Eye Care Products Market Outlook
The global eye care products market size 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.
Eye Care Products Market Dynamics
Drivers
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.
Restraints
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.
Eye Care Products Market Segment Insights
Types Segment Analysis
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.
Sales Channel Segment Analysis
In terms of Sales Channels, 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.
Regional Analysis
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.
Key Benefits for Industry Participants & Stakeholders
- In-depth analysis of the global eye care products market
- Historical, current and projected market size in terms of value and volume
- Potential & niche segments and regions exhibiting promising growth covered
- Industry drivers, restraints and opportunities covered in the study
- Recent industry trends and developments
- Competitive landscape & strategies of key players
- Neutral perspective on global eye care products market performance
Segments
Types
- Artificial Tear Drops
- Ointments or Emollients
- Eye Washes
- Hyperosmotic
- Eye Lid Scrubs
- Decongestants
- Antihistamines
Sales Channel
- Online Pharmacy
- Retail Pharmacy
- Hospital Pharmacy
Regions
- North America
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- U.K.
- France
- Germany
- Italy
- Spain
- Russia
- Rest of the Europe
- Asia Pacific
- ROW
Key Market Players Profiled in the Report
- Allergan
- Accutome
- Prestige Brands
- Bausch and Lomb
- Croda
- Akorn
- Shire
- Johnson and Johnson
- Scope Ophthalmics
- VISUfarma
- Novartis
- Sager Pharma
- Rohto
- Similasan
Competitive Landscape
Key players in the market include Allergan, Prestige Brands, Bausch and Lomb., Croda, Akorn, Shire, Hasbro, Inc, Novartis, Sager Pharma, Rohto, Mattel Inc., Johnson and Johnson, Acccutome, Scope Ophthalmics, ViSUfarma, and Similasan. These companies are considered manufacturers of eye care products based on their revenue, research development (R&D) activities, regional presence, and supply chain management system. The players are adopting key strategies such as acquisition and geographical expansion where potential opportunity for the eye care products. For instance,
- In November 2018, Bausch & Lomb expanded its manufacturing in Rochester, Ireland.
- In January 2019, Takeda completed the acquisition of Shire. This acquisition has helped Takeda to expand its product portfolio.
- In July 2019, Novartis acquired Cell for Cure, to expand its manufacturing capacity for cell and gene therapies.
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