Eye Drops and Lubricants Market: Overview
Large number of people suffer from eye problems. However, some of these may be minor and rectify on their own or could be easily treated at home. Other disorders might require a specialist’s care. Eye drops and lubricants are highly recommended in the treatment of these eye problems and are effective and less painful. Eye disorders such as soreness, diabetic macular edema, dry eye, redness, refractive errors, glaucoma, conjunctivitis, itching, CMV retinitis, and age-related macular degeneration are treated with these drops and lubricants.
Eye Drops and Lubricants Market: Key Trends
The global eye drops and lubricants market is driven by increase in incidence of ophthalmic diseases across the globe and demographic change. Additionally, drug discovery and development is projected to fuel the growth of the market during the forecast period. However, side effects associated with ophthalmic eye drops and lubricants are anticipated to restrain the market. Moreover, stringent rules & regulations are expected to hamper market growth from 2019 to 2027. However, rise in investment by key players in the eye drops and lubricants market in the emerging countries is likely to propel the market during the forecast period.
Eye Drops and Lubricants Market: Segmentation
The global eye drops and lubricants market can be segmented based on type, application, and region. In terms of type, the market can be classified into antibiotics, artificial tears, hormones, and others. Based on application, the global eye drops and lubricants market can be categorized into eye diseases, eye care, and others. The eye diseases segment can be divided into conjunctivitis, dry eye, glaucoma, refractive errors, and others.
In terms of type, the artificial tears segment is projected to account for major market share during the forecast period. This is due to increase in demand for these medications to treat artificial tears and rise in prevalence of dry eye syndrome across the world. However, the hormones segment is anticipated to expand at a high CAGR from 2019 to 2027 due to high prevalence rate of dry eye in postmenopausal women.
Based on application, the eye diseases segment held major market share in 2018 due to increase in the global geriatric population and high prevalence rate of eye diseases. However, the eye care segment is expected to expand at a high CAGR during the forecast period owing to large number of cataract and other eye-related operations that necessitate usage of eye drops.
Eye Drops and Lubricants Market: Regional Analysis
In terms of region, the global eye drops and lubricants market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to capture major market share owing to increase in health care investments by manufacturers and high R&D expenditure by companies for the development of these medications. Moreover, rise in prevalence of ophthalmic disorders fuels the growth of the market in the region. However, the market in Asia Pacific is expected to expand at a high CAGR from 2019 to 2027 due to rapid expansion of health care infrastructure, high incidence of ophthalmic diseases, and rise in health care initiatives by governments.
Eye Drops and Lubricants Market: Competitive Landscape
Key players in the global eye drops and lubricants market include Novartis International AG (Alcon Inc.), Akorn Consumer Health (TheraTears), Allergan plc, ROHTO Pharmaceutical Co., Ltd., Johnson & Johnson, Pfizer, Inc., Similasan Corporation USA, Sager Pharma Kft., Prestige Consumer Healthcare, Inc., and Valeant pharmaceuticals International, Inc. (Bausch & Lomb Incorporated).
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