The global dry eye syndrome was valued around USD 2,200 million in 2017 and is expected to register CAGR of 5.2% in the forecast period.
Increasing frequency of dry eye syndrome among the population and growing number of life style disease are some of the factors driving the global dry eye syndrome market. LASIK is becoming highly normal now days and individuals undergoing LASIK surgery will suffer from the dry eye syndrome within the first six months of their treatment. Therefore, it is considered as one of the major driving factors for the growth of the market. Moreover, some of the other factors fueling the growth of the market includes rising the number of research and development and government initiatives. Additionally, another important factor boosting the growth of the market is the launch of new product in the market. Candorvision introduced the CALMO eye spray, which is one of the first eye spray free of preservatives in Canada.
The global market of dry eye syndrome is segmented by type and treatment type.
On the basis of type the market is segmented into evaporative dry eye syndrome and aqueous dry eye syndrome. Evaporative eye syndrome is expected to lead dry eye syndrome market. Evaporative eye syndrome is an uncomfortable condition caused by a lack of quality tears.
Based on the treatment type, the market is segmented into nutritional supplements, serum eye drops, lubricant eye drops, and anti-inflammatory drugs.
Based on the geography, the market is split into four regions such as North America, Europe, Asia Pacific (APAC), and Latin America, Middle East & Africa (LAMEA).
North America is expected to dominate the global dry eye syndrome market owing to increasing prevalence of dry eye syndrome in the U. S. Furthermore, development of dry eye syndrome drugs and increasing number of approvals for new drugs and devices in the U.S. is driving the growth of the dry eye syndrome market. According to the American Journal of ophthalmology, around 6.8% of the U.S. adult population was projected to have diagnosed dry eye syndrome disease. Prevalence raised with the age of 18-34 years that is 2.7% and was higher in women (8.8%) then in men (4.5%).
Europe is expected to be second dominating region owing to increasing technological developments, government support, and various reimbursement policies. However, adoption of contact lens is supporting the growth of the market. Furthermore, growing environmental pollution leading to allergy and dry eyes. Increasing incidences of vitamin A deficiency causing different eye diseases is supporting the growth of the market.
Asia Pacific is expected to grow at the significant rate due to the increasing number of patients with dry eye disease. Moreover, there is growing per capita healthcare expenditure and rising investment of key players in this market are some of the other factors boosting the market in APAC. In India increasing the prevalence of dry eye syndrome in women owing to hormonal changes during pregnancy and after menopause is propelling growth of the dry eye syndrome market.
LAMEA is exhibiting steady growth for the market due to less advanced technology. On the other hand, the Middle East & Africa holds the least share in the market due to the poor healthcare infrastructure, limited availability of funds, low spending power in Africa region. However, the region is expecting a sound growth due to many untapped opportunities in this region.
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