Ophthalmic Eye Drops Market Report

The increasing emphasis of companies on R&D operations, as well as the increased adoption of different business strategies such as mergers and acquisitions, are likely to fuel market expansion. For instance, in May 2022, Alcon decided to buy Kala Pharmaceuticals, Inc.'s EYSUVIS (loteprednol etabonate suspension) 0.25% prescription eye drops. The acquisition will strengthen Alcon's present offering in the huge and rapidly increasing dry eye segment. In addition, Sun Pharma Canada Inc. distributed Cequa (cyclosporine ophthalmic solution 0.09 percent w/v), an inhibitor of calcineurin immunomodulator, in Canada in January 2022 to treat dry eye disease. The ophthalmic solution contains nanomicellar (NCELL) technology, which increases cyclosporine bioavailability and physicochemical stability, allowing for more ocular tissue penetration.

Drug delivery mechanism and formulation technology advancements have resulted in novel ophthalmic eye drops. These developments have increased the safety, efficacy, and patient compliance of eye drops. As a result, they are propelling the ophthalmic eye drops business forward. The development of preservative-free eye drops and innovative medication delivery strategies has improved treatment outcomes. For instance, DropControl was introduced by Gerresheimer in October 2022. DropControl is a unique dropper insert developed for low viscosity ophthalmic medicines. This novel insert efficiently prevents the drug from running out uncontrolled during usage.

Blindness rates in developed countries are commonly below 0.5%, and in certain cases much lower and in many underdeveloped nations it surpasses 1-2%. Reduced acuity is at least six times more common than blindness and can substantially limit everyday functioning, including employment. As a result, around 30 million people are blind, with the majority living in the world's poorest nations, and 200 million more are unable to fully participate in the workforce. According to the World Health Organisation (WHO), cataracts are responsible for 51% of blindness globally. This means that over 20 million people worldwide are blind due to cataracts, with developing nations accounting for more than half of all blindness. According to the WHO, at least 2.2 billion people globally have a near or far vision impairment. Vision impairment may have been avoided in at least 1 billlion cases, accounting for nearly half of all occurrences. A lack of awareness regarding diseases diagnosis and treatment is expected to stymie market expansion.

The growing need for ophthalmic eye drops is driven by an increasing prevalence of eye conditions such as dry eye syndrome, allergies, and presbyopia. As more people seek non-invasive and effective treatments for their ocular issues, advanced formulations that offer longer-lasting relief and improved efficacy are in high demand. Additionally, the rise in chronic conditions and aging populations further underscores the need for innovative eye drops that provide targeted, personalized solutions and enhance overall eye care management. For instance, in April 2024, Viatris Inc. has revealed the U.S. commercial launch of RYZUMVI (phentolamine ophthalmic solution) 0.75% for treating pharmacologically-induced mydriasis caused by adrenergic agonists or parasympatholytic agents in the United States. The sole FDA-approved eye drops in the U.S. that can reverse dilation is now RYZUMVI. In addition, in January 2024, Amneal Pharmaceuticals, Inc announced the approval and launch of fluorometholone ophthalmic suspension. The product received 180-day competitive generic therapy (CGT) exclusivity from the U.S. Food and Drug Administration, a status that applies to first-marketed generics of key medicines.

The Asia-Pacific ophthalmic eye drop market is expected to benefit from an increasing geriatric population, an increase in the prevalence of eye-related disorders, and the presence of key players in the region. The Asia Pacific situation is made more complex by two critical factors. The area is home to one of the quickest aging populations globally, with around 1.3 billion individuals expected to be over 60 by 2050. The likelihood of vision loss rises as people get older, creating significant challenges as the population ages. Additionally, approximately 227 million individuals in the area have type 2 diabetes, which significantly increases their risk of experiencing vision impairment. With the large number of people affected and the unequal impact of vision loss in the Asia Pacific region, along with the knowledge that 90% of vision issues can be treated or prevented, it is evident that prioritizing Vision for Everyone by 2030 goals in this region is crucial. As a result, the rising prevalence of eye-related disorders is anticipated to drive demand for ophthalmic eye drops, supporting market growth. The burden of eye disorders is anticipated to rise as a result of the region's geriatric population as well as additional risk factors including diabetes and hypertension, which is anticipated to have a favourable effect on the market's expansion in the Asia-Pacific region. As a result of the aforementioned factors, the Asia-Pacific region is likely to hold a major share of the market throughout the forecast period.