Report : South America 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 3.5% CAGR, the SAM Eye Products Market is speculated to be worth US$ 315.29 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the SAM eye products market was valued at US$ 248.58 million in 2021 and is expected to reach US$ 315.29 million by 2028, registering a CAGR of 3.5% from 2021 to 2028. Ongoing research and growing pipeline for dry eye products and advancement such as stem cell therapy are the critical factors attributed to the market expansion.
The dry eye condition is expected to be seen in the majority of the population across the region 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 region 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. Some companies are focusing on innovating other forms of products that can treat dry eye conditions. Several innovations are likely to act as trending factors and are expected to contribute significantly to the market growth in the coming years across the region.
On the contrary, side effects caused due to eye drops hurdles the growth of SAM eye products market.
Based on product, the SAM 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$ 121.18 million. It is projected to garner US$ 150.62 million by 2028 to expand at 3.2% CAGR during 2021–2028. The artificial tears segment is further bifurcated into OTC artificial tears and prescription artificial tears.
Based on type, the SAM 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$ 137.01 million. It is projected to garner US$ 169.15 million by 2028 to expand at 3.1% CAGR during 2021–2028.
Based on country, the SAM dry eye products market has been categorized into Brazil, Argentina, and the Rest of SAM. Our regional analysis states that Brazil captured 66.5% market share in 2021. It was assessed at US$ 165.27 million in 2021 and is likely to hit US$ 213.73 million by 2028, exhibiting a CAGR of 3.7% during the forecast period.
Key players dominating the SAM 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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