According to a new report published by Allied Market Research, titled,"Eye Drops and Lubricants Market by Type and Application:Global Opportunity Analysis and Industry Forecast, 2018-2025,"the global eye drops and lubricants market size is $15,587 million in 2017 and is projected to reach $22,625 million by 2025, growing at a CAGR of 4.7% from 2018 to 2025. The artificial tears segment accounted around one-third of the total eye drops and lubricants market share in 2017.
Eye drops and lubricants are used to relieve people suffering from various eye problems such as eye dryness, redness, infection (pink eye), allergies, itching, soreness, swelling, and others. Eye infections such as conjunctivitis and bacterial keratitis are chronic infections treated by using antibiotics therapy. Furthermore, eye and vision problems also occur due to imbalance in hormone levels, as hormones regulate important body functions and fluctuation in them can affect the eyes and vision. The discovery of advanced prospect molecules and novel combination therapies is expected to boost the growth of the market in the share in the near future.
The eye drops and lubricants market is expected to exhibit significant growth during the forecast period due to rise in prevalence of ophthalmic disorders worldwide, change in the demographics across the globe, and focus on drug discovery and development for the treatment of eye disorder and diseases. However, longer timelines required for the approval of eye drops and lubricants and risk of associated side effects hamper the market growth.Conversely, increase in investment by market players in the emerging economies is expected to offer remunerative opportunities for market players.
Based on type, the eye drops and lubricants market is segmented into antibiotics, hormones, artificial tears, and others. The artificial tear segment accounted for the highest revenue in 2017 and is expected to continue this trend throughout the forecast period, owing to the rise in demand for the product, due to surge in number of dry eye syndrome across the world. Furthermore, easy availability and accessibility of lubricating eye drops even without a prescription further fuels the market growth.
Asia-Pacific is expected to emerge as a lucrative area with maximum growth potential, owing to the rapid development in healthcare infrastructure, rise in incidence of ophthalmic disorders, and increase in healthcare initiatives by its government. However, North America accounted for the highest market share in 2017, and is expected to maintain its dominance throughout the forecast period, owing to increase in prevalence of glaucoma, cataract, and other ophthalmic disorders.
The report provides global eye drops & lubricants market trends, analysis, and forecast with a comprehensive analysis of the key players operating in the global eye drops and lubricants industry, namely Akorn Consumer Health (TheraTears), Allergan Plc, Johnson & Johnson, Novartis International AG (Alcon Inc.), Pfizer Inc., Prestige Consumer Healthcare, Inc., Sager Pharma Kft., ROHTO Pharmaceutical Co., Ltd., Similasan Corporation USA, and Valeant pharmaceuticals International, Inc. (Bausch & Lomb Incorporated). The other players in the value chain include Jawa Pharmaceuticals Pvt. Ltd., Maya Biotech, Neiss Labs Ltd., Hanuchem Laboratories, Oculent Healthcare, and others.
Key Findings of the Eye Drops And LubricantsMarket:
- Based on type, the hormones segment is expected to experience rapid growth in the market, and is projected to grow at a CAGR of 5.6% from 2018 to 2025.
- Depending on application, the eye diseases segment held the largest revenue in 2017 and is anticipated to continue this trend during the forecast period.
- U.S. generated the highest revenue in the global eye drops and lubricants market industry in 2017, accounting more than one-third of the global market in 2017.
- LAMEA is estimated to grow at a CAGR of 5.3% during the forecast period.