Report : North America Dry Eye Products Market Forecast to 2031 - Regional Analysis - by Product (Artificial Tears, Anti-Inflammatory Drugs, Punctal Plugs, Secretagogues, Oral Omega Supplements, and Others), Dosage Form (Eye Drops, Gel, Capsules and Tablets, and Others), Type (OTC and Prescription), and Distribution Channel (Retail Pharmacy, Hospital Pharmacy, and Online Pharmacy)
At 4.9% CAGR, North America Dry Eye Products Market is Projected to be Worth US$ 5,587.77 Million by 2031, says Business Market Insights
According to Business Market Insights’ research, the North America dry eye products market was valued at US$ 3,825.36 million in 2023 and is expected to reach US$ 5,587.77 million by 2031, registering a CAGR of 4.9% from 2023 to 2031. Rising prevalence of dry eye and ongoing research and growing pipeline for dry eye products are among the critical factors attributed to drive the North America dry eye products market growth.
The dry eye condition is expected to be seen in the majority of the population across the world in the coming years. Many research studies have proven dry eye as a life-style disease. Improvements or changes in daily habits such as sleep, diet, and exercise are included in the treatment of dry eyes. Additionally, the stressful life among people across the world is likely to increase the incidences of dry eyes. Therefore, the rising incidences of dry eyes are expected to propel the demand for dry eye products in the coming years.
The advancement in technology has resulted in increased product development. Various companies are entering the market, which is contributing greatly to enhance market growth. Various companies have designed various innovative formulae to offer better eye drops for dry eye conditions. The cycle of product development is continuous and is likely to act as a vital growth factor during the forecast period. For instance, in 2019, Aldeyra Therapeutics had enrolled for the RENEW phase three clinical trial for its reproxalap ophthalmic solution (0.25%) to treat moderate to severe dry eye conditions. Similarly, Novaliq has two products in pipelines, such as NOVO3 (100% perfluorohexyloctane) and CyclASol (ophthalmic solution of 0.1% cyclosporine A in EyeSol).
Some companies are focusing on innovating other forms of products that can treat dry eye conditions. For instance, in October 2018, Oyster Point Pharma has a nasal spray which is in phase three clinical trial for the treatment of DED. The product is developed from the compound OC–01, which is a highly selective nicotinic acetylcholine receptor (nAChR) agonist, which targets the parasympathetic nervous system and controls tear film homeostasis partially through the trigeminal nerve. The company is expected to submit a new drug application (NDA) in 2020. Thus, such innovations are likely to act as trending factors and are expected to contribute significantly to market growth in the coming years.
On the contrary, side effects of eye drops and product recalls hamper the growth of North America dry eye products market.
Based on product, the North America dry eye products market is segmented into artificial tears, anti-inflammatory drugs, punctal plugs, secretagogues, oral omega supplements, and others. The artificial tears segment held 43.2% market share in 2023, amassing US$ 1,651.52 million. It is projected to garner US$ 2,421.04 million by 2031 to register 5.0% CAGR during 2023–2031. Furthermore, the anti-inflammatory drugs segment is subcategorized into cyclosporine, corticosteroid, and others. Additionally, the punctal plugs segment is subsegmented into dissolvable and removable.
In terms of dosage form, the North America dry eye products market is segmented into eye drops, gel, capsules and tablets, and others. The eye drops segment held 65.3% share North America dry eye products market in 2023, amassing US$ 2,498.16 million. It is anticipated to garner US$ 3,715.54 million by 2031 to expand at 5.1% CAGR during 2023–2031.
By type, the North America dry eye products market is bifurcated into OTC and prescription. The OTC segment held 58.4% share of North America dry eye products market in 2023, amassing US$ 2,235.13 million. It is projected to garner US$ 3,357.69 million by 2031 to expand at 5.2% CAGR from 2023 to 2031.
Based on distribution channel, the North America dry eye products market is categorized into retail pharmacy, hospital pharmacy, and online pharmacy. The retail pharmacy segment held 46.0% share of North America dry eye products market in 2023, amassing US$ 1,757.86 million. It is predicted to garner US$ 2,555.43 million by 2031 to expand at 4.8% CAGR between 2023 and 2031.
Based on country, the North America dry eye products market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 92.3% share of North America dry eye products market in 2023. It was assessed at US$ 3,530.15 million in 2023 and is likely to hit US$ 5,177.63 million by 2031, registering a CAGR of 4.9% during 2023–2031.
Key players operating in the North America dry eye products market are Santen Pharmaceutical Co Ltd, Johnson & Johnson, OASIS Medical, URSAPHARM Arzneimittel GmbH, Rohto Pharmaceutical Co Ltd, OCuSOFT Inc, Bausch Health Companies Inc, AbbVie Inc, Prestige Consumer Healthcare Inc, Farmigea SpA, and Alcon AG, among others.
- In September 2023, Bausch + Lomb Corporation (“Bausch + Lomb”), a subsidiary of Bausch Health Companies Inc completed its acquisition of XIIDRA (lifitegrast ophthalmic solution) 5%, a non- steroid eye drop specifically approved to treat the signs and symptoms of dry eye disease focusing on inflammation associated with dry eye, and certain other ophthalmology assets.
- In April 2021, MY OASIS is a cyber platform that allows eye care practitioners to grow their brand as a dry eye resource, broaden the reach of their practice, and provide access to solutions that can improve the quality of life for dry eye patients in their region. Its simple and intuitive design ensures a pleasant user experience.
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