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.
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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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