Fairfield Market Research, a leading provider of market intelligence and analysis, has released its latest study on the Dry Eye Disease Treatment Devices Market, forecasting a substantial Compound Annual Growth Rate (CAGR) of 6% during the period of 2022 to 2030. By the end of the forecast year, the market revenue is projected to reach a staggering US$327.1 million.
Market Analysis in Brief
Dry eye disease, characterized by insufficient lubrication of the eyes, is a prevalent condition that often accompanies chronic inflammation of the conjunctiva and tear glands. While aging has historically been a primary driver of demand for dry eye disease treatment devices, the report identifies excessive screen time as an emerging factor contributing to its growth. The study sheds light on key areas of the market, unveiling significant business opportunities and industry trends for potential players. The report underscores the ongoing potential for growth resulting from continuous innovations in dry eye disease treatment technology.
Key Report Findings
- The global dry eye disease treatment devices market is poised to reach US$327.1 million by the end of 2030.
- The market is expected to experience a 6% increase in valuation by the conclusion of the forecast period.
- Meibomian gland unclogging devices remain the top-selling category.
- Wearable devices show strong potential for the highest growth.
- The aging population and prolonged screen time will continue to be the primary growth drivers for the market.
- Specialty clinics and eye care centers are anticipated to register remarkable adoption rates.
- North America leads the dry eye disease treatment devices market, with the fastest growth expected in the Asia Pacific region.
Growth Drivers
- Rise in Geriatric Population, Excessive Screentime, and Growing Chronic Disease Prevalence: The prevalence of dry eye disease is on the rise due to aging populations and the increased screen time experienced by individuals. Chronic conditions such as diabetes are also contributing to the growing prevalence of dry eye disease.
- Government-driven Sophistication of Healthcare Infrastructure: Emerging countries, particularly in Asia, are experiencing significant growth opportunities in the dry eye disease treatment devices market, thanks to expanding populations, internet penetration, and rising numbers of LASIK and cataract surgeries. Government initiatives aimed at enhancing healthcare infrastructure are further fueling this growth.
Overview of Key Segments
- Meibomian Gland Unclogging Devices Segment Leads, Wearable Devices Expect Higher Growth: Meibomian gland occlusion is a major cause of dry eye disease, and unclogging devices are in high demand among optometrists. Wearable devices, such as contact lenses for treating corneal dryness, are also gaining traction due to their ease of use.
- Ageing Remains the Largest Cause of Dry Eye Condition: The aging population is the primary contributor to dry eye disease, with individuals over 65 experiencing the most symptoms. The proliferation of digital screens is further exacerbating this issue.
- The Evaporative Application Segment Remains the Largest Revenue Contributor: Insufficient tear film formation, often caused by meibomian gland dysfunction, leads to dry eye disease. Devices addressing this issue dominate the market and are expected to maintain their dominance throughout the forecast period.
- Eye Care Centers and Specialty Clinics Account for a Larger Market Share: Hospitals, with their skilled resources and advanced equipment, currently hold a significant market share. However, specialty eye care centers are gaining ground due to their personalized and advanced treatment modalities, as well as patient-centric experiences.
Growth Opportunities Across Regions
- Sales in North America Maximum: North America leads the global market, with the United States accounting for a significant portion of the market share. The regions growing elderly population, high prevalence of diabetes, and increased use of digital screens are driving the incidence of dry eye disease.
- Asia Pacific Develops a High-potential Market: The Asia Pacific region is expected to witness substantial growth, with a projected CAGR of 7.8% during the forecast period. This growth is driven by a higher prevalence of dry eye disease in countries like India and the emergence of dry eye spas offering advanced therapies.
Competition Landscape Analysis – Dry Eye Disease Treatment Devices Market
The dry eye disease treatment devices market is moderately consolidated, with a few key players holding significant revenue shares. Leading companies in this market include Alcon Vision LLC, Johnson and Johnson Services Inc., Lumenis Be Ltd, AbbVie Inc., ESW – Vision, Sight Sciences, Eyedetec Medical Inc., BlephEx, MiBo Medical Group, and NuSight Medicals- NuLids LLC.
In April 2022, Alcon LLC, a global leader in dry eye care treatment devices, launched the Systane(R) iLux2(R) Meibomian Gland Dysfunction (MGD) Thermal Pulsation System.
Global Dry Eye Disease Treatment Devices Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030 (By Type Coverage, By Cause Coverage, By Application Coverage, By End User Coverage, By Region Coverage, Leading Companies) https://www.fairfieldmarketresearch.com/report/dry-eye-disease-treatment-devices-market
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About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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Web: https://www.fairfieldmarketresearch.com/
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This press release first seen on Brilad
COMTEX_440942527/2840/2023-09-26T00:17:33
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