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Sunday, 14 April 2024
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Eye Allergy Treatment Market is expected to reach US$ 5.69 billion by 2030

The eye allergy treatment market foreseen to reach US$ 5.69 billion by 2030 | Research covers global & regional share, trends and opportunities

By The Insight Partners

Eye Drops Segment to Lead Eye Allergy Treatment Market Based on Treatment During 2022–2030

According to our new research study on “Eye Allergy Treatment Market Forecast to 2030 – Global Analysis – by Treatment, Indication, Distribution Channel, and Geography,” the market was valued at US$ 3.59 billion in 2022. The eye allergy treatment market size is projected to reach US$ 5.69 billion by 2030, and the market is expected to register a CAGR of 5.9% from 2022 to 2030. Key factors driving the growth of the market include the increasing prevalence of eye allergies worldwide and a significant number of switches from prescription to over-the-counter drugs. However, a lack of awareness of ocular allergies and side effects associated with medications hinders the market growth.

Eye Allergy Treatment Market Analysis Based on the Segment:

Based on treatment, the market is categorized into medication, allergy shots, and eye drops. The eye drops segment held a significant eye allergy treatment market share in 2022. The segment is estimated to register the highest CAGR during the forecast period. Eye drops are generally prescribed by doctors for the treatment and prevention of eye allergies and diseases. Rising levels of air pollution, including dust, pollen, and other allergens, influence the growing incidences of eye allergies among people. Eye drops are used to prevent and cure itchy eyes caused by allergies. Dr Reddy's Laboratories launched Olopatadine Hydrochloride Ophthalmic Solution, an over-the-counter eye allergy drop in September 2020, in the US market, which is positively influencing the eye allergy treatment market growth.

Eye Allergy Treatment Market, by Region, 2022(%)

To get sample Copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPRE00007418

Source: The Insight Partners Analysis

Based on distribution channels, the market is segmented into hospital pharmacies, online pharmacies, and drug stores. The hospital pharmacies segment held a significant eye allergy treatment market share in 2022. The majority of eye allergy drugs may only be administered after extensive examinations by qualified medical professionals at these institutes, contributing to the segment's dominance. In addition, the online pharmacy segment is expected to register the highest CAGR from 2022 to 2030.

The scope of the eye allergy treatment market report entails North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. Asia Pacific is likely to register the highest CAGR in the market from 2022 to 2030. The rising geriatric population, increasing incidences of eye allergies, developing healthcare infrastructure, and growing investment for the development of innovative eye allergy treatment products and solutions are projected to support the Asia Pacific eye allergy treatment market growth during the forecast period. China and Japan are the major contributors to the growth of the market in Asia Pacific. The increasing geriatric population is one of the major reasons aiding the healthcare industry growth in Japan. According to data from World, the share of the geriatric population in Japan was about 28.4% in 2020. To address the needs of Japan’s aging population, the government accelerates the approval of innovative eye products, promotes pharmaceutical company establishment, and attracts new companies to the regional market. As per the National Statistical Office Elderly in India report of 2021, India's senior population aged 60 and above is estimated to reach 194 million by 2031 from 138 million in 2021, amounting to a 41% increase. The elderly population is more prone to eye allergies due to a weakened immune system and age-related changes in the eyes. With the increasing geriatric population, the region's demand for eye allergy treatment is expected to propel, thereby driving the eye allergy treatment market.

A definite rise in the number of patients suffering from eye allergies and burning eyes can be witnessed in India, especially in Delhi, due to the high pollution level in the city. Due to pollution, there is a rise in incidences of dry eyes and ocular allergies. Pollutants and dust in the air are among the major causes of eye allergies and other related problems. The problem has been aggravated for those who already have dry eyes and other eye-related disorders. The Head of RP Centre for Ophthalmic Sciences, AIIMS, Delhi, stated that many patients report itchy eyes and burning sensations. In addition, there has been about a 35–40% increase in cases of eye problems due to increased pollution levels in the city.

Further, companies focus on introducing innovative products to prevent eye allergy among the population, supporting the growth of the eye allergy treatment market. In March 2021, the Japanese Ministry of Health, Labour, and Welfare approved Johnson & Johnson ACUVUE Theravision with Ketotifen. It is the first combination contact lens that offers vision correction and an antihistamine drug to help reduce symptoms of itchy allergic eyes. The lens contains ketotifen, an H1 histamine receptor antagonist, to prevent itch associated with eye allergies.?Thus, the above-mentioned factors are likely to favor the market growth in the region during the forecast period. Moreover, the development of combination therapies is projected to bring new eye allergy treatment market trends in the coming years.

Bausch + Lomb, Alcon, AbbVie, Johnson & Johnson, Akorn Inc., Nicox, Santen Pharmaceutical Co. Ltd, Teva Pharmaceutical Industries Ltd, Novartis AG, and Sun Pharmaceutical Industries Ltd. are among the leading companies profiled in the eye allergy treatment market report.

Based on treatment, the market is categorized into medication, allergy shots, and eye drops. In terms of indications, the market is classified into seasonal and perennial allergic conjunctivitis, vernal keratoconjunctivitis, contact allergic conjunctivitis, atopic keratoconjunctivitis, and giant papillary conjunctivitis. Based on distribution channels, the market is segmented into hospital pharmacies, online pharmacies, and drug stores. Based on geography, the eye allergy treatment market is categorized into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, the UAE, South Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

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