Dry Eye Products Market Worth $9.6+ Billion, Globally, by 2028 at 5+% CAGR | The Insight Partners

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:

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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Go through further research published by The Insight Partners:

Artificial Tears Market - The global artificial tears market size was valued at US$ 2,612.91 million in 2020 and is projected to reach US$ 3,961.63 million by 2028; it is expected to grow at a CAGR of 5.5% from 2021 to 2028.

Eye Health Supplements Market - The global eye health supplements market size was valued at US$ 1,572.33 million in 2019 and is projected to reach US$ 2,382.96 million by 2027; it is expected to grow at a CAGR of 5.5% from 2020 to 2027.

OTC Drug and Dietary Supplement Market - The global OTC Drug and Dietary Supplement Market size was valued at US$ 2,93,255.40 million in 2019and is projected to reach US$ 4,92,102.49 million by 2027; it is expected to grow at a CAGR of 6.8% from 2020 to 2027.

Respiratory Care Devices Market - The global respiratory care devices market size is expected to grow from US$ 18,114.31 million in 2021 to US$ 32,761.82 million by 2028; it is estimated to register a CAGR of 8.9% from 2021 to 2028.

High-Flow Nasal Cannula Market - The global High Flow Nasal Cannula market size was valued at US$ 4,390.74 million in 2018 and it is projected to reach US$ 11,198.78 million by 2027; it is expected to grow at a CAGR of 11.1% from 2019 to 2027.

Nasal Delivery Devices Market - The global nasal delivery devices market size is expected to reach US$ 95,676.62 million by 2027 from US$ 58,502.18 million in 2019. The market is estimated to grow with a CAGR of 6.4% from 2020 to 2027.

PCR For Respiratory Infection Diagnostic Market - The global PCR for respiratory infection diagnostics market size was valued at US$ 8279.32 million by 2028 from US$ 4146.02 million in 2021; it is estimated to grow at a CAGR of 10.4% from 2021 to 2028.

Respiratory Ventilator Tester Market - The global Respiratory Ventilator Tester Market size was valued at US$ 148.00 million in 2019 and is projected to reach US$ 199.20 million by 2027; it is expected to grow at a CAGR of 3.8% from 2020 to 2027.

Nutraceuticals Market - The global nutraceuticals market size was valued at US$ 252,535.4 Mn in 2018 and is projected to be worth US$ 465,709.8 Mn by 2027, growing at a CAGR of 7.1 % during the forecast period.

Wire Harness Market - The global wire harness market size is expected to grow from US$ 88,639.39 million in 2022 to US$ 129,995.33 million by 2028. It is estimated to grow at a CAGR of 6.6% from 2022 to 2028.

Aircraft Wire and Cable Market - The global aircraft wire and cable market size was valued at US$ 716.63 million in 2020 and is projected to reach US$ 1,153.64 million by 2028; it is expected to grow at a CAGR of 6.8% during the forecast period from 2021 to 2028.

Smart Bike Market - The global smart bike market size is valued US$ 1,431.77 million in 2022, it is expected to grow at a CAGR of 10.7% during 2022–2028

Arbitrary Waveform Generator Market - The global arbitrary waveform generator market size was valued at US$ 355.3 million in 2021 and it is estimated to grow at a CAGR of 8.4% from 2022 to 2028.

Laboratory Animal Diet Market - The global laboratory animal diet market size was valued from US$ 3,797.50 million in 2021; it is estimated to grow at a CAGR of 5.3% from 2022 to 2028.

Electric Trucks Market - The electric trucks market is expected to grow from US$ 4,592.55 million in 2021 to US$ 26,542.90 million by 2028; it is estimated to grow at a CAGR of 29.4% from 2022 to 2028.

Heavy Duty Truck Electrification Market - The global heavy duty truck electrification market size accounted to US$ 8.28 Bn in 2018 and is expected to grow at a CAGR of 14.3% during the forecast period 2019 – 2027, to account to US$ 25.5 Bn by 2027.

Truck Refrigeration Market - The global truck refrigeration market size was valued at US$ 9,100.1 million in 2019 and it is projected to reach US$ 13,336.1 million by 2027; it is expected to grow at a CAGR of 5.0% from 2020 to 2027.

Truck Axle Market - The global truck axle market size was valued at US$ 1440.01 million in 2020 and is projected to reach US$ 2032.00 million by 2028. The truck axle market is expected to grow at a CAGR of 4.9% during 2021–2028.

Battery Cyclers Market - The global battery cyclers market size is valued US$ 208.14 million in 2022, it is expected to grow at a CAGR of 6.2% from 2022 to 2028.

Stainless Steel Flatware Market - The global stainless steel flatware market size was valued US$ 14,299.83 million in 2022 , it is estimated to grow at a CAGR of 6.5% from 2022 to 2028.

Waxy Maize Starch Market - The global waxy maize starch market size is valued US$ 2,000.68 million in 2021; It is expected to grow at a CAGR of 7.3% from 2022 to 2028.

Carboxy Therapy Market - The global carboxy therapy market size is valued US$ 85.24 million in 2021; it is estimated to grow at a CAGR of 12.4% from 2022 to 2028.

C-Type LNG Carrier Market - The global C-type LNG carrier market size was valued US$ 3,920.84 million in 2021. It is expected to grow at a CAGR of 7.5% during 2022–2028.

Flowable Hemostats Market - The global flowable hemostats market size was valued US$ 899.51 million in 2021; it is expected to grow at a CAGR of 6.9% from 2022 to 2028.

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