The North America Dry Eye Product market is expected to reach US$ 4167.39 million by 2027 from US$ 2870.12 million in 2019. The market is estimated to grow with a CAGR of 5% from 2019 to 2027.
The North America Dry eye Product market is expected to grow owing to the rising incidences of dry eye and increasing geriatric population across the North America region. Whereas, major occurrence and the consequence of the side effects is expected to hinder the growth of the market during the forecast period.
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Dry eye is a chronic syndrome that develops progressively and gets severe with time. It is a condition when a person has scarcity of tears to lubricate his or her eyes. Tears are an essential part of eyes for maintaining good health of the eye and helps in providing good and clear vision. The syndrome is commonly seen among geriatric population and is becoming common among people spending long hours in front of the computer and mobile screens. The reasons that cause dry eye include age, medications, environmental conditions, long term use of contact lenses and accessories. The conditions cannot be cured completely; however, it can be managed by using medical products.
NORTH AMERICA DRY EYE PRODUCTS MARKET SEGMENTATION
- Artificial Tears
- Antibiotic drops
- Hormone drops
- OTC Drugs
- Prescription Drugs
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. 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.
The development in the healthcare industry has enabled to offer various hi tech healthcare facilities that have allowed offering increased life expectancy. Countries across the world are adopting new techniques to treat older people safely and effectively.
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he outbreak of COVID–19 has negatively influenced the ophthalmic industry. Companies manufacturing ophthalmic products have faced losses during the COVID–19 pandemic. Some companies have enough funds to sustain during the lockdown period. For instance, Bausch & Lomb Incorporated has managed to generate an amount of ~US$ billion from its liquidity reserves and operations. The market in North American countries such as the US, Canada, and Mexico was totally shut for two to three months as the strict lockdown was imposed. The lockdown situation has resulted in lesser a visit to healthcare facilities centers, and fewer prescriptions have been issued for ophthalmic conditions. Therefore, it has affected various companies’ sources of revenue generation. If the numbers of COVID–19 continue to rise, then it will severely impact the companies revenue generation resulting in slower economic growth in the North American countries. For instance, the US contributes ~60% to the Bausch & Lomb Incorporated revenue generation. On the other hand, the company sells its products widely to the hospitals, retail stores, and pharmacies, which accounts for 55% of the revenue. Thus, there is a risk of the increasing epidemic of COVID–19 again, which is likely to affect the market growth in the following two to three years.
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