How will Initiatives in Creating Awareness Influence Ophthalmic Eye Drops Demand?
ESOMAR-certified consulting firm Future Market Insights recently published a report on the global ophthalmic eyes drop market for the forecast period 2021-2031. As per the study, the market is expected to expand at over 5% CAGR through 2021 & beyond. Surging cases of post-operative eye infections and ocular surgical cases such as glaucoma, cataract and many more is furthering the sales of dilation eye drops.
Ocular surgical conditions such as diabetic retinopathy, age-related macular degeneration and glaucoma has increased the demand for post-operative ocular anti-infective therapies. Also, rising cases of bacterial and viral conjunctivitis and emergence of various pathogens have increased the risk of eye infection, thereby fostering the sales of ophthalmic eye drops.
According to the World Health Organization, around 60% of patients in the U.S. are prescribed with antibiotic eye drops and approximately 10 million people across the globe undergo cataract surgery each year. Furthermore, around 7.7 million people in the U.S. were affected with diabetic retinopathy. Hence, demand for dilation eye drops is increasing with the mounting cases of eye surgery each year. Based on the aforementioned factors, the global ophthalmic eye drops market is expected to witness staggering growth throughout the forecast period.
“Rising cases of cataract and diabetic retinopathy especially among the growing geriatric population and demand for specific eye drops are pushing the manufacturers to develop customized products in ophthalmic eye drops market,” says the FMI analyst
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- Demand for dilation eye drop is growing across the globe and is likely to expand at a CAGR of over 5.3% through 2031
- By drug formulation, with preservative segment is accounted to hold over 89.2% global market share
- Increasing cases of dry eyes across the globe is making it dominant indication segment
- Institutional sales segment is anticipated to account for over 60.4% of market share
- While the U.S. is expected to hold the largest share of North America with 92.1% of market share, Canada is expected to be the fastest growing market.
- Rising cases of eye infection across the U.K. and France will spur the sales
- Germany is expected to lead the Europe’s ophthalmic eye drop market through 2021 & beyond
- India is expected to be the most lucrative market for South Asia region, while China and Japan are leading East Asia’s market
FMI has profiled some of the prominent market players providing ophthalmic eye drops that include Novartis AG, Bausch & Lomb, Akorn Inc., Biomedica, Advacare Pharma, C2 PHARMA, Kraeber GmbH, Iskon Remedies, HANSHIN Group, Berry Global Inc., Nolato AB, Bormioli Pharma, WG Pro-Manufacturing Inc., Adelphi Healthcare Packaging, Aptar Group Inc., Amcor PLC, and Gerresheimer AG among others. Prominent manufacturers are deploying a slew of expansion strategies, ranging from product innovation to strategic collaboration & partnerships to maintain the lead in the industry,
In February 2021, Bausch & Lomb, global leading eye health company and Nicox, an ophthalmic company announced that VYZULTA® (latanoprostene bunod ophthalmic solution), 0.024%, received regulatory approval from Ministry of Food and Drug Safety in South Korea. The product is indicated for the reduction of intraocular pressure in patients with open-angle glaucoma in the U.S. and other states.
Also, Ocuphire Pharma Inc., a clinical-stage ophthalmic biopharmaceutical company focused on developing and commercializing therapies for the treatment of several eye disorders announced the results of ORION-1 Phase 2 clinical trial evaluating the safety & efficacy of Nyxol in glaucoma and presbyopia.
Furthermore, in July 2020, Alcon, the global leader in eye care dedicated to helping people see, announced the U.S. Food and Drug Administration approval for PAZEO, an olopatadine hydrochloride ophthalmic eye care solution for the patients in the U.S.
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More Insights on the Global Ophthalmic eye drops Market
Future Market Insights, in its new offering, provides an unbiased analysis of the ophthalmic eye drops market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the ophthalmic eye drops market with a detailed segmentation on the basis of drug class (anesthetic drops, dilation drops, glaucoma drops, steroid drops, antibiotic drops, and others (antihistamine, and lubricants tear drops)), indication (dry eye, eye allergy, glaucoma, eye infection, retinal disorders (macular degeneration, diabetic retinopathy and others), uveitis, and others), drug formulation (with preservative and preservative free), container type (single dose container and multiple-dose container), distribution channel (institutional sales, hospitals, community clinics, ophthalmic clinics, public health agencies, veterinary hospitals & clinics, retail sales, and drug stores), across major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa)
Key Questions Covered in the Report
- How will the market for ophthalmic eye drops will expand through 2031?
- Which top manufacturing companies are leading the global ophthalmic eye drops market?
- What are the key drivers and trends that will stimulate the ophthalmic eye drops sales?
- What are the challenges that will affect the sales of ophthalmic eye drops market?
- Which region will remain the most lucrative throughout the forecast period?
- What is the impact of Covid-19 on ophthalmic eye drops market?
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