Eye Care Products Market to Witness Significant Incremental Opportunities Generate During the COVID-19 Lockdown Phase
Eye care products are used in the treatment of various common eye disorders and do not require any doctor’s prescription. Eye care products range from artificial saliva and ointments to ocular decongestants and these are easily available over the counter (OTC). Eye care products are advantageous as they aid in overcoming dryness, excessive watering, itching, and other disorders of the eye. However, in some cases, minor issues may direct towards major conditions such as blindness, and often recommended to consult eye specialist before taking eye care products. Numerous type of eye care products are available over the counter (OTC) and contains more or one active and inactive ingredients. Eye care products comprise of ingredients that have no or less therapeutic value such as ophthalmic vehicles such as dextran 70 and gelatin, to boost drug-target interaction and preservatives such as sodium benzoate, sorbic acid, and chlorobutanol, to restrict bacterial growth that may be incorporated during repeated product use.
Eye Care Products Market: Drivers and Restraints
Eye care products are adopted by the end-use consumer. The factors such as rapidly rising geriatric population in developing and developed economies and elevating prevalence and incidence of eye-related allergies are gardening the growth of eye care products. In addition to that, increasing pollution, increasing use of the digital screen, changing lifestyle pattern, and insomnia is also impelling the market growth of eye care products. However, the factors such as counterfeiting of eye care products, fierce competition among the key players, and side effects of common medication are the major obstacles in the market growth of eye care products.
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Eye Care Products Market: Segmentation
The global eye care products market can be segmented on the basis of product type, form type, end-user, and region.
On the basis of product type, global eye care products market can be segmented as:
- Artificial Tear Drops
- Ointments or Emollients
- Eye Washes
- Eyelid Scrubs
On the basis of form type, global eye care products market can be segmented as:
On the basis of end user, global eye care products market can be segmented as:
- Online Pharmacy
- Retail Pharmacy
- Hospital Pharmacy
On the basis of region, global eye care products market can be segmented as:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
Eye Care Products Market: Overview
Eye care products are used in treating mild or common eye conditions such as allergy, excessive teardrops and others disorder. The ease in availability of eye care products over the counter and increasing emergence of e-commerce website such as medical expo are also aided in increasing sales of the product. The other factors such as low cost of the products and increasing incidence of dry eye, age-related macular degeneration (AMD), and allergies also provides momentum towards the market growth of eye care products.
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Eye Care Products Market: Region Wise Outlook
Geographically, global eye care products market can be segmented as North America, Latin America, Europe, Asia-Pacific and Middle East & Africa. The market in North America is anticipated to show the largest market share for eye care products, followed by Europe, owing to the rapidly rising elderly population. In addition, favorable commercial and government reimbursement policies such as Managed Care and Medicare respectively, are diving the growth of eye care products. The market in Asia-Pacific region is estimated to grow at fastest CAGR over the forecast period owing to the presence of large population base coupled with the high proportion of geriatric population. However, the market in Middle East & Africa shows the steady growth during the forecast period owing to the presence of inadequate healthcare infrastructure and scarcity of professionals.
Eye Care Products Market: Key Players
Some of the market participants in the global eye care products market are Allergan, Inc., Accutome Inc., Prestige Brands, Inc., Bausch & Lomb Incorporated, Croda, Akorn Consumer Health, Shire US Inc., Scope Ophthalmics Ltd., VISUfarma, Novartis AG, and Precision Lens.
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