Eye-Drop and Lubricants Market by Type (Antibiotics, Hormones, Artificial Tears, and Others) and Application (Eye Diseases, Eye Care, and Others)- Global Opportunity Analysis and Industry Forecast 2024-2030

Market Definition

The global Eye-Drop and Lubricants Market size was valued at USD 20.23 billion in 2023 and is predicted to reach USD 28.44 billion by 2030 with a CAGR of 4.97% from 2024-2030. Eye drops and lubricants, often referred to as artificial tears or ophthalmic solutions, are sterile liquid formulations designed for application to the eyes. These products are specifically created to alleviate eye-related discomfort, soothe dry or irritated eyes, and provide relief from various ocular conditions.

Eye drops and lubricants play a crucial role in maintaining ocular comfort, preventing dryness, and supporting individuals with conditions such as dry eye syndrome, allergies, and various eye disorders.

Advantages of eye drops and lubricants include immediate relief from dryness, improved comfort for contact lens wearers, and support for those with eye conditions. They find essential applications in healthcare, optometry, and the pharmaceutical industry, primarily benefiting individuals suffering from dry eye syndrome, allergies, and various eye disorders, ensuring optimal eye health and comfort.

Market Dynamics and Trends

The eye-drop and lubricants market is driven by the rising prevalence of vision-related cases such as lack of vision, partial sight, or low vision which are often associated with various eye conditions and diseases.

According to the World Health Organization, as of August 2023, 2.2 billion people have a near or distant vision impairment, globally. Vision impairment poses an enormous global financial burden, with the annual global cost of productivity estimated to be USD 411 billion. This substantial prevalence of vision impairment underscores the growing demand for eye drops and lubricant products, contributing to the growth of the market.

Moreover, the increasing global elderly population, who are susceptible to various eye-related conditions such as presbyopia, cataracts, and glaucoma in China, Japan, the United States, and other countries is driving the market demand for eye drops and lubricants.

According to the World Health Organization (WHO), as of October 2022, the global elderly population increased, and by 2050, the global elderly population will double (2.1 billion). This demographic shift is driving the growth of the eye-drop and lubricants market as the elderly population is more prone to eye-related issues and requires such products for eye care.

In addition, research and development efforts by pharmaceutical companies such as Oyster Point Pharma, Inc., Allergan, and Sun Ophthalmics, contribute to the advancement of innovative eye drop and lubricant medication formulations, driving market growth by offering more effective solutions for various eye conditions.

For instance, in October 2021, Oyster Point Pharma, Inc. announced that the U.S. Food and Drug Administration (FDA) approved TYRVAYA (varenicline solution) Nasal Spray 0.03 mg which marks a significant advancement in the field of eye care. This innovative nasal spray introduces a novel approach to treating dry eye disease, enhancing the market for eye drops and lubricant medications by offering patients more effective and convenient treatment options.

However, regulatory hurdles present a formidable barrier to the growth of the eye-drop and lubricants market, imposing stringent approval processes, compliance burdens, and clinical trial requirements on manufacturers. Navigating this complex regulatory landscape entails significant time, resources, and expertise, particularly for smaller companies with limited capabilities, thereby restricting market expansion.

On the contrary, the development of innovative fluid-gel eye drops represents a promising future opportunity for the eye drops and lubricants market. These advanced formulations offer improved retention on the ocular surface, enhanced comfort, and prolonged relief for individuals suffering from dry eye and other eye-related conditions. This technological advancement is expected to create ample growth opportunities for the eye-drop and lubricants market in the coming years.

Market Segmentations and Scope of the Study

The eye-drop and lubricants market share is segmented based on type, application, and region. Based on type, the market is divided into antibiotics, hormones, artificial tears, and others. Based on application, the market is classified into eye diseases, eye care, and others. Regional breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and Rest of the World (RoW).

Geographical Analysis

North America holds the dominant share of the eye-drop and lubricants market at present and is expected to continue its dominance during the forecast period. This is attributed to a growing concern of increasing dry eye disease in this region. 

