America & Europe Eye Drops Market
High Incidence of Age-Related Eye Diseases Drives America & Europe Eye Drops Market
Aging is a prominent factor that causes the weakening of vision, especially in people older than 50. Epidemiologists predict that the number of people being affected by glaucoma would nearly double by 2040 owing to the rising aging population and increasing prevalence of risk factors such as diabetes. According to the Centers for Disease Control and Prevention (CDC), ~12 million people aged 40 and above suffered from vision impairment in 2022 in the US, of which 3 million had vision impairment after vision correction, and 8 million suffered from vision impairment due to uncorrected refractive index. The World Health Organization (WHO) states that the population aged 60 and above would surge from 1 billion in 2020 to 1.4 billion by 2030; the number is further likely to double and reach ~2 billion by 2050. The number of individuals aged 80 and above is expected to triple from 2020 to 2050 to reach 426 million by 2050. As stated in an article published by the American Academy of Ophthalmology, the risk of DED increases with age, and its prevalence ranges from 2.7% (age group: 18–34) to 18.6% (age group: 75 and above).
Age-related macular degeneration (AMD) is a complex eye disease and one of the most common causes of incurable blindness in the elderly. AMD is the most common cause of blindness in people of European descent over the age of 65. According to Santen Pharmaceuticals, glaucoma affected more than 2.7 million people aged more than 40 in the US in 2022. The number of patients is expected to increase to ~4.3 million and ~5.5 million by 2032 and 2050, respectively, with population aging. According to a study published in the Interventional Mindset “Practical Experience With iStent Infinite From a Comprehensive Ophthalmologist,” glaucoma affects approximately 70 million people worldwide, including approximately 4 million in the US, of which 80% (i.e., nearly 3 million people) have primary open-angle glaucoma.
Countries worldwide focus on adopting new approaches to safely and effectively treat elderly people. The uninterrupted development of the healthcare sector has resulted in an increased life expectancy. The high prevalence of eye related problems among the geriatric population is likely to encourage manufacturers to introduce new eye care products in the market, which, in turn, is likely to contribute to the growth of the market.
America & Europe Eye Drops Market: Application Overview
The America & Europe eye drops market, based on application, is segmented into eye diseases, eye care, and others. The eye diseases segment held a larger market share in 2023. However, the eye care segment is anticipated to register a higher CAGR during the forecast period.
According to the World Health Organization (WHO), diabetic retinopathy, glaucoma, and age-related macular degeneration are the three most harmful eye diseases or conditions. Apart from these diseases, refractive errors contribute notably to severe visual impairment. Vision loss or low vision can also be caused due to aging, changes in hormone levels, and inherited diseases. A dry eye is a disorder caused when tears cannot lubricate the eyes. Tears are essential to maintain good eye health and provide good vision. The condition is common among older people and people who spend excessive time on computers, laptops, and smartphones. The main reasons for tear film dysfunction include hormone changes, autoimmune disease, inflamed eyelid glands, or allergic eye disease. Although the conditions cannot be cured completely, they can be managed using medical products.
America & Europe Eye Drops Market: Geographic Overview
In terms of geography, the America & Europe eye drops market is segmented into America and Europe. In 2023, America accounted for the largest global America & Europe eye drops market share. Market growth in this region is because ofcan be attributed to the increasing awareness of dry eyes disease (DED), growing aging population, technological advancements, and rising eye disease cases. Europe is expected to register a CAGR during 2023–2031. The Europe America & Europe eye drops market is segmented into Germany, the UK, France, Italy, Spain, and the Rest of Europe. Germany is predicted to hold the largest market share in 2023, and France is expected to show a significant growth rate in the market. The eye drops market in Germany is witnessing growth owing to the constant technological advancements, developments of innovative products by market players, and increasing elderly population in the country. According to the article “Incidence of Retinal Detachment in Germany: Results from the Gutenberg Health Study,” published in the Ophthalmological Journal in May 2021, the incidence rate of retinal detachment disease in Germany was 42 per 100,000 people per year for the age group of 35–74 years. Compared to estimates from other European nations, the study projected that Germany has a higher incidence of retinal detachment in this age group. As per the Federal Statistical Office (Destatis), ~16.2 million people in Germany were aged 67 and above by the end of 2021, and the number is projected to rise to 21.6 million by 2060.
Industry Developments and Future Opportunities:
As per company press relases, a few initiatives taken by leading players operating in the America & Europe eye drops market are listed below:
- In July 2023, Bausch + Lomb Corporation acquired the Blink product line of eye and contact lens drops from Johnson & Johnson Vision. The strategic acquisition is the latest example of the company’s commitment to increasing over the counter (OTC) consumer convenience in eye care.
- In June 2023, Bausch + Lomb Corporation has entered into a definitive agreement with Novartis under which Bausch + Lomb will acquire XIIDRA (lifitegrast ophthalmic solution) 5%, a non-steroid eye drop specifically approved to treat the signs and symptoms of dry eye disease (DED) focusing on inflammation associated with dry eye.
- In June 2023, Bausch + Lomb Corporation launched Biotrue Hydration Boost Contact Lens Rehydrating drops in US, the first and only preservative-free rehydrating drop in a multi-dose bottle that is indicated to lubricate and rewet soft contact lenses, including daily disposables, and rigid gas permeables.
- In December 2022, Alcon European launched the newest addition to its innovative portfolio of dry eye products, Systane Complete Preservative-Free Lubricant Eye Drops, now in an easy-to-use, multi-dose bottle.
- In November 2022, Santen Pharmaceutical Co., Ltd. launched the dry eye treatment DIQUAS LX Ophthalmic Solution 3% (diquafosol sodium) in Japan. DIQUAS LX Ophthalmic Solution 3% is a formulation that requires the administration of one drop 3 times daily, an improvement over the current DIQUAS Ophthalmic Solution 3%.
- In November 2022, Alcon acquired Aerie Pharmaceuticals. This transaction affirms Alcon’s commitment to the ophthalmic pharmaceutical space and is expected to add broader pharmaceutical R&D capabilities to Alcon’s existing commercial expertise, maximizing the value of its diversified portfolio.
America & Europe Eye Drops Market: Competitive Landscape and Key Developments
Alcon AG; AbbVie Inc; Bausch & Lomb Inc; Pfizer Inc; Prestige Consumer Healthcare Inc.; Similasan Corp; Rohto Pharmaceutical Co Ltd; Sager Pharma Kft; Akorn Operating Company LLC; Santen Pharmaceutical Co., Ltd.; SERVImed Industrial S.p.A.; and I-MED Pharma Inc. are among the leading companies operating in the America & Europe eye drops market. These players focus on expanding and diversifying their market presence and acquiring a novel customer base, thereby exploiting attractive business opportunities prevailing in the America & Europe eye drops market.
