Allergy Relieving Eye Drops Market to Grow with a CAGR of 4.89% through 2028

Diverse product offerings, packaging innovations, and seasonal & regional variations are expected to drive the Global Allergy Relieving Eye Drops Market growth in the forecast period, 2024-2028.

According to TechSci Research report, “Allergy Relieving Eye Drops Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Allergy Relieving Eye Drops Market stood at USD 1.20 billion in 2022 and is anticipated to grow with a CAGR of 4.89% in the forecast period, 2024-2028. This can be attributed to seasonal and regional variation. The demand for allergy relieving eye drops is often influenced by seasonal and regional factors. In regions with high pollen counts during specific seasons, such as spring and fall, the market experiences spikes in demand. Additionally, regional variations in allergens and environmental factors contribute to the market's growth dynamics.

Furthermore, as the industry becomes more competitive, collaborations and partnerships between pharmaceutical companies, eye care product manufacturers, and healthcare providers are becoming more common. These alliances aim to leverage complementary strengths and resources to develop and market innovative products more effectively.

The allergy-relieving eye drops market experienced significant disruption due to the COVID-19 pandemic. Stringent lockdowns and government regulations aimed at curbing the spread of COVID-19 led to disruptions in the supply chain. The ophthalmic care system was particularly hard-hit during this period due to lockdown restrictions. For instance, a March 2022 article published in the PLOS One journal reported an observational study conducted in a community hospital in Taiwan, which showed a substantial decrease in the number of ophthalmic outpatient visits during the pandemic. Additionally, a December 2020 article published on PubMed highlighted a study conducted in a COVID-19 hotspot in the United States, revealing a significant drop in eye-related visits compared to previous years, with patients exhibiting reluctance to seek eye care. Consequently, the initial phase of the COVID-19 outbreaks negatively impacted market growth. However, as the pandemic subsided, the market began to regain momentum.

The expected growth of the allergy-relieving eye drops market is driven by several factors. There is a rising prevalence and incidence of eye-related disorders, an expanding geriatric population, and increased research and development efforts in the field of eye allergy medication. Eye allergies have been on the rise in recent years, as documented in an October 2020 article on PubMed, which reported a global increase in the prevalence of ocular allergies over several decades. The International Study of Asthma and Allergies in Childhood (ISAAC) has documented geographical distributions and hot spots of rhinoconjunctivitis, with high prevalence rates in Africa, Latin America, and Japan. Moreover, according to data from the World Bank Group in 2021, the percentage of the population aged 65 and above has been steadily increasing, from 6.57 percent in 2020 to 6.78 percent in 2021. This aging demographic is expected to experience more eye problems, leading to increased usage of allergy-relieving eye drops and thereby enhancing market growth.

Furthermore, the market is positively influenced by new product launches and strategic initiatives by major players. For instance, in September 2020, Dr. Reddy's Laboratories introduced an over the counter (OTC) eye allergy drop, Olopatadine Hydrochloride Ophthalmic Solution, in the United States market. These actions by key market players are expected to drive significant growth in the studied market over the forecast period.

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The Global Allergy Relieving Eye Drops Market is segmented into drug class, type, regional distribution, and company.

Based on its drug class, there is an anticipation of significant growth in the use of antihistamines during the projected period. Antihistamines are known for their ability to obstruct the release of histamine from histamine-1 receptors, effectively addressing allergic reaction symptoms like swelling, itching, redness, and watery eyes. An article from WebMD LLC in January 2022 points out that antihistamines play a crucial role in reducing or inhibiting histamines, thereby halting allergy symptoms. These antihistamines prove effective in alleviating various allergy types, including seasonal allergies (like hay fever), indoor allergies, and food allergies. Additionally, research published in BMJ in April 2022 revealed a high prevalence of Diabetic macular edema (DME) among patients, emphasizing the importance of antihistamines in managing edema.

Furthermore, significant developments in the market are exerting a positive influence on this segment's expansion. A case in point is Bausch + Lomb, a prominent player in the global eye health industry, which, in February 2021, introduced Alaway Preservative Free (ketotifen fumarate ophthalmic solution 0.035%) antihistamine eye drops in the United States. These eye drops represent the first and only FDA-approved over the counter (OTC) preservative-free solution for relieving eye itch due to allergies.

Based on type, Seasonal and Perennial Allergic Conjunctivitis are poised to dominate the Global Allergy Relieving Eye Drops Market for several compelling reasons. Firstly, these forms of allergic conjunctivitis are widespread and affect a substantial portion of the global population, with seasonal allergies typically occurring during specific times of the year and perennial allergies persisting year-round. This wide prevalence ensures a consistent and sustained demand for allergy-relieving eye drops. Secondly, the increasing awareness of environmental allergens, pollution, and climate change is driving a growing number of individuals to seek relief from allergic symptoms, further fueling the demand for specialized eye drops. Additionally, advancements in research and development have led to the formulation of more effective and targeted eye drop solutions for these specific conditions, enhancing their appeal to consumers and healthcare professionals alike. As a result, the dominance of Seasonal and Perennial Allergic Conjunctivitis in the Global Allergy Relieving Eye Drops Market is expected to continue to strengthen in the coming years.

Major companies operating in Global Allergy Relieving Eye Drops Market are:

• AbbVie Inc
• Johnson & Johnson
• Pfizer Inc
• F Hoffmann-La Roche AG
• Novartis AG
• Bausch Health Cos Inc
• Regeneron Pharmaceuticals Inc
• Santen Pharmaceutical Co Ltd

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“The Global Allergy Relieving Eye Drops Market is experiencing a wave of innovation and transformation, driven by emerging trends that cater to the diverse needs of allergy sufferers. From advanced formulations and eco-friendly packaging to telemedicine integration and personalized medicine, these trends are shaping the future of eye care solutions. As the market continues to evolve, consumers can expect even more effective, convenient, and sustainable options to manage their allergy-related eye symptoms, improving their quality of life,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Allergy Relieving Eye Drops Market By Drug Class (Antihistamines, Non-steroidal anti-Inflammatory Drugs, Vasoconstrictors, Others), By Type (Seasonal and Perennial Allergic Conjunctivitis, Vernal Keratoconjunctivitis, Atopic Keratoconjunctivitis, Giant Papillary Conjunctivitis, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Allergy Relieving Eye Drops 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 Allergy Relieving Eye Drops Market.

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