North America Eye Drops Market
Published On: Nov 2023
Published On: Nov 2023
According to Business Market Insights’ research, the North America eye drops market was valued at US$ 8,030.88 million in 2022 and is expected to reach US$ 12,289.12 million by 2030, registering a CAGR of 5.5% from 2022 to 2030. Rising prevalence of ophthalmic diseases and high incidence of age-related eye diseases are the critical factors attributed to the North America eye drops market expansion.
Eye diseases hold a substantial share in lifestyle diseases due to the increased use of smartphones, laptops, and computers. The modern lifestyle, which involves increased screen time, is responsible for triggering eye-related problems. Eye health is significantly compromised in this technological era. Working on computers for a long time eventually affects the health of the eyes. Individuals with chronic eye problems and refractive errors are at higher risk of developing digital eye strain (DES).
Extreme exposure to blue rays emitting from smartphones, tablets, iPads, and laptops also causes serious eye damage. Due to the COVID-19 outbreak, all companies opted for work-from-home (WFH) to prevent the spread of COVID-19. The growing trend of WFH has intensified the screen time of working professionals, further accelerating the number of eye-related issues. According to a study published by Frontiers, the repeated use of digital devices for more than two continuous hours is putting the user at a great risk of developing DES due to the excessive accommodative demands. Although the spread of COVID-19 has been controlled to a large extent, many companies have allowed their employees to continue with WFH to decrease the overall expenditure. This flexibility with regard to work location has led to an increase in screen time. Such lifestyle changes will eventually damage eye health, generating a greater demand for eye drops.
On the contrary, product recalls hamper the North America eye drops market.
Based on type, the North America eye drops market is segmented into antibiotics, artificial tears, hormones, and others. The antibiotics segment held 38.1% share of North America eye drops market in 2022, amassing US$ 3,061.87 million. It is projected to garner US$ 4,772.82 million by 2030 to expand at 5.7% CAGR during 2022–2030.
Based on application, the North America eye drops market is segmented into eye diseases, eye care, and others. The eye diseases segment held 65.2% share of North America eye drops market in 2022, amassing US$ 5,238.26 million. It is projected to garner US$ 7,940.97 million by 2030 to expand at 5.3% CAGR during 2022–2030. The eye diseases segment is further segmented into dry eye, glaucoma, cataract, and others.
Based on purchase mode, the North America eye drops market is segmented into OTC and prescription. The prescription segment held 69.5% share of North America eye drops market in 2022, amassing US$ 5,583.97 million. It is projected to garner US$ 8,715.00 million by 2030 to expand at 5.7% CAGR during 2022–2030.
Based on country, the North America eye drops market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 78.1% share of North America Eye Drops Market in 2022. It was assessed at US$ 6,270.51 million in 2022 and is likely to hit US$ 9,761.24 million by 2030, exhibiting a CAGR of 5.7% during 2022–2030.
Key players operating in the North America eye drops market are AbbVie Inc, Akorn Operating Company LLC, Alcon AG, Bausch & Lomb Inc, Pfizer Inc, Prestige Consumer Healthcare Inc., Rohto Pharmaceutical Co Ltd, and Similasan Corp, among others.
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