America & Europe Eye Drops Market is expected to reach US$ 19.88 billion by 2031

Instruments Segment to Hold Significant America & Europe Eye Drops Market Share During 2023–2031  

According to our latest study on "America & Europe Eye Drops Market Forecast to 2031 – Regional Analysis – Drug Class, Application, Purchase Mode, and Geography," the market is expected to reach US$ 19.88 billion by 2031 from US$ 13.16 billion in 2023. The report emphasizes the key factors driving the market and prominent players' developments. Factors such as the rising prevalence of ophthalmic diseases and high incidence of age-related eye diseases bolster the America & Europe eye drops market. However, the rising number of product recalls impedes the market growth. The report also includes growth prospects owing to the current America & Europe eye drops market trends and their foreseeable impact during the forecast period.

Most people who suffer from eye problems need special eye drops. These eye diseases can be treated with eye drops, which are more effective and less painful. Symptoms such as dry eye, redness, pain, itching, glaucoma, refractive error, conjunctivitis, diabetic macular edema, and age-related macular degeneration can be effectively treated using these products. Eye drops, also called artificial tears, are a class of therapeutics commonly used to simultaneously relieve the symptoms of dry and irritated eyes by moisturizing the eyes and protecting them from further infection. Pollution, changing lifestyles, and prolonged screen time are the prominent causes of eye pain. These factors and environmental conditions propel the demand for eye drops that provide relief and protection. The availability of a wide range of eye drops that can be purchased without a prescription has made it easier for customers to procure them.

America & Europe Eye Drops Market, by Region, 2023 (%)

Source: The Insight Partners Analysis

Rising Prevalence of Ophthalmic Diseases Drives America & Europe Eye Drops Market Growth

The Incidence of ophthalmic diseases such as diabetic retinopathy, glaucoma, and dry eye disease (DED) is rising in the populations of various countries, especially the developed ones. DED causes discomfort, irritation, and visual disturbance in patients. Diabetic retinopathy represents microvascular end-organ damage. It progresses from non-proliferative diabetic retinopathy stages to proliferative diabetic retinopathy. As the disease progresses, associated diabetic macular edema (DME) may also become apparent, leading to vision problems and blindness. According to the "National Health and Wellness Survey," ~16.4 million people were detected with dry eye in the US as of April 2020. The study highlights an upsurge in prevalence by 2.7% among people aged 18−34 years during 2020. According to Novaliq GmbH, ~13 million Europeans and ~17 million Americans suffered from DED as of 2023. As per Santen Pharmaceuticals, nearly 11–30% of people in Europe suffered from DED in 2021. Data released on Medscape website states that ~700,000 people in the US suffer from proliferative diabetic retinopathy, with ~65,000 new cases recorded annually. Further, as per the International Diabetes Federation Europe, 20–35% of people with diabetes are at risk of developing diabetic retinopathy. The prevalence of DME in people with type 1 diabetes is approximately 8.8% in Europe.

Cataracts, which are highly common in elderly people, are characterized by the formation of a cloudy area in the eye lens. According to the article "Cataract surgery practice patterns worldwide: a survey," published in BMJ, cataract extraction is the most common surgical procedure in all medical specialties, with an estimated 3.7 million cases per year in the US and 7 million cases reported in Europe. As per Eurostat, cataract surgery was the most common surgical procedure in the EU, with 4.32 million operations in 2021. According to Santen Pharmaceuticals, the number of people suffering from glaucoma is estimated to soar up to ~7.85 million in Europe by 2040.

Doctors generally prescribe eye drops for the treatment, prevention, and post-surgical care of various ophthalmic diseases. Hence, the increasing prevalence of ophthalmic diseases fuels the America & Europe eye drops market growth.

America & Europe Eye Drops Market, by Drug Class:

The America & Europe eye drops market, based on drug class, is segmented into antibiotics, artificial tears, steroids, and others. The antibiotics segment held the largest market share in 2023. However, the steroids segment is anticipated to register the highest CAGR of 6.4% during the forecast period. Antibiotic eye drops are prescribed by doctors to treat antibacterial infections. The action of these eye drops starts with the penetration of multiple tissue layers of the eye before acting on the infection. In most cases, antibiotic eye drops provide immediate relief from the condition. Most antibiotic eye drops are safe and have minimal side effects. Eye drops often contain a saline solution with a concentration matching the salinity of eye fluids. Different antibiotics that are offered in the form of eye drops include chloramphenicol, erythromycin, azithromycin, ciprofloxacin, neomycin, moxifloxacin, tobramycin, bacitracin, gentamycin, polymyxin B, gatifloxacin, besifloxacin, and levofloxacin. A formulation may also combine two or more antibiotics, depending on the eye infection being treated. According to the American Academy of Ophthalmology, topical antibiotics such as eye drops are ineffective against viral or fungal keratitis or conjunctivitis. In addition to their efficacy, their beneficial role in rectifying the malfunctioning of meibomian glands contributes to the growth of the market for antibiotic eye drops.

America & Europe Eye Drops Market, by Application:

In terms of application, the America & Europe eye drops market is segmented into eye diseases, eye care, and others. The eye diseases segment held the largest market share in 2023. However, the eye care segment is anticipated to register the highest CAGR during the forecast period.

America & Europe Eye Drops Market, by Purchase Mode:

By purchase mode, the market is bifurcated into prescription and OTC. The prescription segment dominated the America & Europe eye drops market share in 2023; it is anticipated to register a higher CAGR of 5.5% during the forecast period.

America & Europe Eye Drops Market Analysis, by Geography:

The geographic scope of the America & Europe eye drops market report covers America (US, Canada, Mexico, Brazil, Argentina, Chile, and Rest of America) and Europe (Spain, UK, Germany, France, Italy, and Rest of Europe). The market in America was valued at 8.44 billion in 2023 and is expected to register a CAGR of 5.6% during 2023–2031. The market growth in America was attributed to the increasing awareness of DED, the growing aging population, technological advancements, and rising eye disease cases. In addition, the burgeoning understanding of the benefits of eye drops, coupled with developing healthcare infrastructure, drives the expansion of the overall America & Europe eye drops market size. Moreover, the easy availability of various drugs owing to frequent launches of new drugs is one of the key factors propelling the market growth in these regions. The US held the largest share of the market in America in 2023. Various companies offering different eye drops and lenses to treat dry eye conditions have presence in the US. Also, the rising healthcare expenditure favors the growth of the eye drops market in this country.

Apart from factors driving the market, the America & Europe eye drops market report emphasizes major developments by prominent players. Alcon AG; AbbVie Inc; Bausch & Lomb Inc; Pfizer Inc; Prestige Consumer Healthcare Inc.; Similasan Corp; Rohto Pharmaceutical Co Ltd; Sager Pharma Kft; Akorn Operating Company LLC; Santen Pharmaceutical Co., Ltd.; SERVImed Industrial S.p.A.; and I-MED Pharma Inc. are among the prominent players operating in the market.

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