The eye drops market has grown significantly over the last few years owing to the rising prevalence of various eye diseases such as conjunctivitis, dry eyes, glaucoma and other vision related problems. Eye drops, also known as ophthalmic solutions, are sterile solutions often used as medications to relieve eye redness, irritation, dryness and pain. They help treat and provide relief in various ophthalmic conditions by delivering the drug directly to the site of action.
The global eye drops market is estimated to be valued at USD 4.54 Billion in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period of 2023 to 2030.
Key players operating in the eye drops market are Novartis AG, Allergan, Bausch Health, Santen Pharmaceutical, Johnson & Johnson, Alembic Pharmaceuticals, Akorn Pharmaceuticals, Alcon, Pfizer, Valeant Pharmaceuticals, Merck & Co., Similasan Corporation, Sun Pharmaceutical Industries, Prestige Consumer Healthcare, Lupin Pharmaceuticals and Alembic Pharmaceuticals. Key players like Novartis and Allergan have a strong global presence due to their novel product offerings and expansions through mergers and acquisitions.
The rising geriatric population, growing awareness about vision care and self-medication of eye diseases are some of the key opportunities for players in the eye drops market. Moreover, manufacturers are focusing on emerging markets in Asia Pacific and Latin America for global expansion due to growing eye care expenditures.
The increasing prevalence of chronic eye diseases is the major driver propelling growth of the eye drops market. According to WHO, globally around 2.2 billion people have vision impairment or blindness, of which at least 1 billion cases could have been prevented or are yet to be addressed. Eye diseases like diabetic retinopathy, age-related macular degeneration and glaucoma are rising rapidly due to the growing incidence of diabetes and an aging population base. This will continue to drive demand for effective eye drops for treatment and management of various ophthalmic conditions.
Political: Introduction of new healthcare reforms and regulations aimed at improving access and affordability of eye care treatment across regions
Economic: Rising disposable incomes and healthcare spending driving demand for effective eye flu treatment options
Social: Increasing awareness about eye health issues through social media and advocacy campaigns promoting regular eye exams
Technological: Advancements in drug delivery mechanisms helping improve treatment effectiveness and patient compliance; newer drug formulations providing better efficacy
North America accounted for the highest market share in terms of value, and is expected to continue dominating the market during the forecast period. This is attributed to high awareness levels regarding eye care, rising prevalence of eye disorders, and presence of advanced healthcare infrastructure and reimbursement policies in countries like the US and Canada.
The Asia Pacific region is poised to be the fastest growing market for eye flu treatment during 2023-2030. Factors such as large patient pool, growing geriatric population, increasing healthcare expenditure, favorable government initiatives to spread awareness, and entry of new market players are anticipated to drive strong market growth in Asia Pacific countries including China, India, Japan and South Korea over the coming years.
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it