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The allergy relieving eye drops market share is expected to increase by USD 354.94 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 4.31%.
This allergy relieving eye drops market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers allergy relieving eye drops market segmentations by product (antihistamines, non-steroidal anti-Inflammatory drugs, vasoconstrictors, and others) and Geography (North America, Europe, Asia, and Rest of World (ROW)). The allergy relieving eye drops market report also offers information on several market vendors, including AbbVie Inc., Astellas Pharma Inc., Bausch Health Co. Inc., Dr. Reddys Laboratories Ltd., Johnson and Johnson Services Inc, Lupin Ltd., Nicox SA, Novartis AG, Ocular Therapeutix Inc., Pfizer Inc., Prestige Consumer Healthcare Inc., ROHTO Pharmaceutical Co. Ltd., Rynel Clifton Pharma Pvt. Ltd., Santen Pharmaceutical Co. Ltd., Similasan Corp. USA, Starpharma Holdings Ltd., Sumitomo Pharma Co. Ltd., Sun Pharmaceutical Industries Ltd., and Teva Pharmaceutical Industries Ltd. among others.
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The high prevalence and incidence of eye infections is notably driving the allergy relieving eye drops market growth, although factors such as side effects associated with antibiotics may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the allergy relieving eye drops industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Allergy Relieving Eye Drops Market Driver
The high prevalence and incidence of eye infections is a major factor driving the global allergy relieving eye drops market share growth. The estimated incidence of bacterial conjunctivitis in the US was around four million cases per year in 2009. According to the CDC, around eight million people globally are visually impaired due to the bacterial eye infection trachoma, which has the potential to cause isolated epidemics in heavily affected areas. Streptococcal infection was the most common etiology for bacterial conjunctivitis in India, Pseudomonas in Thailand, and Staphylococci in Paraguay. Therefore, the increasing prevalence and incidence of eye infections, such as conjunctivitis, blepharitis, and keratitis, offer promising growth opportunities for the market.
Key Allergy Relieving Eye Drops Market Trend
The growing adoption of generics is another factor supporting the global allergy relieving eye drops market share growth. Generic drugs are almost identical to high-priced, branded drugs in terms of dosage, strength, quality, route of administration, and intended use. The regulatory approval process for generic drugs is equally stringent as that for branded drugs. The US FDA requires generic drugs to have the same drug kinetics, administration dosage, and composition and, at the same time, maintain an equivalent quality, safety, and efficacy to a branded drug. Additionally, these drugs have similar active ingredients, similar benefits, and risks as their branded counterparts. Therefore, apart from their appearance, which, as per the US-based trading laws, should not resemble the original branded drug and the presence of a few other inactive ingredients, everything else in generic drugs is the same. According to the non-profit organization Blue Cross Blue Shield of Michigan, generics account for more than 80% of the prescriptions filled in the US. Although this has an adverse effect on the growth of the global allergy relieving eye drops market, the rising prevalence of various eye infections will only increase the demand for generic drugs.
Key Allergy Relieving Eye Drops Market Challenge
The side effects associated with antibiotics will be a major challenge for the global allergy relieving eye drops market share growth during the forecast period. The volume of eye drop dispensers available in the market usually exceeds the capacity of the conjunctival sac, which leads to the drainage of the excess medication. However, there is a possibility of this liquid being systemically absorbed through pathways, such as the nose, the pharynx, conjunctiva, the gastrointestinal tract, lacrimal drainage, inner ocular tissues, and the cheeks. But since the conjunctival epithelium and corneal epithelium limit this absorption by acting as natural barriers and the bioavailability of the ophthalmic drug is very less, the risk of systemic absorption is low. Moreover, the administration of antibiotics, such as neomycin, sulfacetamide, fluoroquinolones, and sulfonamide, may lead to side effects, such as skin irritation, rash and itching, chemosis, conjunctival hyperemia, and stinging in the eyes. Another major challenge for the market is antibiotic resistance. However, the bacteria that infect the eye do not change. They can undergo mutations with increased use and develop resistance to existing antibiotic drugs. This leads to higher medical expenditure and prolonged treatment for patients, as well as a higher risk of mortality. Hence, pharmaceutical companies operating in this market need to be continuously engaged in the development of novel and specific antibiotic agents in ophthalmic preparations. Though effective, antibiotics come with their share of side effects, which can potentially lead to their low adoption among the cohort, thus impeding the market growth
This allergy relieving eye drops market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global allergy relieving eye drops market as a part of the global pharmaceuticals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the allergy relieving eye drops market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the allergy relieving eye drops market encompasses successful business strategies deployed by the key vendors. The allergy relieving eye drops market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The allergy relieving eye drops market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the allergy relieving eye drops market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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44% of the market’s growth will originate from North America during the forecast period. US is the key market for allergy relieving eye drops market in North America. Market growth in this region will be faster than the growth of the market in Europe.
The increased investments in R&D by large pharmaceutical companies and the presence of a proper regulatory framework for the approval of new drugs will facilitate the allergy relieving eye drops market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The rise in the number of COVID-19 cases in countries such as the US, Canada, and Mexico across North America influenced governments to introduce emergency legislations, which includes restrictions on several business activities. This led to the shutdown of several manufacturing units and disruptions in the supply chain of raw materials required for the manufacturing of allergy relieving eye drops, which resulted in a decline in the production of allergy relieving eye drops for the treatment of symptoms of eye allergies.
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The allergy relieving eye drops market share growth by the antihistamines segment will be significant during the forecast period. The high market share is attributed to the therapeutic efficacy of antihistamines in treating the signs and symptoms associated with eye allergies.
This report provides an accurate prediction of the contribution of all the segments to the growth of the allergy relieving eye drops market size and actionable market insights on the post-COVID-19 impact on each segment.
Allergy Relieving Eye Drops Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.31% |
Market growth 2022-2026 |
$ 354.94 million |
Market structure |
Fragmented |
YoY growth (%) |
3.8 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 44% |
Key consumer countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
AbbVie Inc., Astellas Pharma Inc., Bausch Health Co. Inc., Dr. Reddys Laboratories Ltd., Johnson and Johnson Services Inc, Lupin Ltd., Nicox SA, Novartis AG, Ocular Therapeutix Inc., Pfizer Inc., Prestige Consumer Healthcare Inc., ROHTO Pharmaceutical Co. Ltd., Rynel Clifton Pharma Pvt. Ltd., Santen Pharmaceutical Co. Ltd., Similasan Corp. USA, Starpharma Holdings Ltd., Sumitomo Pharma Co. Ltd., Sun Pharmaceutical Industries Ltd., and Teva Pharmaceutical Industries Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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