The America & Europe eye drops market size is projected to surge from US$ 13.16 billion in 2023 to US$ 19.88 billion by 2031; the market is estimated to record a CAGR of 5.3% during 2023-2031. The rising prevalence of ophthalmic diseases and high incidence of age-related eye diseases propel the America & Europe eye drops market growth.
Most people who suffer from eye problems need special eye drops. These eye diseases can be treated with eye drops, which are more effective and less painful. Symptoms such as dry eye, redness, pain, itching, glaucoma, refractive error, conjunctivitis, diabetic macular edema, and age-related macular degeneration can be effectively treated using these products. Eye drops, also called artificial tears, are a class of therapeutics commonly used to simultaneously relieve the symptoms of dry and irritated eyes by moisturizing the eyes and protecting them from further infection. Pollution, changing lifestyles, and prolonged screen time are the prominent causes of eye pain. These factors and environmental conditions propel the demand for eye drops that provide relief and protection. The availability of a wide range of eye drops that can be purchased without a prescription has made it easier for customers to procure them.
Rising Prevalence of Ophthalmic Diseases Drives the America & Europe Eye Drops Market
The Incidence of ophthalmic diseases such as diabetic retinopathy, glaucoma, and dry eye disease (DED) is rising in the populations of various countries, especially the developed ones. DED causes discomfort, irritation, and visual disturbance in patients. Diabetic retinopathy represents microvascular end-organ damage. It progresses from non-proliferative diabetic retinopathy stages to proliferative diabetic retinopathy. As the disease progresses, associated diabetic macular edema (DME) may also become apparent, leading to vision problems and blindness. According to the National Health and Wellness Survey, ~16.4 million people were detected with dry eye in the US as of April 2020. The study highlights an upsurge in prevalence by 2.7% among people aged 18-34 years during 2020. According to Novaliq GmbH, ~13 million Europeans and ~17 million Americans suffered from DED as of 2023. As per Santen Pharmaceuticals, nearly 11-30% of people in Europe suffered from DED in 2021. Data released on Medscape website states that ~700,000 people in the US suffer from proliferative diabetic retinopathy, with ~65,000 new cases recorded annually. Further, as per the International Diabetes Federation Europe, 20-35% of people with diabetes are at risk of developing diabetic retinopathy. The prevalence of DME in people with type 1 diabetes is approximately 8.8% in Europe.
Cataracts, which are highly common in elderly people, are characterized by the formation of a cloudy area in the eye lens. According to the article Cataract surgery practice patterns worldwide: a survey, published in BMJ, cataract extraction is the most common surgical procedure in all medical specialties, with an estimated 3.7 million cases per year in the US and 7 million cases reported in Europe. As per Eurostat, cataract surgery was the most common surgical procedure in the EU, with 4.32 million operations in 2021. According to Santen Pharmaceuticals, the number of people suffering from glaucoma is estimated to soar up to ~7.85 million in Europe by 2040.
Doctors generally prescribe eye drops for the treatment, prevention, and post-surgical care of various ophthalmic diseases. Hence, the increasing prevalence of ophthalmic diseases fuels the America & Europe eye drops market growth.
Market Trend
Lifestyle Changes Affecting Eye Health
Lifestyle factors can impact the overall health and well-being. The choices made by people every day with regard to their food, fitness, outdoor activities, etc., affect how well they age. The aging process also involves changes in eye health and vision. Heavy sun exposure on a frequent basis can increase the risk of developing eye diseases. As per the American Academy of Ophthalmology, exposure to the sun's UV rays can increase the risk of macular degeneration and cataracts. Being overweight can increase the risk of eye problems in several ways. Overweight and obesity increase the risk of developing diabetes, which can lead to vision loss from diseases such as diabetic retinopathy and glaucoma. Further, non-prescription medications taken to improve quality of life can also cause side effects similar to those of prescription medications. The rapid increase in DED cases in recent years is believed to be due to prolonged exposure to visual display devices (VDT) caused by increasing computer use. Many aspects of everyday life can have unforeseen effects on the ocular surface and the eye. The increased use of smartphones, laptops, and computers is one of the key risk factors for eye diseases. Hence, these diseases hold a substantial share of the overall category of lifestyle diseases. Thus, increased screen time has become an important aspect of a modern lifestyle, which is responsible for triggering eye-related problems. Individuals with chronic eye conditions and refractive errors are at a greater risk of developing digital eye strain (DES). DES often manifests as discomfort, dryness, blurred vision, and headaches. Extreme exposure to blue rays emitted from smartphone, tablet, iPad, and laptop screens also causes serious eye damage.
During the COVID-19 pandemic, all companies opted to adopt the work-from-home (WFH) model to control the disease spread. The growing trend of WFH has intensified the screen time of working professionals, further accelerating the number of eye-related issues. According to a study published by Frontiers, the constant use of digital devices for more than two continuous hours puts users at a great risk of developing DES owing to the excessive accommodative demands. Although the spread of COVID-19 has been controlled to a large extent, many companies have allowed their employees to continue with WFH to decrease the overall expenditure. Such lifestyle changes are eventually expected to have negative effects on eye health in the long run, generating a greater demand for eye drops in the future.
The “America & Europe Eye Drops Market” is segmented on the basis of drug class, application, purchase mode, and geography.
Drug Class-Based Insights
Based on drug class, the America & Europe eye drops market is segmented into antibiotics, artificial tears, steroids, and others. The antibiotics segment held the largest market share in 2023. However, the steroids segment is anticipated to register the highest CAGR of 6.4% during the forecast period. Antibiotic eye drops are prescribed by doctors to treat antibacterial infections. The action of these eye drops starts with the penetration of multiple tissue layers of the eye before acting on the infection. In most cases, antibiotic eye drops provide immediate relief from the condition. Most antibiotic eye drops are safe and have minimal side effects. Different antibiotics that are offered in the form of eye drops include chloramphenicol, erythromycin, azithromycin, ciprofloxacin, neomycin, moxifloxacin, tobramycin, bacitracin, gentamycin, polymyxin B, gatifloxacin, besifloxacin, and levofloxacin. In addition to their efficacy, their beneficial role in rectifying the malfunctioning of meibomian glands contributes to the growth of the market for antibiotic eye drops.
Application-Based Insights
Based on process, the America & Europe eye drops market is segmented into eye diseases, eye care, and others. The eye diseases segment held the largest market share in 2023. However, the eye care segment is anticipated to register the highest CAGR during the forecast period.
US Food and Drug Administration, World Health Organization, Centers for Disease Control and Prevention, Centers for Disease Control and Prevention, United Nations Fund for Population Activities, and Global Burden of Disease are some of the relevant sources referred while preparing the America & Europe eye drops market research report.
Table of Contents
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Alcon AG
- AbbVie Inc
- Bausch & Lomb Inc
- Pfizer Inc
- Prestige Consumer Healthcare Inc.
- Similasan Corp
- Rohto Pharmaceutical Co Ltd
- Sager Pharma Kft
- Akorn Operating Company LLC
- Santen Pharmaceutical Co., Ltd.
- SERVImed Industrial S.p.A.
- I-MED Pharma Inc.
- urope Eye Drops Market
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 150 |
| Published | May 2024 |
| Forecast Period | 2023 - 2031 |
| Estimated Market Value ( USD | $ 13.16 Billion |
| Forecasted Market Value ( USD | $ 19.88 Billion |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Europe |
