The dry eye product market was valued at US$ 6,385.14 million in 2019 and is projected to reach US$ 9,141.01 million by 2027; it is expected to grow at a CAGR of 4.8% from 2020 to 2027. Rising incidences of dry eye and growing older populationare the key factors fueling the market growth. Moreover, the development of the technology is focusing on stem cell therapy that can help in treating a dry eye conditionis expected to foster the market growth during the forecast period. However, the side effects caused due to eye drops such as blurred vision, increased sensitivity, watering eyes, redness, swelling of eyelids, sticky eyelashes, and discomfort hinder the growth of the dry eye product market. Additionally, The COVID-19 pandemic is hitting healthcare institutions in North America with unprecedented operational and clinical challenges. 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.
Dry eye is a chronic syndrome and is a progressive depending upon the cause and severity. It is a condition when a person does not have tears to lubricate his or her eyes. Tears are an essential part of maintaining good health of the eye and assist in providing good vision. The syndrome is commonly seen among older people and is becoming common among people spending a long time in front of the computer. The factors that can cause dry eye include age, medications, environmental conditions, long term use of contact lenses. The conditions cannot be cured completely; however, it can be managed by using medical products.
The global dry eye product market is segmented on the basis of product, and type.Based on product,the marketis segmented intoartificial tears, antibiotic drops, hormone drops, and others. The artificial tearssegment held the largest share of the market in 2019;however, the hormone dropssegment is anticipated to register the highest CAGR during the forecast period. Based on type, the dry eye product market is segmented into OTC drugs, and prescription drugs. The OTC drugs segment held the largest share of the market in 2019. However, the prescription drugsis anticipated to register the highest CAGR during the forecast period.
The World Health Organization (WHO), Centers for Disease Control and Prevention (CDC),and National Health Service are a few of the essential primary and secondary sources studied while preparing this report.