Saturday, 20 April 2024
Wednesday, 14 Feb 2024 12:00 am

Preservative-Free Eye Drops Market is expected to reach US$ 1,587.66 million by 2030

The preservative-free eye drops market is foreseen to cross US$ 1,587.66 million by 2030. The report offers insights on growth drivers and opportunities

By The Insight Partners

Dry Eye Disease Segment to Lead Preservative-Free Eye Drops Market Based on Application During 2022–2030

According to our new research study on “Preservative-Free Eye Drops Market Forecast to 2030 – Global Analysis – by Type, Application, Distribution Channel, and Geography,” the market was valued at US$ 1,129.60 million in 2022. The preservative-free eye drops market size is projected to reach US$ 1,587.66 million by 2030; the market is expected to register a CAGR of 4.3% from 2022 to 2030. Key factors driving the growth of the market are the growing awareness of potential side effects associated with preservatives and increasing eye-related diseases among the geriatric population. However, the rising number of product recalls hinders the market growth.

Preservative-Free Eye Drops Market Analysis Based on Segments:

The market, by type, is bifurcated into single-dose and multiple-dose. The single-dose segment held a significant preservative-free eye drops market share in 2022. In addition, the same segment is expected to register a higher CAGR in the market from 2022 to 2030.

Preservative-Free Eye Drops 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/TIPRE00038962

Source: The Insight Partners Analysis

Based on application, the market is segmented into dry eye disease, eye allergy/infection, glaucoma, retinal disorders, and other indications. The dry eye disease segment held a significant preservative-free eye drops market share in 2022. It is further expected to record the highest CAGR from 2022 to 2030. Dry eye is caused by multiple factors that result in discomfort, irritation, and visual disturbance. As per the “National Health and Wellness Survey” conducted in the US in April 2020, ~16.4 million people were diagnosed with dry eye. According to Novaliq GmbH, currently, ~13 million Europeans and ~17 million Americans are diagnosed with dry eye disease. Dry eye syndrome is a chronic condition of the preocular tear film that damages the ocular surface, causing irritation and discomfort to the surface. Therefore, a rise in the population suffering from dry eye disease is a key factor propelling the preservative-free eye drops market growth.

The geographic scope of the preservative-free eye drops market report encompasses North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. Asia Pacific is anticipated to register the highest CAGR in the market from 2022 to 2030. The large population pool fueled by the rising incidence and prevalence of eye disorders related to age, ongoing healthcare infrastructure modernization efforts, increasing investments to boost research activities, and rising awareness regarding the usage of preservative-free drops are a few factors that are projected to support the Asia Pacific preservative-free eye drops market growth during the forecast period. China, Japan, and India are major contributors to the growth of the market in the region. According to data from the World Bank, the share of the geriatric population in Japan was about 28.4% in 2020. To be able to address the needs of its aging population, the Japanese government emphasizes accelerating the approval of innovative eye products, promoting the establishment of pharmaceutical companies (including domestic and foreign), and attracting new companies to the country's market. As per the Global Health Data Exchange, in 2019, nearly 1.2 people across Japan were diagnosed with cataracts. According to a report on the detection of glaucoma and other vision-threatening ocular diseases in the population in Japan, published in 2020, Japan recorded ~238,019 cases of glaucoma in 2019. By 2030, approximately 2 million of the population in the country is estimated to have impaired vision due to glaucoma, diabetic retinopathy, and age-related macular degeneration.

According to the Elderly in India, 2021 report by the National Statistical Office, the country’s elderly population (aged 60 and above) is estimated to surge from 138 million in 2021 to 194 million by 2031, exhibiting a 41% increase. Further, the study “Prevalence and causes of vision loss in China from 1990 to 2019,” published in 2020, states that the age-standardized prevalence of moderate vision impairment in China increased by 12.17% from 1990 to 2019, denoting the largest increase among the G20 countries. In 2019, 45.92 million people in China had moderate vision impairment while 4.67 million had severe vision impairment. The main causes of moderate vision impairment and severe vision impairment were cataracts, macular degeneration, and glaucoma.

According to the China Dry Eye Expert Consensus (2020) statistics, Asia had the highest incidence of dry eye disease in the world, and China recorded an incidence of ~21–30%. Per the same data, the number of dry eye disease patients was 400 million in the country, with an average of 1–2 patients for every 5 people. Thus, a high incidence of eye diseases in Asia Pacific countries results in a huge demand for preservative-free eye drops. Zhuhai Essex Bio-Pharmaceutical Company, a wholly owned subsidiary of Essex Bio-Technology Limited, obtained approval from the National Medical Products Administration in 2019 for registering and commercializing the Beifushu Eye Drops (preservative-free, single-dose product) in China. Thus, the presence of market players to fulfill the growing need for eye drops further favors the preservative-free eye drops market progress in the region.

Nemera, Alcon Inc., Bausch & Lomb Incorporated, Eyekare Kilitch Ltd., Essex Bio-Technology Limited, Pillar5 Pharma Inc., Ivizia, Allergan PLC, CorneaCare Inc., and Bayer are among the leading companies profiled in the preservative-free eye drops market report.  

Based on type, the preservative-free eye drops market is bifurcated into single-dose and multiple-dose. Based on application, the market is classified into dry eye disease, eye allergy/infection, glaucoma, retinal disorders, and other indications. Based on distribution channels, the market is segmented into hospital pharmacies, online pharmacies, drug stores, and retail pharmacies. 

The preservative-free eye drops market, by geography, is segmented into North America (US, Canada, and Mexico), Europe (France, Germany, UK, Spain, Italy, and Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, UAE, South Africa, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).


Contact Us
Contact Person: Content Team 
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com

The Insight Partners :    https://www.theinsightpartners.com

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Smarter Decisions with Smart News

Smart Market News is committed to getting its readers the latest updates and insights on industries that help in making “smarter” business decisions. With insights and inputs from corporate decision makers, we bring you the stories of adopting innovative solutions and strategies that have been changing the world. Our editorial insights on products, solutions, companies, and adoption of best practices not only help in understanding the markets better, but also prove to be a complete package for your information needs.

Subscribe to our newsletter
Get the latest in your inbox weekly Sign up for the fully charged newsletter
© The News and Media Division of The Insight Partners 2024 | All Rights Reserved | Privacy Policy