May 27, 2024

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Eye Drops Market to Boom to $23.78 Billion by 2030, Driven by Rising Prevalence of Dry Eye Disease and Glaucoma

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The global eye drops market is expected to reach $23.78 billion by 2030, driven by the rising prevalence of eye conditions such as dry eye disease and glaucoma. The market is segmented into over-the-counter (OTC) and prescription segments, with the OTC segment accounting for the largest share. The North American region is expected to remain the dominant market throughout the forecast period.
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The global eye drops market is expected to reach $23.78 billion by 2030, growing at a CAGR of 5.3% from 2023 to 2030, according to a new report by The Insight Partners. The growth of the market is attributed to the rising prevalence of eye conditions such as dry eye disease, glaucoma, and allergic conjunctivitis.

Key Findings of the Report

  • The over-the-counter (OTC) segment accounted for the largest share of the eye drops market in 2022 and is expected to retain its dominance during the forecast period. This is due to the increasing availability of OTC eye drops and the growing awareness about self-care among consumers.
  • The prescription segment is expected to grow at a faster CAGR during the forecast period. This is due to the rising prevalence of chronic eye diseases and the increasing demand for more effective eye drop treatments.
  • The North American region accounted for the largest share of the eye drops market in 2022. This is due to the high prevalence of eye conditions, the increasing disposable income, and the growing awareness about eye health in the region.
  • The Asia Pacific region is expected to grow at the fastest CAGR during the forecast period. This is due to the increasing prevalence of eye conditions, the rising disposable income, and the growing geriatric population in the region.

Major Market Players

The major players in the eye drops market include:

  • Alcon
  • Bausch + Lomb
  • Santen Pharmaceutical
  • Allergan
  • Novartis
  • Pfizer
  • Rohto Pharmaceutical
  • Akorn
  • Prestige Consumer Healthcare
  • Biomedica Pvt Ltd.
  • Similasan Corporation

Market Opportunities

The eye drops market offers a number of growth opportunities for market players. Some of the key opportunities include:

  • Rising prevalence of eye conditions: The prevalence of eye conditions is increasing globally due to the aging population, increasing screen time, and rising pollution levels. This is driving the demand for eye drops.
  • Growing awareness about eye health: The growing awareness about eye health is leading to an increase in the demand for eye drops.
  • Increasing disposable income: The increasing disposable income is enabling consumers to spend more on eye health products, such as eye drops.
  • Rising demand for OTC eye drops: The demand for OTC eye drops is increasing due to the increasing availability of these products and the growing awareness about self-care among consumers.
  • Growing geriatric population: The geriatric population is more susceptible to eye conditions, such as glaucoma and cataracts. This is driving the demand for eye drops among the geriatric population.

The eye drops market is expected to witness significant growth in the coming years, driven by the rising prevalence of eye conditions and the increasing awareness about eye health. Market players can capitalize on the growth opportunities by developing innovative eye drop products and expanding their reach in emerging markets.

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