Dry Eye Disease, also known as Keratoconjunctivitis sicca, is a common ocular surface disease which impacts the quality of vision globally. It occurs when the tear film of the eye does not produce enough tears or the tears are not providing the right type of lubrication and moisture to the eye. The main advantage of dry eye drugs and equipment is that they help reduce symptoms of uncomfortable dryness, visual disturbance, and pain that patients experience.
The global Dry Eye Disease Market is estimated to be valued at Us$ 5750.66 Mn in 2023 and is expected to exhibit a CAGR Of 5.3% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing prevalence of dry eye disease across the world is the major trend fueling the growth of the dry eye disease market. As per the National Eye Institute, approximately 4.3 million women and 1.68 million men over the age of 50 suffer from dry eye disease in the United States alone. With the growing geriatric population globally and increasing digital screen exposure during the COVID-19 pandemic, the number of dry eye patients has increased significantly. As per the prevalence data, the disease is observed to affect 5-30% of the world's population. This rising patient pool is driving greater demand for effective treatments and thereby, driving market growth over the forecast period.
Segment Analysis
The global dry eye disease market is dominated by the product segment. Treatment for dry eye disease involves artificial tears which account for the largest share of the market owing to their ease of use and effectiveness in treating mild dry eye conditions. Contact lenses account for the second largest sub-segment as they are widely used for vision correction along with treating mild to moderate cases of dry eye disease. Drug-based therapies hold a relatively lower share currently but are expected to witness higher growth during the forecast period due to the pipeline of new drugs in late stage clinical trials for treating chronic cases of dry eye disease.
Key Takeaways
The Dry Eye Disease Market Demand is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis:
North America will continue dominating the global market driven by growing awareness levels about dry eye disease and availability of advanced treatment options in the region. The Asia Pacific region is expected to grow at the fastest rate during the forecast period due to large population base and increasing per capita spend on eye care in countries like China and India.
Key players operating in the dry eye disease market are Airbus SE, The Boeing Company, Embraer SA, ROSTEC, ATR, Commercial Aircraft Corporation of China Ltd., and Mitsubishi Aircraft Corporation. Airbus SE held the leading share of over 35% in the global commercial aircraft market in 2022 owing to its wide portfolio of single aisle, twin aisle and very large aircraft. The Boeing Company accounted for the second largest share and has a strong order backlog despite facing challenges in the 737 MAX program over the past years.
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