Dry Eye Disease Treatment Devices Global Industry Report 2023: Global Market Revenue to Reach over US$327 Mn in 2030
London, July 05, 2023 (GLOBE NEWSWIRE) — Primarily driven by ageing, dry eye condition recently prevalent due to prolonged exposure to digital screens. Increasing demand for effective dry eye disease treatment in line with an expanding geriatric population, and excessive screentime will escalate sales of dry eye disease treatment devices in the global market. In its latest published report on the global dry eye disease treatment devices market, Fairfield Market Research provides a detailed insightful view of the market growth analysis and forecast for 2022 – 2030.
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“Up from the valuation of US$192 Mn attained in 2021, the worldwide dry eye disease treatment devices market size is projected to cross the revenue of US$327.1 Mn by the end of 2030. Projections indicate a healthy 6% CAGR for the market through the end of forecast period,” states the company analyst.
Key Research Insights
- Between 2022 and 2030, the market is poised for more than 1.7x expansion in revenue
- The meibomian gland unclogging device segment spearheads, whereas the wearable device segment turns lucrative
- The evaporative application segment brought in revenue worth US$171 Mn to the market in 2022
- Rate of adoption at eye care centres will soar high while hospitals remain dominant with over 40% share of the market value pie
Insights into Segmentation Analysis
One of the most common causes of dry eye condition, i.e., meibomian gland occlusion is typically treated with the help of unclogging devices that aid in the restoration of the functioning of tear production.
Sustained demand by optometrists is expected to account for the dominance of the meibomian gland unclogging devices segment. Consistent popularity of a host of unclogging device types like Sight Sciences’ TearCare, and Johnson & Johnson Vision’s LipiFlow Thermal Pulsation System will keep the market driven for unclogging devices.
The report indicates a promising growth outlook for the wearable devices segment, majorly attributing to their convenient usage. Innovations in this segment are also likely to add to the attractive potential of the entire category. The entry of contact lenses in treatment of corneal dryness has been an additional booster.
By application, the evaporative application segment maintains lead in the wake of higher prevalence of the meibomian gland dysfunctioning (MGD). Adoption remains higher at hospitals, whereas the speciality eye care centres are estimated to exhibit the highest adoption potential to be developed during the period of forecast.
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Key Report Highlights
- Ageing is likely to be the leading cause of dry eye disease condition
- Wearable devices are expected to steal the show through the end of 2030
- North America’s dry eye disease treatment devices market is slated for continued dominance
- Opportunities abound in Asia Pacific, the market here expects the fastest growth
Insights into Regional Analysis
Demonstrating an estimated 5.5% CAGR between 2022 and 2030, the North American market for dry eye disease treatment devices will reach the revenue of US$146.5 Mn. The report suggests an accelerating rate of adoption of these devices across the region and clearly attributes this to the early advantage of the US FDA’s approvals to devices.
An expanding elderly patient pool, and dramatic rise in the number of smartphone users will keep this market afloat. Moreover, greater prevalence of diabetes has also been shaping the market here, says the report.
On the other hand, the report has highlighted Asia Pacific as the region with the highest market attractiveness in the dry eye disease treatment devices landscape. Poised for an impressive CAGR of 7.8% during 2022 – 2030, Asia Pacific is led by India that sees the fastest growing prevalence of the patient population of dry eye disease.
“The key position of Asia Pacific in the world’s medical tourism industry will pave the way for expansion of the dry eye disease treatment devices market here,” states the analyst.
|Forecast Year||2022 – 2030|
|Market Size in 2021||US$192 Mn|
|Estimated Market Size in 2030||US$327.1 Mn|
|Key Players||Johnson and Johnson Services Inc., Alcon Vision LLC, Lumenis Be Ltd, AbbVie Inc., Sight Sciences, Eyedetec Medical Inc., ESW – Vision, BlephEx, NuSight Medicals- NuLids LLC, MiBo Medical Group|
Global Dry Eye Disease Treatment Devices Market is Segmented as Below:
- Meibomian Gland Unclogging Devices
- Wearable Devices
- Punctual Occlusion
- Pain-Reliving Devices
- Rare Diseases
- Drug Intake Associated
- Digital Exposure
- Aqueous Deficient
- By End Users
- Specialty Clinics
- Eye Care Centers
By Region Coverage
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Alcon Vision LLC
- Johnson and Johnson Services Inc
- AbbVie Inc.
- Lumenis Be Ltd
- ESW – Vision
- MiBo Medical Group
- Sight Sciences
- Eyedetec Medical Inc.
- NuSight Medicals- NuLids LLC
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