DUBLIN--(BUSINESS WIRE)--The "Dry Eye Products Market Forecast to 2028- COVID-19 Impact and Global Analysis - by Product; Type" report has been added to ResearchAndMarkets.com's offering.
The dry eye products market is projected to reach US$ 9,681.73 million by 2028 from US$ 6,837.26 million in 2021; it is estimated to grow at a CAGR of 5.1% from 2021 to 2028.
Factors such as rising incidences of dry eye and growing geriatric population are drive the growth of the market. However, the side effects caused due to eye drops hamper the market growth.
The Asia Pacific region is a highly affected region in the world as the outbreak of COVID-19 has come from China. Countries such as China, India, and South Korea have registered the highest number of COVID-19 positive patients. The countries have imposed lockdowns for several months.
Few countries such as South Korea and China have recovered from the pandemic. However, India is still struggling to fight against COVID-19. Therefore, there has been a great economic drop in the country, which is trying to recover. The fast recovery from the situation was seen due to the shift of focus of various companies operating in the ophthalmic division.
Companies have shifted their focus towards supplying reliefs to these countries as corporate social responsibility (CSR) activity. Also, governments are seeking help from the private sectors to contribute during the tough situation. Therefore, market players have strengthened their efforts to supply personal protective equipment.
For instance, in January 2020, Allergan plc has donated US$ 9,514 million (one million yen) to the Chinese Red Cross Foundation to provide medical masks, robes, gloves, eyewear, and other protective equipment for medical providers in Wuhan.
The incidence of dry eye is commonly seen in older people of age 65 and above. The number of geriatric population is increasing rapidly across the world. The older population is becoming a significant social transformation such as depending on the other for financial needs and wellness on the younger people in the present century.
Older people are significantly contributing to the development of the medical sector as it is helps by offering various innovative techniques to treat older people. Various healthcare companies design their products by focusing on geriatric population. As the degeneration process among older people is much faster, they are highly prevalent to dry eye conditions.
Therefore, the high prevalence of dry eye among older population is likely to promote manufacturers to introduce new dry eye products in the market, which, in turn, contributes to the growth of the market. For instance, according to the Department of Economic and Social Affairs, the United Nations report for 2019, there were 703 million individuals of age 65 years and above and is estimated to grow double to 1.5 billion by 2050.
Product Insights
The dry eye products market is segmented on the basis of product and type. Based on the product, the 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, and the hormone drops segment is estimated to register the highest CAGR of 5.9% in the market during the forecast period.
World Health Organization, Royal Society of Medicine, Brazilian Research Association for Vision and Ophthalmology, Canadian Dry Eye Summit, International Dacryology Society, National Health Service, Royal Society of Medicine are among the primary and secondary sources referred to while preparing the report on the dry eye products market.
Key Market Dynamics
Market Driver
- Rising Incidences of Dry Eye
- Growing Older Population
Market Restraints
- Side Effects Caused Due to Eye Drops
Market Opportunities
- Stem Cell Therapy
Future Trends
- Ongoing Research and Growing Pipeline for Dry Eye Products
Company Profiles
- 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.
For more information about this report visit https://www.researchandmarkets.com/r/osg3y6
