Eye Drops Market Size Report | Share & Growth Analysis 2030

The eye drops market was valued at US$ 15,793.27 million in 2022 and projected to reach US$ 23,788.45 million by 2030. It is expected to register a CAGR of 5.3% during the forecast period.

Market Insights and Analyst View:

Eye drops are saline solutions containing medications used to treat various eye conditions. At times they do not contain any medications and are used to rinse out foreign bodies or lubricate the eyes. Due to increase in the prevalence of eye diseases, there is an increasing demand for glaucoma eye drops, allergy eye drops, eye drops for dryness, and cataract eye drops. Increase in eye infections due to dust and pollution, and eye diseases are caused due to excessive digital screen time. Additionally, growing cases of cataract and glaucoma in elderly population due to weakening of eye muscles, along with strategic initiatives by companies, are fueling the growth of the global eye drops market. However, sterility issues or improper packaging of a few eye drops led to product recalls, hampering the market growth.

Growth Drivers and Opportunities:

The incidence of ophthalmic diseases such as diabetic retinopathy, glaucoma, and dry eye leading to vision impairment is rising among the population, especially in developed countries. A dry eye is caused by multiple factors that result in discomfort, irritation, and visual disturbance. According to a study, "National Health and Wellness Survey," conducted in the US in April 2020, ~16.4 million people were diagnosed with dry eye. The data also stated that the prevalence had surged by 2.7% among people aged 18−34 years. According to Novaliq GmbH, ~13 million Europeans and ~17 million Americans currently suffer from dry eye disease.

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 may also become apparent. According to an article published by the American Academy of Ophthalmology, it is estimated that by 2030 an estimated 191 million people globally will suffer from diabetic retinopathy. According to Medscape, ~700,000 people in the US suffer from proliferative diabetic retinopathy, with ~65,000 new cases recorded annually.  

According to an article published by the World Health Organization (WHO) in 2022, ~2.2 billion people worldwide suffer from near or distant vision impairment. The leading causes of vision impairment are cataracts (~94 million cases) and uncorrected refractive errors (~88.4 million cases). Doctors generally prescribe eye drops for the treatment and prevention of ophthalmic diseases. Hence, the increasing prevalence of ophthalmic diseases is fueling the growth of the eye drops market.

In recent years, various measures and efforts have been taken to create awareness and educate people regarding eye diseases, prompting patients to access suitable medications and treatments. In 2017, the National Eye Institute (NEI) in the US initiated "Write the Vision," a new eye health awareness program, to increase awareness about eye health, specifically targeting African–American consumers. The "Write the Vision" program offers monthly resources to a large number of organizations, allowing them to promote healthy vision and prevent vision loss and blindness in the communities they serve. As per the National Eye Health Education Program, a part of the NEI, African–Americans are more prone to eye diseases. These eye diseases can lead to vision loss if not treated in time.

Sightsavers—an international nongovernmental organization—works in developing countries to treat and prevent eye diseases. A large population in India resides in rural areas with limited or no awareness of eye ailments. Sightsavers aims to create awareness with its Rural Eye Health Programme, provide high-quality eye health services, and eradicate avoidable blindness in the rural population. In addition, in 2019, the WHO launched the Universal Health Coverage and Eye Care: Promoting Country Action, an event to provide practical, step-by-step guidance to support Member States of WHO in planning and implementing the recommendations of the WHO's World Report on vision. The WHO launched this event to provide integrated people-centered eye care services. Further, the India–US Collaborative Vision Research Program 2020 focuses on advancing science and technology crucial to understand, prevent, and treat blinding eye diseases, visual disorders, and associated complications. The Indian Department of Biotechnology and the US NEI fund this research program. Thus, increasing funds for eyecare research will likely offer growth opportunities to the eye drop market players.

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Eye Drops Market: Strategic Insights

Market Size Value in	US$ 15,793.27 million in 2022
Market Size Value by	US$ 23,788.45 million by 2030
Growth rate	CAGR of 5.3% from 2022 to 2030
Forecast Period	2022-2030
Base Year	2022

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Report Segmentation and Scope:

The “Global Eye Drops Market” is segmented into technology, type, distribution channel, and geography. Based on type, the eye drops market is segmented into antibiotics, hormones, artificial tears, and others. By application, the eye drops market is segmented into eye diseases, eye care, and others. The eye diseases segment is further segmented into dry eye, glaucoma, cataract, and others. Based on purchase mode, the eye drops market is bifurcated into prescription and OTC. Geographically, the eye drops market is segmented into North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Russia, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, the UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

Segmental Analysis:

Based on type, the eye drops market is segmented into antibiotics, hormones, artificial tears, and others. The antibiotics segment held the largest market share in 2022. 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 market expansion during the forecast period.

