The global eye care products market was valued at USD 10,396.2 Million in 2019 and is projected to reach USD 14,527.4 Million by 2027, expanding at a CAGR of 4.9% during the forecast period.
Eye care products are used for improving the vision. The eye care products are affordable, easily available, and are customized to meet the patient's eye care needs. Eye care products provide patients with the first contact for eye care and a lifetime of continuing care, the main objective of the eye care products is to meet the needs of individuals so that they can receive quality and proper care from a single source.
Eye care products are used to treat dry eyes, glaucoma, cataracts, diabetes, and macular degeneration. However, in some cases, minor issues can be directed toward major conditions such as blindness, and often recommended to consult an eye specialist before taking eye care products. Numerous types of eye care products are available over the counter (OTC) and contains more or one active and inactive ingredients. Eye care products comprise ingredients that have no or less therapeutic value such as ophthalmic vehicles such as dextran 70 and gelatin, to boost drug-target interaction and preservatives such as sodium benzoate, sorbic acid, and chloro-butanol, to restrict bacterial growth that can be incorporated during repeated product use.
Over the last few years, the eye care product market is significantly developing and changing. Growing pollution levels (dust particles, particularly impact the life span of eye care products), attractive buying options (a user can purchase eye care products online and offline), and increasing value-added offerings (free eye check-ups, discounts on vision care products, rise in one-stop solution shops) are major trends in the market. Increasing number of visually impaired disorders is fueling the demand for quality vision care products. Rising awareness among consumers for health are driving the market. The rising disposable income has also led to the rise in the spending of the healthcare products, including the eye care products, which has led to the rise in the demand for the eye care products. The rising incidences of eye diseases and availability of low costs products are also some of the factors, which contributes for the growth of the market.
Rising Incidence of Distance Vision Impairment
The number of distance vision impairment cases has increased owing to the rapid rise in the prevalence of eye diseases. According to the World Health Organization (WHO), 80 to 100 adolescents are affected with vision impairments, which is driving the demand for eye wear products. Growing incidences of vision impairment among several young people has led to the rise in the adoption of the eye care products, thereby boosting the segment. Increasing prevalence of myopia has led to the rise in the vision impairment, which has fueled the adoption of eye care products, which drives the market.
Growing Usage of Digital Devices Drives Demand for Eye Care Products
Human eyes are one of the most sensitive organs of the human body. Eyes need as much care as the skin. Proper eye care not prevents the threat of potential eye disease and it improves the overall facial appearance. Pollution, changing lifestyle, and long-time exposure to digital devices such as TV, mobiles, tablets, and computer screens negatively affect the eyes, causing eye strain, eye dryness, and are hamper the vision. Eye strain results in fatigue, headache, and is likely to affect an individual’s productivity. Hence, proper measures need to be taken to maintain eye health.
Rising Issues Related to Vision Care Treatment and Treatment Costs
Vision loss is considered to be one of the major healthcare challenges. In the coming years, increasing occurrence of eye disease among the ageing population and costs of vision loss are expected to rise considerably. Decreasing eye care treatment is hampering the global eye care products market. LASIK surgery was introduced in the US 1989 years ago. To correct vision, millions of people in the US undergo LASIK eye surgery. The side effects associated with LASIK surgery includes complication in the hinged flap of the eyes. The hinge is created during the LASIK surgery. This is created to clear the vision. The patients often face discomfort after the surgery. These are some of the factors, which affect the demand for the eye care products.To resolve these problems, patients undergo additional medical treatments or enhancement surgery. This increases the out-of-pocket cost of patients as some insurance coverage plans only cover limited set of surgeries.
On the basis of types, the market is segmented into artificial tear drops, ointments or emollients, eye washes, hyperosmotic, eyelid scrubs, decongestants, and antihistamines. The artificial tear drop segment accounted for one-fourth percent share of the market in 2019. Surge in the demand for artificial tear drops in the entertainment industry is driving the segment growth.
In terms of Sales Channel, the eye care products market is segregated into online pharmacy, retail pharmacy, and hospital pharmacy. The online pharmacy segment is anticipated to expand at a CAGR of over 5% during the forecast period. Rising adoption of new technology has led to the rise in the demand for online pharmacies, which contributes for the growth of the segment.
In terms of regions, the global eye care products market is fragmented into North America, Europe, Latin America, and Middle East & Africa. North America constituted around one third share of the market in 2020. The market in China is projected to expand at a CAGR of XX% during the forecast period. Increasing disposable income, rising need for eye care products among the teenagers, and growing presence of several manufacturers are boosting the growth of the eye care products market in China.
Some frequently asked quetions about this report!
Additional company profiles can be provided on request.
Yes, the report covers product specific information such as artificial tear drops, ointments or emollients, eye washes, hyperosmotic, eye lids scrub etc.
According to this Growth Market Reports report, the market from eye care products market shall probably to register a CAGR of 4.9% during forecast period 2020-2027, with an anticipated valuation of USD 14,527.4 million by the end of the 2027.
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
The rising number of eye diseases, and rise in the awareness among the consumers regarding eye care products, and rising e-commerce penetration, are expected to drive the market growth during forecast period.
Online Pharmacy, retail pharmacy and hospital pharmacies are the key Sales Channel that are driving the eye care products market.
The market is expected to increase with growth of over XX% between 2019 and 2020 owing to the positive impact of COVID-19 pandemic on the eye care products market. Rise in the prevalence of eye diseases has led to the rise in the demand for the eye care products, thereby boosting the growth of the market.
The base year considered for the global eye care Products market report is 2019. The complete analysis period is 2017 to 2027, wherein, 2017 & 2018 are the historic years and the forecast is provided from 2020 to 2027.
Johnson and Johnson, and Novartis, are the key players operating in the market.
Some other reports from this category!