Report : Middle East & Africa Dry Eye Products Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product [Antibiotic Drops, Hormone Drops, Artificial Tears (OTC Artificial Tears and Prescription Artificial Tears), and Others] and Type (Prescription Drugs and OTC Drugs)
At 3.0% CAGR, the MEA Eye Products Market is speculated to be worth US$ 262.50 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the MEA eye products market was valued at US$ 212.83 million in 2021 and is expected to reach US$ 262.50 million by 2028, registering a CAGR of 3.0% from 2021 to 2028. Rising incidences of dry eye and growing older population are the critical factors attributed to the market expansion.
The incidence of dry eye is commonly seen in older people of age 65 and above. The number of geriatric populations is increasing rapidly across the region. 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. 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 region are adopting new techniques to treat older people safely and effectively. Therefore, the increased quality of life is decreasing the death rates, and the older population is significantly growing all over the region. The growing geriatric population is expected to increase the demand for dry eye products such as artificial tears. These are available over the counter (OTC) and can be used as a supplement to natural tears.
On the contrary, side effects caused due to eye drops hurdles the growth of MEA eye products market.
Based on product, the MEA dry eye products market is segmented into artificial tears, antibiotic drops, hormone drops, and others. The artificial tears segment held 48.8% market share in 2021, amassing US$ 103.76 million. It is projected to garner US$ 125.40 million by 2028 to expand at 2.7% CAGR during 2021–2028. The artificial tears segment is further bifurcated into OTC artificial tears and prescription artificial tears.
Based on type, the MEA dry eye products market is bifurcated into OTC drugs and prescription drugs. The OTC drugs segment held 55.1% market share in 2021, amassing US$ 117.26 million. It is projected to garner US$ 140.82 million by 2028 to expand at 2.6% CAGR during 2021–2028.
Based on country, the MEA dry eye products market has been categorized into the UAE, Saudi Arabia, South Africa, and the Rest of MEA. Our regional analysis states that Saudi Arabia captured 42.8% market share in 2021. It was assessed at US$ 91.05 million in 2021 and is likely to hit US$ 115.42 million by 2028, exhibiting a CAGR of 3.4% during the forecast period.
Key players dominating the MEA dry eye products market are AbbVie Inc; Bausch Health Companies Inc.; Johnson and Johnson Services, Inc.; Novartis AG; OASIS Medical; OCuSOFT Inc.; Prestige Consumer Healthcare Inc.; ROHTO Pharmaceutical Co, Ltd.; Santen Pharmaceutical Co., Ltd.; and URSAPHARM Arzneimittel GmbH among others.
- In May 2020, AbbVie Inc. acquired Allergan plc as a part of company's inorganic business strategy. The acquisition has provided the company access to and expand its business portfolio in the eye care associated markets.
- In Sep 2021, Bausch + Lomb Announces Statistically Significant Topline Results from the Second Phase 3 Trial of NOV03 (perfluorohexyloctane) in Dry Eye Disease with Meibomian Gland Dysfunction.
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