The increasing number of post-operative eye infections, the emergence of new pathogens and poor eye hygiene practices are increasing the prevalence of eye infections worldwide. Since the incidence is unlikely to decrease anytime soon, Future Market Insights (FMI) reported in a study that the demand for eye drops will rise to over 5% CAGR between 2021 and 2031.
The National Ambulatory Medical Care Survey found that Americans visited more than 4 million ambulatory doctors for bacterial conjunctivitis in 2005. Approximately 70% of patients with acute conjunctivitis present to primary and emergency services, accounting for 1% of all primary care offices. Adenoviruses make up 65 to 90% of viral conjunctivitis cases.
The increasing cases of eye infections have driven the sale of eye drops. While the report offers positive growth prospects, ongoing restrictions during the COVID-19 outbreak could hamper sales.
The COVID-19 pandemic is expected to have a negative impact on the eye drops market. A significant drop in doctor visits and the subsequent drop in the number of prescriptions and purchases of OTC eye drops is expected to curb market growth during the COVID-19 pandemic. Rapid COVID vaccination programs are expected to allow the market to recover in the next 1-2 years.
New eye drop product launches, both branded and generic, are expected to be hampered in the short term due to supply chain disruptions, delayed research and development in the pipeline, and the shift in priority of leading healthcare companies to COVID-19 vaccine and treatment Developments.
According to the report, institutional sales of eye drops will increase significantly in the coming years. It will account for more than half of the eye drops sold over the forecast period.
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Key Findings from the Ophthalmic Eye Drops Market Study
- The ophthalmic eye drop market will continue to grow and will exceed a valuation of $ 15 billion by 2021
- The US holds over 92.1% of the North American market, but Canada is expected to expand faster at around 4.0% CAGR
- Rising cases of eye infections will boost UK sales, enabling 3.9% year-over-year growth in 2021
- Increased willingness to spend on advanced ophthalmology will boost sales in Germany and France
- The expansion of the health sector will turn out to be the main growth driver in China and Japan. Both countries will have a high demand for dilatation drops
“The increasing prevalence of eye infections, technological advances and a high risk of infection from the increased use of contact lenses are expected to fuel the growth of the ophthalmic eye drop market,” says the FMI analyst
Because of their increasingly active lifestyle and the desire for better aesthetics, many people are switching to contact lenses. However, many eye infections are associated with contact lens use. There are approximately 1 million eye infections in the United States each year, primarily due to keratitis, a fungal infection of the cornea, and contact lens infections have an estimated direct cost of $ 175 million. In addition, 40.9 million adults in the United States wear contact lenses, and 99% of 4,269 contact lens users reported having at least one contact lens – hygienic behavior associated with an increased risk of eye infections or inflammation. Almost a million eye infections that require a doctor’s visit occur each year, many of them related to contact lens use.
The top players are concentrating on increased acquisitions on a regional level. Acquisitions strengthen the company with products and expand the company’s portfolio. The company is acquiring other players in order to have established products and solutions that are expected to become a good source of income for the acquirer. Acquisitions also enable the company to enter new emerging markets and improve its presence in existing markets. In addition, important market players such as Novartis and Gerresheimer AG are concentrating on expanding their market reach in various regions. For example-
- In November 2020, Gerresheimer Regensburg announced that it would be expanding its production area in Germany. Due to increasing development projects for pharmaceutical and medical technology products, the company plans to expand its production capacities in small series production.
- In November 2019, Sandoz announced a binding agreement to acquire 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.
The key players in the market covered by FMI include
- Novartis AG
- Bausch & Lomb
- Akorn, Inc.
- 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.
- Amcor Plc.
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Key questions answered in the report
- What is the most lucrative eye drop market?
The USA currently leads the world market for ophthalmic eye drops. Sales in the USA will account for around 29% of total global demand in the forecast period.
- What are the best selling eye drops?
Due to their high demand, dilatation eye drops dominate the segment of the drug classes in the market for ophthalmic eye drops compared to other products.
- What are some of the leading companies offering ophthalmic eye drops?
Leading suppliers of eye drops 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., Acor Plc. and other.
- Which sales channel increases sales of ophthalmic eye drops?
Institutional Sales is a leader in the sales channel segment of the demand for eye drops.