Eye Drops Market Size, Share, Growth by 2030

In 2022, the eye drops market was valued at approximately US$ 15,793.27 million and is projected to grow to around US$ 23,788.45 million by 2030, reflecting an estimated compound annual growth rate (CAGR) of 5.3% from 2022 to 2030.

The increasing prevalence of eye-related diseases, particularly those associated with aging, is a significant factor driving the growth of this market. Additionally, evolving lifestyles and heightened awareness regarding eye care are expected to further stimulate the demand for eye drops in the coming years.

Impact of Lifestyle Changes on Eye Drops Market Growth

Eye disorders are increasingly recognized as a major component of lifestyle-related health issues, largely due to the extensive use of digital devices such as smartphones, laptops, and computers. The modern way of life, characterized by prolonged screen exposure, has led to a rise in eye health problems. Extended periods of computer use can adversely affect eye health, with individuals suffering from chronic eye conditions and refractive errors being particularly susceptible to digital eye strain (DES).

Prolonged exposure to blue light emitted by devices like smartphones and tablets can result in significant eye damage. The COVID-19 pandemic prompted many organizations to adopt remote work policies, which inadvertently increased screen time for many professionals. Research published by Springer indicated that during the lockdown in Saudi Arabia, there was a notable rise in complaints of eye strain among the population. Another study from Frontiers highlighted that using digital devices for more than two consecutive hours significantly raises the risk of developing DES due to excessive demands on the eyes. Although the pandemic's immediate effects have diminished, many companies continue to allow remote work, leading to sustained high levels of screen time. These lifestyle shifts are likely to contribute to deteriorating eye health, thereby increasing the demand for eye drops.

Challenges to Eye Drops Market Growth Due to Product Recalls

In recent years, numerous reports of adverse events related to eye drop products have emerged, prompting medical agencies to issue recalls. Common reasons for these recalls include defective packaging, bacterial contamination, and associated symptoms such as redness and pain. Notable recent recalls include:

- In February 2023, the FDA warned against using EzriCare Artificial Tears, distributed by EzriCare, LLC and DELSAM Pharma, due to potential bacterial contamination that led to severe infections in 55 patients, including one fatality, caused by the drug-resistant bacteria Pseudomonas aeruginosa.

- In March 2023, Apotex Corp. voluntarily recalled six lots of Brimonidine Tartrate Ophthalmic Solution due to cap defects. This product is prescribed for patients with open-angle glaucoma or ocular hypertension.

- Also in March 2023, Pharmedica USA recalled two lots of Purely Soothing Drops due to concerns over non-sterility.

- In January 2022, Teva Pharmaceuticals recalled certain batches of their eye drop products after failing an impurities test, affecting over 700,000 bottles with expiration dates extending into late 2023 and early 2024.

These safety concerns and product recalls pose significant challenges to the growth of the eye drops market.

Insights into Eye Drops Market by Type

The eye drops market can be categorized by type into antibiotics, hormones, artificial tears, and others. The antibiotics segment dominated the market share in 2022, but the hormones segment is expected to experience a higher CAGR during the forecast period. Hormonal changes, particularly in women, can significantly impact eye health, leading to conditions such as dryness. Fluctuations in estrogen and progesterone levels can affect the oil glands in the eyes, contributing to dryness, especially during menopause. Research is ongoing to develop eye drops that address eye conditions linked to hormonal changes, including those caused by thyroid-related autoimmune diseases, which can also lead to dry eyes. These factors are likely to enhance the growth of the hormone drops segment in the eye drops market.

Insights into Eye Drops Market by Application

The market can also be segmented based on application into eye diseases, eye care, and others. The eye diseases segment, which includes dry eye, glaucoma, and cataracts, held a significant market share in 2022. However, the eye care segment is projected to achieve the highest CAGR during the forecast period. Protecting eye health is crucial for reducing the risk of blindness and vision loss, particularly from conditions like cataracts and glaucoma. Eye drops designed for eye care play a vital role in safeguarding vision. Post-operative care often involves specific instructions for patients, including the use of eye drops to promote healing and prevent complications. Antibiotic eye drops are commonly prescribed to prevent infections, while anti-inflammatory drops help manage inflammation following surgery.

Insights into Eye Drops Market by Purchase Mode

The eye drops market is also divided based on purchase mode into prescription and over-the-counter (OTC) segments. The prescription segment accounted for the largest market share in 2022 and is expected to grow at a higher CAGR during the forecast period. Patients often seek ophthalmological care when OTC treatments fail to provide relief. Prescription eye drops are essential for treating conditions such as dry eye disease and managing intraocular pressure in glaucoma patients. Commonly prescribed eye drops include prostaglandin analogs like Latanoprost and Travoprost, beta-blockers like Timolol, and alpha-2 adrenergic agonists like Brimonidine.

Key sources referenced in the preparation of this report on the eye drops market include the World Health Organization (WHO), the Centers for Disease Control and Prevention (CDC), the European Medical Agency (EMA), and the Pan American Health Organization (PAHO).