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, Reta
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationEye 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, Reta
Global Eye Drop Market stood at USD13530 million in 2021 and is expected to grow at a steady CAGR of 6.46% during the forecast period. This is due to the increasing frequency of many infectious diseases around the world. Furthermore, the sudden onset and spread of the COVID-19 pandemic has 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.
Rising public awareness of the importance of eye care, widespread adoption of digital devices, an increase in the number of cataract and other eye-related surgeries that necessitate the use of eye drops after surgery, and an increase in the geriatric population, who are more susceptible to eye diseases, will all contribute to market growth in the coming years. Also, flourishing healthcare industry and increasing healthcare expenditure by both the governments and population across the globe is expected to foster the market growth during the forecast period.
Sudden Outbreak & Spread of COVID-19 Driving Market Growth
The growing number of people infected by the virus significantly changed the scenario of medical care across the world. Certain eye drops considered beneficial in the prevention of SARS-CoV-2 infection via the surface of the eye. For instance, Trehalose is a common ocular pharmaceutical drug that is used as an eye drop.
Trehalose is a basic plant-based sugar that has been shown to influence autophagy. It has antiviral effects, such as inducing type 1 interferons and aiding intracellular virus lysosomal breakdown.
Growing Prevalence of Dry Eye Disease Supporting Market Growth
The growing case of Dry eye disease enhance the growth rate of Eye Drop Market globally. For instance, in 2021, according to National Center for Biotechnology Information, global dry eye disease was estimated at 11.59%. For symptomatic disease, the estimate was 9.12% with women 9.5% and men 6.8% (SD = 0.06).
The prevalence was lowest in North America, with 4.6% and highest in Africa with 47.9%. For signs, the prevalence was 35.2% with woman 34.7% and men 37.6%. North America showed the lowest regional prevalence, with 3.5% and Eastern Asia the highest with 42.8%.
Launching of New Eye Drops Aids Market Growth
Various Eye care companies are launching new and effective eye drops in the market for the treatment of various eye related diseases and disorders to meet the demand of the consumers. For Instance, in 2021, Nova Bay Pharmaceuticals announced the launch of Avenova Lubricating Eye Drops for the treatment of dry eye symptoms.
Also, in October 2021, Allergan, an AbbVie company, announced the FDA approval of the eye drop, Vuity, for the treatment of presbyopia which could replace reading glasses for millions.
Increasing Healthcare Expenditure to Support Market Growth
The existing healthcare industry is predicted to benefit from rising healthcare expenditures in various countries throughout the world. This, in turn, is predicted to have a positive impact on market growth through 2027. According to the WHO, worldwide healthcare spending was over USD8.3 trillion in 2018, accounting for about 10% of global GDP, and is anticipated to reach USD10 trillion by 2024.
The sudden out break and spread of the COVID-19 pandemic, on the other hand, raised demand for healthcare services, while spending on lifestyle and other diseases decreased across countries. Because of rising demand for other healthcare services, this expenditure is likely to rise in the coming years, creating potential for the Global Eye Drop Market.
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Market Segmentation
The Global Eye Drop Market is segmented based on type, drug class, disease indication, distribution channel, company, and regional distribution.
Based on type, the market can be split into Prescription and Over-the-Counter.
Based on Drug Class, the market can be divided into Anti-allergy, Anti-glaucoma, Anti-inflammatory, Anti-VEGF, and Others.
Based on 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 segmented into Hospitals Pharmacy, Retail Pharmacy, and Online Pharmacy
Company Profiles
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
| Attribute | Details |
| Market size value in 2021 | USD 13530.00 Million |
| Revenue Forecast in 2027 | USD 19758.00 Million |
| United States Market size value in 2021 | USD 4001.46 Million |
| Growth Rate | 6.46% |
| Base Year | 2021 |
| Historical Years | 2017 – 2020 |
| Estimated Year | 2022 |
| Forecast Period | 2023 – 2027 |
| Quantitative Units | Revenue in USD Million, and CAGR for 2017-2021 and 2022-2027 |
| Report Coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments Covered | · Type · Drug Class · Disease Indication · Distribution Channel |
| Regional Scope | North America; Europe; Asia Pacific; South America; Middle East & Africa |
| Country Scope | United States; Canada; Mexico; Russia Federation; United Kingdom; Germany; France; Spain; Italy; China; India; Japan; Australia; South Korea; Indonesia; Brazil; Argentina; Colombia; Turkey; South Africa; Saudi Arabia; UAE; Kuwait |
| Key Companies Profiled | 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 |
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