Eye Drops Market Outlook and Strategic Insights by 2030

The eye drops market size is projected to reach US$ 23,788.45 million by 2030 from US$ 15,793.27 million in 2022. The market is expected to register a CAGR of 5.3% during 2022–2030. Rising cases of cataract diseases and technological developments are likely to remain key trends in the market.

Eye drops Market Analysis

According to the Lancet, it has been estimated that the prevalence of cataract increases with age which is from 3·9% at age 55–64 years to 92·6% at age 80 years and above. Pediatric cataracts are one of the most common causes of treatable childhood blindness, with an estimated prevalence ranging from one to six per 10000 live births.. Such a factor is expected to drive the eye drops market during the forecast period 2022 – 2030.

Eye Drops Market Overview

According to the Glaucoma Research Foundation, there were about 80 million people worldwide in 2020 with glaucoma and the numbers are expected to rise in future years reaching 111 million by 2040. The most common treatment for the same is prescription eye drops. There are seven eye drops type to treat glaucoma. Such a factor has resulted in the growth of eye drops market.

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Eye Drops Market: Strategic Insights

Eye Drops Market Drivers and Opportunities

Rising Number of Vision Impaired Persons in India to Favor Market

According to the Financial Express,  approximately 4.95 million blind persons and 70 million vision-impaired persons are present in India. The economic burden of this is significantly high with an estimated net loss of gross national income due to blindness coming to INR 845 billion.

In general, eye diseases and vision disorders are extremely common. According to the World Health Organization (WHO), it has been estimated that over 2.2 billion people have some form of vision impairment or blindness.

Thus, the major factors leading to the eye drops market growth are the growing number of blind person cases in India .

Innovative Product Launches

In the recent past, it has been observed that market participants are launching new products that helps physicians to monitor the patient’s continuously. For instance, in 2020, the FDA approved MiSight 1 day (CooperVision) lenses making them the daily disposable soft contact lenses labeled for slowing the progression of myopia. Clinical studies found that MiSight 1 day lenses provided a 59% reduction in myopia progression in comparison with a single-vision 1-day lens, as measured by spherical equivalent, and a 52% reduction in mean axial elongation.

Eye Drops Market Report Segmentation Analysis

Key segments that contributed to the derivation of the eye drops market analysis are type and purchase mode.

• Based on type, the eye drops market is segmented into antibiotics, artificial tears, hormones, and others. The antibiotics segment held the largest market share in 2022.
• Based on purchase mode, the eye drops market is divided into OTC and prescription. The prescription segment is expected to witness a higher CAGR during the forecast period.  These include Cyclosporine (Restasis) and Lifitegrast (Xiidra).

Eye drops Market Share Analysis by Geography

The geographic scope of the eye drops market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America has dominated the eye drops market. Increasing cases of glaucoma and rise in myopia cases in the United States has led the growth of regional market. According to the Bright Focus, over three million Americans are living with glaucoma, 2.7 million of whom are aged 40 and older and are affected by its most common form, open-angle glaucoma.  Asia Pacific region is anticipated to grow with the highest CAGR in the coming years.

Eye Drops Market Regional Insights

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

Eye Drops Market Report Scope

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

The 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.

Eye Drops Market News and Recent Developments

The 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. A few of the developments in the eye drops market are listed below:

• Lupin announced the launch of bromfenac ophthalmic solution, 0.07%, in the United States, one of the leading healthcare companies in the United States market. (Source: CNBC TV18, Newsroom, January 2024)
• Bausch + Lomb launched INFUSE Multifocal silicone hydrogel (SiHy) contact lenses for daily use for presbyopia management designed to help maintain ocular surface homeostasis to assist in minimizing contact lens dryness. (Source: Glance By Eyes On Eyecare, June 2023)

Eye Drops Market Report Coverage and Deliverables

The “Eye Drops Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:

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