Eye Drops Market, by Type – 2022 and 2030

Based on application, the eye drops market is segmented into eye diseases, eye care, and others. The eye diseases segment is further segmented into dry eye, glaucoma, cataract, and others. The eye diseases segment held the largest market share in 2022. The eye care segment is anticipated to register the highest CAGR during the forecast period. Eye diseases or disorders are of a wide variety. According to the World Health Organization, the three most threatening eye diseases or conditions are diabetic retinopathy, glaucoma, and age-related macular degeneration. Apart from these diseases, refractive errors also cause severe visual harm. Vision loss or low vision can also be caused due to problems associated with age, improper healthcare, changes in hormone level, and inherited diseases. According to WHO, uncorrected refractive errors and cataracts are the leading causes of vision loss and blindness. It is a prevalent condition affecting millions of people. In 2020, an estimated 15.2 million people aged 50+ years were blind worldwide, and a further 78.8 million had moderate to severe vision impairment (MSVI) due to cataracts. Typically, patients use eye drops for at least one month after cataract surgery. During the first week, the patient must apply eye drops several times daily. It is crucial to use eye drops as prescribed to protect eye health. After cataract surgery, most people need to use medicated eye drops to prevent inflammation and infection. Wearing contact lenses can contribute to or worsen dry eye symptoms. People can use eye drops to reduce symptoms as the eye drops help lubricate the surface of the eyes. There are many artificial tears or lubricating eye drops made without any preservatives or other chemicals. These eye drops are marketed as “preservative free” or “for contacts” to indicate the safety to use with contact lenses. 

Based on purchase mode, the eye drops market is bifurcated into prescription and OTC. The prescription segment held a larger share of the market in 2022 and is anticipated to register a higher CAGR in the market during the forecast period. Patients visit an ophthalmologist when they do not get results with prolonged use of available over-the-counter (OTC) drugs. Prescription eye drops given by specialist treat disorders such as dry eye disease and lowering intraocular pressure in glaucoma patients. Antibiotic eye drops prescribed by a doctor treat bacterial eye infections. Restasis (cyclosporine ophthalmic) eye drops are approved to treat dry eye disease (called keratoconjunctivitis sicca). Further, many medicines are available for lowering the IOP in glaucoma patients. Frequently used eye drops available for these purposes are prostaglandin analogs such as Latanoprost, Travoprost, Bimatoprost, and Tafluprost; beta-blockers such as Timolol and Betaxolol; and alpha-2 adrenergic agonists such as Brimonidine. The development of prescription drugs will continue to boost the market in the coming years. Vuity, the first eyedrop approved by the Food and Drug Administration (FDA) to treat presbyopia, was launched in December 2021. Presbyopia more commonly affects people aged 40 and older. Vuity replaced the reading glasses of millions of Americans suffering from age-related blurry vision. The prescription drug uses the eye's natural ability to reduce pupil size. Thus, such developments are anticipated to accelerate the eye drops market growth for the prescription segment.

Regional Analysis:

Geographically, the eye drops market is divided into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. In 2022, North America held the largest share of the global eye drops market, and Asia Pacific is estimated to register the highest CAGR during the forecast period. 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 population 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.

The US is the largest and fastest-growing country in the North American eye drops market. The market in this country is ascribed to the increasing incidence of dry eye disease among people. Various companies offering different eye drops and lenses to treat dry eye condition have presence in the US. Also, the rising healthcare expenditure favors the growth of the eye drops market in the US.

The growth of the market in Asia Pacific is attributed to the growing prevalence of dry eye diseases in countries such as Australia, and India. India has a large population, and the prevalence of eye-related issues, such as allergies, and infections. They are widely used for treating common eye conditions such as dryness, redness, itching, and conjunctivitis. Additionally, specialized eye drops are used for managing glaucoma, cataracts, and other serious eye conditions. The eye drops market in India consists of both domestic and international pharmaceutical companies. A few of the well-known domestic brands popular in the country are Sun Pharmaceutical Industries Ltd, Cipla Ltd, Lupin Limited, and Dr. Reddy's Laboratories. International companies such as Alcon, Allergan, Novartis, and Bausch + Lomb also have a presence in the Indian market. In addition, government hospitals and clinics often provide eye drops at subsidized rates, making them more accessible to the general population.

Industry Developments and Future Opportunities: 

Various initiatives taken by key players operating in the global eye drops market are listed below:

1. 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 over the counter (OTC) consumer convenience in eye care.
2. In June 2023, Bausch + Lomb Corporation entered into a definitive agreement with Novartis under which Bausch + Lomb will acquire XIIDRA (lifitegrast ophthalmic solution) 5%, a non-steroid eye drop specifically approved to treat the signs and symptoms of dry eye disease (DED) focusing on inflammation associated with dry eye.
3. In March 2022, Akorn Operating Company LLC completed its previously announced sale of seven branded ophthalmic products to Théa Pharma. Under the deal, Théa Pharma acquired seven products including established glaucoma therapies Zioptan, Cosopt, Cosopt PF, and Betimol, along with Azasite, Akten, and the ocular surface repair agent AcellFX.

COVID-19 Impact:

Before the COVID-19 pandemic, the eye drop market was experiencing steady growth and was influenced by various factors that shaped its dynamics. Post-COVID impact on the eye drop market is subject to ongoing changes and may vary depending on the specific circumstances in different countries. The COVID-19 pandemic highlighted the importance of overall health, including eye health. The increased focus on personal health and hygiene may result 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, the continuation of remote work or hybrid models may sustain the demand for eye drops that address digital eye strain.

Competitive Landscape and Key Companies:

Some of the prominent players operating in the global eye drops market are 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. These companies focus on new product launches and geographical expansions to meet the growing consumer demand worldwide and increase their product range in specialty portfolios. They have a widespread global presence, which provides them to serve a large set of customers and subsequently increases their market share. The report offers trend analysis of the eye drops market emphasizing various parameters such as technological advancements, market dynamics, and competitive landscape analysis of leading market players across the globe.