Demulcent Eye Drops Market size is expected to surpass USD 3 billion by 2030, as per a new research report announced by Global Market Insights Inc.
The introduction of novel products owing to the technological advancements in the medical and pharmaceutical sectors is catalyzing industry growth. Consumers are now aware of the side-effects caused by the preservatives used in eye drop products. The growing preference for preservative-free demulcent eye drops is stimulating the market outlook. Several businesses are working to develop affordable products with zero preservatives and minimal side effects to serve the huge user base of eye patients.
Multiple challenges in the treatment of eye ailments to limit industry expansion
The report cites that the lack of trained ophthalmologists, inadequate government financing in eyecare domain, and limited access to equipment and treatment options are hampering the industry progress. Additional, limited awareness and transportation issues in developing countries, along with phobia of surgery are the key challenges being faced by the industry players. Notably, clinical trials conducted on patients with dry eye disease is a very challenging process due to less cognizance and higher risk of complications associated with the disease.
Benefits of Dextran 70 propelling the active pharmaceutical ingredient adoption
Demulcent eye drops market from dextran 70 segment is anticipated to expand with a CAGR of over 6.5% through 2030. Based on active pharmaceutical ingredient type, the market is bifurcated as polyols, dextran 70, polymers, cellulose derivatives, and others. Dextran 70 is widely known to improve mechanical strength of the tear film. This medicine is also used to treat dry, itchy eyes. The low viscosity of this ingredient reduces optical blur and is frequently used by people with eye conditions throughout the day, which is a key factor driving the market size.
Browse key industry insights spread across 240 pages with 223 market data tables & 15 figures & charts from the report, “Demulcent Eye Drops Market Analysis by Active Pharmaceutical Ingredient Type (Cellulose Derivatives, Dextran 70, Polyols, Polymers), By Drug formulation (Preservative Based, Non-Preservative Based), By Medication Type (OTC, Prescription), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), Industry Analysis Report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Product innovations to supplement the expansion of preservative-based eye drop segment
Demulcent eye drops market from preservative-based segment captured over 55% share of demulcent eye drops industry in 2021. Innovative product launches and technical developments in the demulcent eye drop are responsible for the segment growth. Additionally, the antibacterial quality of the chemicals employed in preservative-based formulations is crucial for multi-dose sterile eye drops. Purite, polyquad, and SofZia are considered safer preservative as they are gentler to the eye.
Prevalence of eye disorders among elderly to push demand for prescription medication
Demulcent eye drops market from prescription segment is depicted to expand with a CAGR of more than 5% throughout 2030. Compared to over-the-counter medications, prescription drugs are considered to be more effective. Cataract and allergic uveitis are both often treated with prescription eye drops. The high prevalence of these eye disorders among the elderly population, is anticipated to accelerate segment development.
Huge investments in online pharmacies to boost industry statistics
Online pharmacy segment generated over USD 350 million in 2021. Investments in online pharmacies are being made by several venture capital companies and investors. Citing an instance, around eleven online pharmacy players raised USD 1.6 billion from investors in February 2022. The benefits such as easy accessibility and convenience of ordering from anywhere are empowering the consumers to opt for online pharmacies, augmenting the segment share.
Increasing expense for healthcare to enhance North America market revenue
North America Demulcent eye drops market accounted for 30% business share in 2021 and is anticipated to grow significantly over the forecast period, owing to the rising medical expenditure. The cost of dry eye disease to the healthcare system in the U.S. each year is around US $3.84 billion and accounts for over 25% of visits for medical eye treatment. The prevalence rate of DED in Canada is around 21% of the total population. Surge in cases of DED and other ocular ailments, along with presence of a broader range of eye care solutions with healthcare advancements are fostering the regional market demand.
Strategic partnerships to define the competitive backdrop of the market
The prominent companies in global demulcent eye drops industry are Johnson and Johnson Services Inc., Alcon Inc., Allergan (AbbVie Inc.), Prestige Consumer Healthcare Inc., OASIS Medical, Santen Pharmaceutical Co. Ltd., Aurolab, Otsuka Pharmaceutical Co. Ltd., Sentiss Pharma Pvt. Ltd., Sun Pharmaceutical Industries Ltd., Bausch Health Companies Inc., and URSAPHARM Arzneimittel GmbH.