The global ophthalmic eye drops market radiates with promise, casting a brilliant light across the expansive healthcare industry. Anticipated to achieve a noteworthy valuation of US$ 16.21 billion in 2023, this market’s potential knows no bounds. Envisioning a future of even greater heights, Future Market Insights (FMI) foresees it surging beyond US$ 24.53 billion by 2033. This upward trajectory paints a vibrant picture of success, driven by a consistent CAGR of 4.2%.
The soaring cases of eye infections have been driving ophthalmic eye drop sales. While the report presents a positive outlook for growth, ongoing restrictions amid the COVID-19 outbreak might hamper sales.
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New eye drop product launches, branded as well as generic, are expected to be hampered in the short term due to disruptions in the supply chain, delayed pipeline research and development, and a shift in the priority of leading healthcare companies to COVID-19 vaccine and treatment developments.
According to the report, institutional sales of ophthalmic eye drops will rise considerably in the coming years. It will account for over half of ophthalmic eye drops sold through the forecast period.
“Increasing prevalence of eye infections, technological advancements, and high risk of infections from the increasing use of contact lens is expected to boost the growth of the ophthalmic eye drops market.” says the FMI Analyst
Key Takeaways from Ophthalmic Eye Drops Market Study
- Ophthalmic eye drops market will expand consistently to surpass a valuation of US$ 15 Bn by 2021
- The U.S. holds over 92.1% share of the North American market, but Canada is projected to expand faster at around 4.0% CAGR
- Rising cases of eye infection will drive sales in the U.K., enabling it to register 3.9% y-o-y growth in 2021
- Rising willingness to spend on advanced eye care will drive sales in Germany and France
- Expansion of the healthcare sector will emerge as the chief growth driver in China and Japan. Both countries will exhibit a high demand for dilation drops
Due to their increasingly active lifestyle and desire for better aesthetics, many people are shifting to contact lenses. However, many ocular infections are associated with the use of contact lenses. Each year in the United States, approximately 1 million eye infections occur related primarily to keratitis, a fungal infection of the cornea, and contact lens infections account for estimated direct costs of $175 million. In addition, 40.9 million U.S. adults wear contact lenses, and 99% of 4,269 contact lens wearers reported at least one contact lens–related hygiene behavior associated with an increased risk for eye infection or inflammation. Nearly a million eye infections requiring a trip to the doctor happen each year, many of them related to contact lens use.
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Who is Winning?
The top players are focusing on increasing acquisitions at the regional level. Acquisitions empower the company with products and increase the company’s portfolio. The company acquires other players to possess well-established products and solutions that are expected to become a good revenue source for the acquirer. Acquisitions also enable the company to enter new emerging markets as well as enhance its presence in existing markets. Furthermore, key market players such as Novartis and Gerresheimer AG are focusing on the expansion of their market reach in different regions. For example-
- In November 2020, Gerresheimer Regensburg announced that it was expanding its production area in Germany. The company has planned the expansion of its production capacity in small batch production, as a result of increasing development projects for pharmaceutical and medical technology products.
- In November 2019, Sandoz announced that it has entered into a binding agreement for the planned acquisition of the Japanese business of Aspen Global Incorporated (AGI), a wholly owned subsidiary of Aspen Pharmacare Holdings Limited, strengthening its position in the world’s third-largest generics market.
Some of the key market players covered by FMI 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., Gerresheimer AG, Adelphi Healthcare Packaging, Aptar Group Inc., and Amcor Plc.
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Ophthalmic Eye Drops Market by CategoryDrug Class
- Anesthetic Drops
- Dilation Drops
- Glaucoma Drops
- Steroid Drops
- Antibiotic Drops
- Others (Antihistamine, Lubricants Tear Drops)
- Dry Eye
- Eye Allergy
- Eye Infection
- Retinal Disorders
- Macular Degeneration
- Diabetic Retinopathy
- With Preservative
- Preservative Free
- Single Dose Container
- Multiple-Dose Container
- Institutional Sales
- Community Clinics
- Ophthalmic Clinics
- Public Health Agencies
- Veterinary Hospitals & Clinics
- Retail Sales
- Retail Pharmacies
- Drug Stores
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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