America & Europe Eye Drops Market Growth and Analysis by 2031

The America & Europe eye drops market size is projected to reach US$ 19.88 billion by 2031 from US$ 13.16 billion in 2023. The market is expected to register a CAGR of 5.3% in 2023–2031.

Rising healthcare expenditures, innovative eye drop formulations, collaborations between pharmaceutical corporations and research institutions, and the proliferation of online retail and e-commerce platforms are likely to remain key America & Europe eye drops market trends.

America & Europe Eye Drops Market Analysis

The increasing prevalence of eye diseases such as cataracts, glaucoma, dry eye syndrome, and allergies results in an elevated demand for eye drops in ophthalmology. The growing elderly population and preference for self-administered eye care products also contribute to the growth of the North America & Europe eye drops market. Increasing awareness about eye health and regular eye examinations fuels the demand for eye drops by promoting the early diagnosis and treatment of eye diseases. Advanced drug delivery systems and formulation technologies ensure positive market prospects. The introduction of preservative-free eye drops and innovative drug delivery techniques are expected to provide opportunities for America & Europe eye drop market players. Further, e-commerce platforms benefit customers through improved accessibility of eye care products, ease of online shopping, and doorstep delivery, especially in regions with limited access to physical retail stores. On the other hand, the rising number of product recalls hinders the America & Europe eye drop market growth.

America & Europe Eye Drops Market Overview

The increasing prevalence of dry eye syndrome, changing lifestyles, burgeoning awareness about eye health, and surging cases of irreversible vision problems are major factors adding to the disease burden in American and European countries. In addition, the growing geriatric population drives market the growth of the America & Europe eye drop market. Older people are more likely to suffer from various eye diseases, and eye drops are necessary for therapeutic and preventive purposes. A research study by the National Center for Biotechnology Information (NCBI) found that the prevalence of dry eye syndrome in the geriatric population was approximately 33% in 2021. The prevalence of eye diseases such as dry eye syndrome, glaucoma, and cataracts has increased with the growing geriatric population, thereby driving the need for therapeutic and preventive eye drop products. In addition, ongoing research and development efforts support the introduction of advanced formulations developed with higher potency, longer duration of action, and reduced side effects.

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America & Europe Eye Drops Market: Strategic Insights

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America & Europe Eye Drops Market Drivers and Opportunities

Initiatives to Bolster Eye Care Awareness to Generate Market Opportunities

In recent years, efforts have been made to create awareness and educate people regarding eye diseases, prompting patients to access suitable medications and treatments. On August 28, 2023, the Centers for Disease Control and Prevention (CDC) partnered with other organizations committed to vision health under its Vision Health Initiative (VHI) to create a more effective multi-tiered network to prevent vision loss and support eye health. On December 27, 2023, Prevent Blindness (an eye health and safety organization in the US) announced its plan to participate in the National Glaucoma Awareness Month campaign in January 2024 to provide patients, care partners, and professionals with various helpful resources to educate them on glaucoma. On October 1, 2023, 2EyesVision proudly reaffirmed its commitment to shaping the future of ophthalmology through community initiatives of the Ministry of Industry, Trade and Tourism (MINCOTUR) in Spain within the Secpho ecosystem. The ministry has awarded over US$ 3.17 million in grants to the Secpho cluster for innovative projects. On June 6, 2023, the National Health Service took the initiative to make eye care more accessible to patients in England. Under this initiative, measures were taken to reduce wait times for eye care, tagging it as a “top priority.” Thus, the increasing number of initiatives toward eyecare is likely to offer growth opportunities to the America & Europe eye drops market.

High Incidence of Age-Related Eye Diseases Drives Market Growth

Aging is a prominent factor that causes the weakening of vision, especially in people older than 50. Epidemiologists predict that the number of people being affected by glaucoma would nearly double by 2040 owing to the rising aging population and increasing prevalence of risk factors such as diabetes. According to the Centers for Disease Control and Prevention (CDC), ~12 million people aged 40 and above suffered from vision impairment in 2022 in the US, of which 3 million had vision impairment after vision correction, and 8 million suffered from vision impairment due to uncorrected refractive index. The World Health Organization (WHO) states that the population aged 60 and above would surge from 1 billion in 2020 to 1.4 billion by 2030; the number is further likely to double and reach ~2 billion by 2050. The number of individuals aged 80 and above is expected to triple from 2020 to 2050 to reach 426 million by 2050. Age-related macular degeneration (AMD) is a complex eye disease and one of the most common causes of incurable blindness in the elderly. AMD is the most common cause of blindness in people of European descent over the age of 65. According to Santen Pharmaceuticals, glaucoma affected more than 2.7 million people aged more than 40 in the US in 2022. The number of elderly patients is expected to increase to ~4.3 million and ~5.5 million by 2032 and 2050, respectively. The uninterrupted development of the healthcare sector has resulted in an increased life expectancy. The high prevalence of eye-related problems among the geriatric population is likely to encourage manufacturers to introduce new eye care products in the market, thereby contributing to the growth of the market.

America & Europe Eye Drops Market Report Segmentation Analysis

Key segments that contributed to the derivation of the America & Europe eye drops market analysis are drug class, application, and purchase mode.

• Based on drug class, the America & Europe eye drops market is divided 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.
• By application, the 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.
• In terms of purchase mode, the market is bifurcated into prescription and OTC. The prescription segment dominated the market share in 2023, and it is anticipated to register a higher CAGR of 5.5% during the forecast period.

America & Europe Eye Drops Market Share Analysis, by Geography

The geographic scope of the America & Europe eye drops market report is mainly divided into America and Europe.

America dominates the America & Europe eye drops market. Nearly 1.2 million US populace is living with Parkinson’s disease; it is the second most common neurodegenerative disorder, after Alzheimer’s. The dominance of America in the market in 2023 can be attributed to rising incidences of neurodegenerative disorders in the region. Europe is anticipated to record a CAGR of 4.9% in the America & Europe eye drops market during the forecast period.

America & Europe Eye Drops Market News and Recent Developments

The America & Europe eye drops market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:

• In July 2023, Bausch + Lomb Corporation acquired the Blink product line of eye and contact lens drops from Johnson & Johnson Vision. The strategic acquisition is the latest example of the company’s commitment to increasing consumer convenience in eye care by promoting over the counter (OTC) solutions. (Source: Bausch + Lomb Corporation, Press Release, 2023)
• In June 2023, Bausch + Lomb Corporation launched Biotrue Hydration Boost Contact Lens Rehydrating drops in the US, the first and only preservative-free rehydrating drop that is indicated to lubricate and rewet soft contact lenses. These products are made available in multi-dose bottles and can be used for both daily disposable and rigid gas-permeable types of lenses. (Source: Bausch + Lomb Corporation, Press Release, 2023)
• In December 2022, Alcon European launched the newest addition—Systane Complete Preservative-Free Lubricant Eye Drops—to its innovative portfolio of dry eye products. These products are now available in an easy-to-use, multi-dose bottle. (Source: Alcon AG, Press Release, 2022)

America & Europe Eye Drops Market Report Coverage and Deliverables

The “America & Europe Eye Drops Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at regional and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Regional and country-based market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles

America & Europe Eye Drops Market Regional Insights

The regional trends and factors influencing the America & Europe Eye Drops Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses America & Europe Eye Drops Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

America & Europe Eye Drops Market Report Scope

America & Europe Eye Drops Market Players Density: Understanding Its Impact on Business Dynamics

The America & Europe Eye Drops Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.