Rising prevalence of ophthalmic disorders to drive the demand for global eye drop market
According to TechSci Research report, “Global Eye Drop Market By Type (Antibiotics, Hormones, Artificial Tears, Others), By Application (Eye Diseases, Eye Care, Others), By Purchase Mode (Prescription, OTC), By Eye Diseases (Dry Eye, Glaucoma, Conjunctivitis, Refractive Errors, Others), By Region, Forecast & Opportunities, 2025”, the global eye drop market is expected to grow at a significant rate during the forecast period. Increasing cases of eye-related diseases across the globe, rise in geriatric population and new drug discoveries and developments are some of the key factors behind the growth of global eye drops market. Apart from these, surge in awareness about eye-drops & lubricants and people being conscious about their eye health has also created multiple opportunities for eye drop manufacturing companies, thereby driving the market growth across the globe.
Inclusion of high-end technological advancements has provided a wider range of eye care products in the market. Doctors and patients majorly prefer eye drops to cure the diseases as it is less painful and is easy to use. The market trend shows growing acceptance of therapeutics as the first line of treatment for eye disorder. Being handy is another reason for the growing popularity of eye drops among patients suffering from eye disease over other options. Additionally, developing countries like India and China are serving as a bigger market for eye drops owing to the large population base and high economic growth rate. In addition, several government initiatives are increasing the awareness of the need for eye care.
However, the global eye drop market has some restraints as well. Eye irritation & pupil widening with its repeated use, stringent regulation associated with drug manufacturing are some of the challenges the market is facing. Also, ingredients present in the eye drops can cause allergies which limits its use.
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The global eye drop market is segmented based on type, application, purchase mode, eye diseases and region. Based on type, the market is segmented into antibiotics, hormones, artificial tears and others. There is a rise in the demand for artificial tear product due to surge in number of dry eye syndrome across the globe. This segment is expected to witness highest growth in the forecast period. Owing to the high incidences of eye dryness in postmenopausal women and Sjogren’s patients, share of another segment i.e. hormones is also expected to witness growth in the upcoming years.
Based on application, the eye diseases segment is expected to witness high rate of growth during the forecast period due to the increasing cases of eye diseases globally. Increasing geriatric population is also one of the most driving factors behind the growing demand of eye care products.
Based on purchase mode, the market is segmented into OTC and prescription drugs. Prescription drugs are more effective than OTC and are used in medical treatments, such as cataract and post-surgery inflammations, contributing to the increased share of the segment until 2025.
Major players operating in the global eye drop market include Johnson & Johnson Consumer Inc., Bausch & Lomb Incorporated, Abbott Laboratories, Prestige Consumer Healthcare Inc., Sager Pharma SzolgáltatóKft., Alcon Inc., Allergan plc, Rohto Pharmaceutical Co. Ltd., Similasan Corporation and Akorn Consumer Health. These market players are focusing more on mergers & acquisitions, regional expansion, and new product development to increase their market share.
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“Based on regional analysis, North America dominated the global eye drop market in 2019. However, Asia-Pacific is expected to witness maximum growth during the forecast period owing to increased disposable income levels and growing awareness about eye health. High adoption of digital devices has further increased the cases of eye diseases, leading to huge growth potential for eye drop manufacturers to market their products on account of increasing anomalies in eyes and vision of the population.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Eye Drop Market By Type (Antibiotics, Hormones, Artificial Tears, Others), By Application (Eye Diseases, Eye Care, Others), By Purchase Mode (Prescription, OTC), By Eye Diseases (Dry Eye, Glaucoma, Conjunctivitis, Refractive Errors, Others), By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of eye drop market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global eye drop market.