Eye Drops Market is expected to reach US$ 23,788.4 million by 2030

PRESS RELEASE BY The Insight Partners 09 Aug 2023

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Antibiotics Held Largest Share of Type Segment in Eye Drops Market

According to our new research study on "Eye Drops Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type, Application, and Purchase Mode," the market was valued at US$ 15,793.27 million in 2022 and is expected to reach US$ 23,788.4 million by 2030. It is estimated to register a CAGR of 5.3% during 2022–2030.

Eye drops are most often saline solutions with medications to treat various conditions of the eye. Sometimes, the eye drops contain no medication and are meant to lubricate the eyes or to rinse out foreign bodies. Lubricating eye drops help replace eye’s natural moisture when the eyes are not making enough moisture on their own. They relieve dryness and irritation, promoting comfort. In an injured eye, artificial tears promote surface healing, increasing comfort by reducing the feeling of a surface scratch and flush out any residual contaminating or injurious particles. They prevent further damage by keeping the eye lubricated.

Eye Drops Market, by Type, 2022-2030 (%)
 Eye Drops Market, by Type, 2022-2030 (%)

Eye Drops Market Size Report | Share & Growth Analysis 2030

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Eye Drops Market Forecast to 2030 - Global Analysis by Type (Antibiotics, Artificial Tears, Hormones, and Others), Application [Eye Diseases (Dry Eye, Glaucoma, Cataract, and Others), Eye Care, and Others], Purchase Mode (OTC and Prescription), and Geography

Source: The Insight Partners Analysis

Based on type, the eye drops market is segmented into antibiotics, artificial tears, hormones, and others. In 2022, the antibiotics segment accounted for the largest market share. The hormones segment is anticipated to register the highest CAGR during the forecast period. Antibiotic eye drops are drugs in liquid form prescribed by a doctor to treat antibacterial infection. Once the antibiotic eye drop comes in contact with the eye's surface, it penetrates multiple tissue layers of the eye and starts working 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.

According to the American Academy of Ophthalmology, topical antibiotics (eye drops or ointments) are ineffective against viral or fungal keratitis or conjunctivitis. Owing to the benefits offered by antibiotic drops while rectifying malfunctioning of meibomian glands, benefits associated with antibiotic eye drop treatment are expected to propel the eye drops market growth during the forecast period.

Furthermore, Eye vision in females is largely affected by changing hormone levels. Changing levels of estrogen and progesterone impact oil glands in the eye, leading to dryness. Estrogen fluctuations are primarily responsible for causing dryness in the eyes. Women who are at the stage of menopause are at high risk of suffering from dry eye conditions. The condition can be treated using prescribed eye drops. Several research activities are being conducted to develop eye drops that treat eye diseases caused due to hormonal changes. Thyroid-related autoimmune diseases may lead to thyroid level changes, which can consequently cause dry eye. Thus, the aforementioned factors are anticipated to boost the eye drops market for the hormone drops segment.

Region Analysis- Eye Drops Market

Geographically, the eye drops market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. The North America eye drops market has been segmented into the US, Canada, and Mexico. The eye drops market growth in this region is attributed to the rising awareness of the dry eye condition, an increase in the aging population, and technological advancements in eye treatment procedures with the rising incidence of eye disorders.

Dry eye disease is a common but underdiagnosed condition in the US. The growing geriatric population further triggers the prevalence of dry eye disease. According to the Centers for Disease Control and Prevention (CDC), age-related eye diseases such as macular degeneration, cataract, diabetic retinopathy, and glaucoma are the leading causes of blindness and low vision in the US. Other common eye disorders reported in the country include amblyopia and strabismus. With aging populations and the increased frequency of younger adults receiving refractive surgeries, dry eye is expected to affect as many as 2.79 million men in the US by 2030.

In January 2021, Kala Pharmaceuticals Inc. launched EYSUVIS 0.25% (loteprednol etabonate ophthalmic suspension) for the short-term (up to 2 weeks) treatment of the signs and symptoms of dry eye disease. EYSUVIS is now available with all national and local pharmaceutical distribution centers across the US.

Impact of COVID-19 Pandemic on Eye Drops Market

Before the COVID-19 pandemic, the eye drop market growth experiencing steady growth and was influenced by various factors that shaped its dynamics. Changing lifestyles, including increased screen time, digital device usage, and exposure to environmental factors, led to a rise in eye strain, dry eye syndrome, and other related conditions, thereby driving the demand for eye drops designed to alleviate such issues. The COVID-19 pandemic highlighted the importance of overall health, including eye health. The increased focus on personal health and hygiene resulted in higher awareness of eye care, leading to a greater demand for eye drop products. The pandemic accelerated the adoption of digital health solutions, including telemedicine, for remote consultations and medical advice. This trend could continue post-COVID, influencing how patients access eye care services and potentially affecting the distribution and prescription of eye drops. Remote work and online activities surged during the pandemic, leading to increased screen time and potential eye strain. Post-COVID-19 pandemic, the continuation of remote work or hybrid models may sustain the demand for eye drops that address digital eye strain.

Akorn Operating Company LLC, Alcon AG, Pfizer Inc, Prestige Consumer Healthcare Inc. , Rohto Pharmaceutical Co Ltd, Sager Pharma Kft, Similasan Corp, AbbVie Inc, Bausch & Lomb Inc, and Biomedica Pvt Ltd are among the leading companies operating in the eye drops market.

The report segments the eye drops market as follows:

The eye drops market is segmented based on type, application, and purchase mode. By type, the eye drops market is segmented into antibiotics, artificial tears, hormones, and others. In terms of application, the eye drops market is divided into eye diseases, eye care, and others. Eye disease is further categorized into dry eye, glaucoma, cataract, and others. Based on purchase mode, the eye drops market is bifurcated into OTC and prescription. Geographically, the eye drops market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

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