NEW YORK, Oct. 14, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Dry Eye Products Market Size, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028-COVID-19 Impact Analysis-by Product and Type" the global dry eye products market size is projected to reach USD 9,681.73 million by 2028 from USD 6,837.26 million in 2021; it's estimated to grow at a CAGR of 5.1% from 2021 to 2028.
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Global Dry Eye Products Market Report Scope, Segmentations, Regional & Country Scope:
Report Coverage | Details |
Market Size Value in | USD 6,837.26 million in 2021 |
Market Size Value by | USD 9,681.73 million by 2028 |
Growth rate | CAGR of 5.1% from 2021 to 2028 |
Forecast Period | 2021-2028 |
Base Year | 2021 |
No. of Pages | 154 |
No. of Tables | 84 |
No. of Charts & Figures | 70 |
Historical data available | Yes |
Segments covered | Product, Type |
Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Companies Covered | Novartis AG; Santen Pharmaceutical Co., Ltd; Johnson and Johnson Services, Inc; OASIS Medical; URSAPHARM Arzneimittel GmbH; ROHTO Pharmaceutical Co., Ltd; OCuSOFT Inc; Bausch Health Companies Inc; AbbVie Inc; Prestige Consumer Healthcare Inc. |
Key Research Capabilities | Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development |
Global Dry Eye Products Market Forecast to 2028 - Latest COVID-19 Analysis | https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00012323/ |
Browse key market insights spread across 154 pages with 84 list of tables & 70 list of figures from the report, "Dry Eye Products Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product [Antibiotic Drops, Hormone Drops, Artificial Tears (OTC Artificial Tears and Prescription Artificial Tears) and Others] and Type (Prescription Drugs and OTC Drugs)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/dry-eye-products-market
Global Dry Eye Products Market: Competitive Landscape and Key Developments
Novartis AG; Santen Pharmaceutical Co., Ltd; Johnson and Johnson Services, Inc; OASIS Medical; URSAPHARM Arzneimittel GmbH; ROHTO Pharmaceutical Co., Ltd; OCuSOFT Inc; Bausch Health Companies Inc; AbbVie Inc; and Prestige Consumer Healthcare Inc. are among the leading companies operating in the dry eye products market. These players focus on expanding and diversifying their market presence and acquiring a new customer base, thereby tapping prevailing business opportunities. The overall market is consolidated in nature as the top six to seven players captured the majority portion of dry eye products industry.
In June 2020, OCuSOFT Inc. and EKKDA Research, LLC entered into a sales-distribution agreement. This partnership help the partners to establish and develop in ophthalmology and optometry related business. EKKDA's research LLC's projects are focused fundamentally on eye care.
In May 2021, URSAPHARM Arzneimittel GmbH has formed a partnership with Scope Eyecare. With the launch of the OPTASE HYLO range of dry eye products in the United States beginning in June 2021, the new partnership expands Scope's Dry Eye Portfolio.
In May 2020, AbbVie Inc. acquired Allergan plc as a part of company's inorganic business strategy. The acquisition has provided the company access to and expand its business portfolio in the eye care associated markets.
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Global Dry Eye Products Market: Key Insights
The increasing incidence of dry eye is leading to the rise in the direct cost of treatment. According to Ocular Surgery News, the annual direct cost for mild dry eye symptom treatment was US$ 678, for moderate dry eye symptoms was US$ 771, and for severe dry eye, symptoms were US$ 1,267. Thus, the increasing prevalence of dry eye is expected to drive the growth of the dry eye products market.
Impact of COVID-19 Pandemic on Global Dry Eye Products Market:
The outbreak of COVID-19 has negatively influenced the ophthalmic industry. Companies manufacturing ophthalmic products have faced losses during the COVID-19 pandemic. Some companies have enough funds to sustain during the lockdown period. For instance, Bausch & Lomb Incorporated has managed to generate an amount of ~US$ billion from its liquidity reserves and operations. The market in North American countries such as the US, Canada, and Mexico was totally closed for two to three months as the strict lockdown was imposed. The lockdown situation has resulted in a fall down a visit to healthcare facilities centers, and fewer prescriptions have been issued for ophthalmic conditions. Therefore, it has affected various companies' sources of revenue generation. If the numbers of COVID-19 continue to rise, then it will severely impact the company's revenue generation resulting in slower economic growth in the North American countries. For instance, the US contributes ~60% to the Bausch & Lomb Incorporated revenue generation. On the other hand, the company sells its products widely to the hospitals, retail stores, and pharmacies, which accounts for 55% of the revenue. Thus, there is a risk of the increasing epidemic of COVID-19 again, which is likely to affect the market growth in the following two to three years.
In Europe, countries such as Italy, Spain, France, and the UK were highly affected by the COVID-19 pandemic. On the other hand, countries such as Russia, Germany, Switzerland were other countries, which were affected moderate to severe. Various ophthalmic companies have been contributing their funds as COVID-19 relief fund. For instance, the European Commission has granted ~US$ 195 million (€166 million) through its European Innovation Council (EIC) Accelerator Pilot. In the initiative, 36 companies have participated in the recovery plan for Europe. In addition, companies are individually contributing their help to fight against COVID-19 pandemic. For instance, in Spain, the Bausch Foundation has increased its supply of Artelac Splash eye drops in local hospitals as a part of the donation. The eye drops are used for treating dry eye conditions. Thus, the shift from the production of ophthalmic products companies is manufacturing personal protective equipment, which is expected to hinder the dry eye products market in the following years.
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Surge in Dry Eye Diseases Boost Global Dry Eye Products Market Growth:
The incidence and prevalence of dry eye are rising among the population, especially in developed nations. Dry eye is caused by multiple factors that result in discomfort, irritation, and visual disturbance. For instance, in April 2020, according to a study 'National Health and Wellness Survey' conducted in the US, ~16.4 million people were diagnosed with dry eye. The data also stated that the prevalence has gone up by 2.7% among the people of age 18-34 years. Additionally, the prevalence was 18.6% among older people. Based on sex, the percentage of prevalence was higher in women; it accounted for 8.8% than men with 4.5%.
Global Dry Eye Products Market: Segmental Overview
Based on product, the dry eye products market is segmented into artificial tears, antibiotic drops, hormone drops, and others. The artificial tears segment held the largest share of the market in 2021. The artificial tears segment is further subsegmented into OTC artificial tears and prescription artificial tears. This growth is ascribed to the increasing product launch and easy availability as an over-the-counter drug globally. However, the hormone drops segment is estimated to register the highest CAGR during the forecast period.
Based on type, the dry eye products market is bifurcated into prescription and OTC drugs. The OTC drugs segment held the largest share of the market in 2021, and this growth is ascribed to the increasing product launch and easy availability as over the counter drug globally. However, the prescription drugs segment is estimated to register the highest CAGR during the forecast period.
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