PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1129006
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1129006
The demulcent eye drops market is predicted to expand substantially through 2030, owing to the growing incidence of DED, glaucoma, and other eye illnesses across the globe. According to World Health Organization estimates of 2021, over 2.2 billion people worldwide suffer from near or distance vision ailment.
Notably, demulcents are mucoprotective substances that minimize irritation and inflammation of the mucous membrane and retain moisture to lubricate the surface of the eye. Inflowing investments by manufacturers and enterprises to enhance the technology to introduce novel OTC demulcent eye drops products will drive the industry growth. Citing an instance, after receiving the FDA clearance for the sale of OTC medications, in February 2021, Alcon, an eye care company, announced the availability of Pataday® Once Daily Relief Extra Strength eye drops at all retail pharmacies in the United States.
Based on type of active pharmaceutical ingredient, the cellulose derivatives segment is expected to occupy over 20% market share by the year 2030. Compared to other available ingredients, manufacturers highly prefer cellulose derivatives owing to their high viscosity and capacity to stay on the ocular surface for an extended period of time. The benefits API in demulcent eye drops to maintain eye moisture is promoting the segmental development.
As per drug formulation, the preservative-based segment is poised to gain traction in the coming years. The Food and Drug Administration mandates the preservatives to be added in multidose formulations to eliminate germs and fungus that might contaminate the liquid in the container over a period of time. The availability of demulcent eye drops with safer preservatives like Polyquad, SofZia, and Purite, which are gentler to the eyes and are available in multidose sterile packaging will boost the segment share.
According to research, prescription medication type segment is slated to generate moderate revenues for the demulcent eye drops industry over the forecast period, owing to the rapid progression of myopia among young children globally. As per the 2020 data by Centers for Disease Control and Prevention (CDC), around 6.8% children under the age of 18 years are diagnosed with eye conditions in the United States.
Speaking of distribution channel, online pharmacies are getting popular among the consumers because of 24x7 service availability and an endless supply of goods. Additionally, compared to local pharmacy stores, online pharmacies provide medicines at lower price and also offer a variety of discounts to promote sales. This, in tandem is estimated to boost the sales of demulcent eye drops through online platforms.
Regionally, LATAM demulcent eye drops market is expected to accumulate significant revenues and grow at over 4.5% CAGR through 2030, on account of huge population base in the region. Furthermore, the growing popularity of medical tourism, which has drawn vast number of people seeking diagnosis and treatment for eye ailments to the LATAM countries will bolster the product demand.
Businesses involved in the production of demulcent eye drops are putting in tactical efforts, including collaborations and product portfolio expansions, to increase their market share. For instance, in May 2022, Alcon announced its plan to acquire EYSUVIS (corticosteroid indicated for short-term treatment of DED) from Kala Pharmaceuticals Inc., a clinical-stage biopharma company. The acquisition will broaden the company's portfolio of ophthalmic eye drops.