Press Release

Eye Drop Market to Surpass USD19758 Million by 2027

Rising prevalence of ophthalmic disorders and eye infection is driving the growth in global eye drop market in the forecast period, 2023-2027.


According to TechSci Research report, Eye Drop Market - Global Industry Size, Share, Trends, By Region, Competition Forecast and Opportunities, 2017-2027”, the global eye drop market stood at USD13530.00 million in 2021 and is expected to grow at a CAGR of 6.46% during the forecast period on account of growing prevalence of ophthalmic disorders and eye infection.


The incorporation of high-tech improvements has resulted in a greater selection of eye drop solutions in the market. Doctors and patients prefer eye drops to treat ailments because they are less unpleasant and simple to administer. Therapeutics are becoming more widely accepted as the first line of treatment for eye disorders, according to market trends.


Another factor for the increased popularity of eye drops over other solutions among patients suffering from eye illness is their portability. For example, Allergan, an AbbVie company, said in October 2021 that the FDA had approved Vuity, an eye drops for the treatment of presbyopia that might replace reading glasses for millions of people.


Furthermore, the sudden onset and spread of COVID-19 pandemic have resulted in an upsurge in demand for eye drops used to treat COVID-19-related ocular allergies. This, in turn, supported market expansion in 2020. Moreover, throughout the projected period, the market is expected to increase due to the thriving healthcare industry and rising healthcare expenditure by governments and populations worldwide.


Furthermore, due to their vast population bases and high economic growth rates, developing countries such as India and China are serving as a larger market for eye drops. Furthermore, various government initiatives raise awareness of the need for eye care.


However, there are significant limitations in the worldwide eye drop industry. Some of the market's obstacles include eye discomfort and pupil enlargement with repeated use, as well as tight regulations related to drug manufacture. In addition, the eye drops' components can trigger allergies, limiting their use.


Browse over 157 market data Figures spread through 110 Pages and an in-depth TOC on "Global Eye Drop Market"

https://www.techsciresearch.com/report/eye-drop-market/4539.html


The global Eye Drop Market is segmented based on type, drug class, disease indication, distribution channel, company, and regional distribution.

In terms of type, the market can be divided into prescription and over-the-counter. The Prescription segment dominated the market in 2021 with a share of around 63.51% because of use of prescription-based eye drop by the patients suffering from eye disorders. Apart from that, eye is a very sensitive organ and people generally prefer to buy prescription-based eye drops.


In terms of drug class, the market can be categorized into Anti-allergy, Anti-glaucoma, Anti-inflammatory, Anti-VEGF, and others. The Anti-allergy segment is expected to dominate the market during the forecast period as Eye allergies cases are raising especially in the developing regions such as China, India, Japan.


Based on the disease indication, the market is divided into Eye Allergy, Glaucoma, Eye Infections, Dry Eye Diseases, and Retinal Disorders. Based on the Distribution Channel, the market is segmented into Hospitals Pharmacy, Retail Pharmacy, and Online Pharmacy.

Key market players in the Global Eye Drop Market include:

·         Johnson & Johnson Inc

·         Genentech, Inc. (Roche)

·         Alcon Inc., Pfizer, Inc.

·         Bausch Health Companies, Inc.

·         Bayer Corporation

·         Allergan, Inc. (AbbVie)

·         Abbott Laboratories, Inc.

·         KC Pharmaceuticals, Inc.

·         Akorn, Inc


Global Eye Drop Market is consolidated with a lot of well-established players having presence in several countries with several domestic players possessing leadership in certain regions and countries, among others. Johnson & Johnson holds the highest market share and is among the top five market players globally.


Genentech, Inc. (Roche) ranks second in terms of market share in the overall Global Eye Drop Market. The company has a strong presence worldwide and a huge brand value with unique product portfolio. People in emerging countries are also aware about the presence, product portfolio and business of the company and are preferring it over other competitor brands.


Additionally, there are other prominent players such as Alcon Inc., Pfizer, Inc., Bausch Health Companies, Inc., Bayer Corporation, Allergan, Inc. (AbbVie), Abbott Laboratories, Inc., KC Pharmaceuticals, Inc., Akorn, Inc, and among others, holding a significant position in the global Eye Drop Market.


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“The Asia Pacific region will register the fastest CAGR during the forecast period. This can be attributed to the growing prevalence of eye allergies and eye infections in the region, which is susceptible to different kinds of diseases, especially in countries like China, India, and Japan. Additionally, supportive government policies and healthcare schemes launched by them across different countries in the region is expected to support market growth. For instance, in October 2021, Allergan, an AbbVie company, announced the US Food & Drug Administration (FDA) approval of the eye drop, Vuity, for the treatment of presbyopia which could replace reading glasses for millions.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.


Eye Drop Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027 Segmented By Type (Prescription v/s Over-the-Counter), By Drug Class (Anti-allergy, Anti-glaucoma, Anti-inflammatory, Anti-VEGF, and Others), By Disease Indication (Eye Allergy, Glaucoma, Eye Infections, Dry Eye Diseases, and Retinal Disorders), By Distribution Channel (Hospitals Pharmacy, Retail Pharmacy, and Online Pharmacy), By Region”, has evaluated the future growth potential of global 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.


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