030

List of Key Players in Dry Eye Syndrome Treatment Market

• Novartis AG
• AbbVie, Inc.
• Sun Pharmaceutical Industries Ltd.
• Santen Pharmaceutical Co., Ltd.
• AFT Pharmaceuticals
• Johnson & Johnson Services, Inc.
• Otsuka Pharmaceutical Co., Ltd.
• OASIS Medical
• Oyster Point Pharma, Inc.
• Bausch & Lomb

Access Press Release of Dry Eye Syndrome Treatment Market @ https://www.grandviewresearch.com/press-release/global-dry-eye-syndrome-treatment-market