According to the Dry Eye Directory, as of October 2022, 16.7 to 50.2 million Americans suffered from dry eye, imposing a significant annual economic burden of USD 3.84 billion on the US healthcare system.  These rising cases of dry eye in this region are boosting the demand for eye drops and lubricants.

Additionally, the increasing prevalence of eye conditions such as glaucoma, which have the potential to damage the optic nerve and cause vision loss or blindness, is a driving force behind the growth of the eye-drop and lubricants market.

According to BrightFocus Foundation on National Glaucoma Research, as of October 2022, glaucoma is a leading cause of irreversible blindness in the United States. With more than three million Americans living with glaucoma, of which 2.7 million are aged 40 and older and affected by its most common form, open-angle glaucoma. Such eye-related diseases are driving the growth of the eye-drop and lubricants market as patients seek solutions to manage their eye health.

On the other hand, Europe is expected to show a steady rise in the eye-drop and lubricants market due to significant advancement in the field of eye disease treatment, particularly for Diabetic Macular Edema (DME). For instance, in May 2023, Icelandic researchers Thorsteinn Loftsson and Einar Stefánsson developed a non-invasive treatment to deliver drugs through eye drops rather than injections, which can treat Diabetic Macular Edema (DME) and improve the quality of life of patients suffering from retinal diseases.

This innovative non-invasive drug delivery system using eye drops is driving the growth of the eye-drop and lubricants market, revolutionizing treatment approaches and expanding market demand. Also, the presence of major players such as Alcon, AbbVie, Inc., and others that are actively participating in acquisition strategies are driving the market growth in this region.

For instance, in November 2022, Alcon, a Switzerland-based company, acquired Aerie Pharmaceuticals, Inc., which strengthened its position in the ophthalmic pharmaceutical space, expanding its product portfolio and research capabilities. This strategic move increased the growth of the eye-drop and lubricants market by offering enhanced eye-care solutions.

Competitive Landscape

The eye-drop and lubricants industry comprises various market players such as EyePoint Pharmaceuticals, Inc., Teva Pharmaceutical Industries Ltd., Amorphex Therapeutics Holdings, Inc., Alcon, Kubota Vision, Inc., Pfizer, Inc., Astellas Pharma, Inc., Bayer AG, Nidek Co Ltd, Prestige Consumer Healthcare, Inc., and others. These market players are adopting various strategies such as the acquisition and product launch of businesses across various regions to maintain their dominance in the eye-drop and lubricants market.

For instance, in June 2022, Alcon acquired EYSUVIS (loteprednol etabonate suspension) 0.25% eye drops from Kala Pharmaceuticals, Inc. This acquisition significantly strengthened Alcon's portfolio in the fast-growing dry eye category by offering both long-term management solutions through the Systane family of eye drops and short-term treatment options with EYSUVIS, driving growth in the eye-drop and lubricants market.

Moreover, in March 2021, Teva Pharmaceuticals USA, Inc. launched the first available generic version of AZOPT (brinzolamide ophthalmic suspension) 1% in the U.S., approved for treating high eye pressure in conditions such as glaucoma. This addition to the market provides patients with an alternative treatment option and contributes to the growth of the eye-drop and lubricants market by increasing accessibility to affordable medications.

Key Benefits

• The report provides quantitative analysis and estimations of the eye-drop and lubricants market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep dive analysis of the eye-drop and lubricants market including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the eye-drop and lubricants market is provided in the report.

• A competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porter's Five Forces model are elaborated in the study.

• Value chain analysis in the market study provides a clear picture of the roles of stakeholders.

Eye-Drop and Lubricants Market Key Segments

By Type

• Antibiotics

• Hormones

• Artificial Tears

• Others 

By Application

• Eye Diseases

• Eye Care

• Others 

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia        

  • Rest of Europe    

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia Pacific

• Rest of the World (RoW)

  • Latin America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION:

Test