Factors such as Increase in prevalence of eye-related diseases, high adoption of digital devices, and rise in geriatric populations have fuelled the growth of global market.
Leading market players analyzed in the research include Bausch Lomb, Clear Eyes, Sager Pharma, Abbott Laboratories, Similasan, Allergan, Inc., Alcon, Inc., Rohto Pharmaceutical Co, Ltd., Thera Tears, Johnson & Johnson Services, and Sager Pharma. They have embraced a number of top-end strategies including expansions, collaborations, partnerships, joint ventures, mergers & acquisitions, and others to retain their top status in the industry.
Factors such as Increase in prevalence of eye-related diseases, high adoption of digital devices, and rise in geriatric populations have fueled the growth of global eye-drop and lubricants market. On the other hand, a rise in labor & procedural cost and inappropriate sterilization procedures have happened to curb the growth to some extent. However, high-end technological advancements and surge in awareness about eye-drops, and lubricants fuel has created multiple opportunities in the segment.
The global eye drops and lubricants market size is $15,587 million in 2017 and is projected to reach $22,625 million by 2025, growing at a CAGR of 4.7% from 2018 to 2025.
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Based on type, the artificial tears segment to emerge as the lion shareholder
By type, the artificial tears segment held one-third of the total market in 2017 and is expected to dominate throughout the study period. The fact that these drops can also be used as lubricating agents for eye strains caused by computers or dry climates has driven the growth.
The eye diseases segment to be dominant throughout 2018-2025
By application, the eye diseases segment accounted for nearly three-fifths of the total market and is anticipated to be dominant during the forecast period. Increase in prevalence of eye diseases globally and rise in the geriatric population who are more prone to suffer from eye disorders have stimulated the growth.
North America to maintain its top position by 2025
Based on geography, North America held the major market share in 2017, contributing to nearly two-fifth of the total share and is expected to maintain its top position by 2025. The growth has been triggered by high patient population suffering from eye diseases and the availability of good healthcare infrastructure in the region. On the other hand, Asia-Pacific is expected to grow at the highest rate, with a CAGR of 5.8% from 2018 to 2025.