The global allergy-relieving eye drops market is expected to reach a value of US$ 1,930.3 Mn by the end of 2026, expanding at a significant CAGR of 5.0% during the forecast period. Increase in prevalence and incidence rates of eye-related disorders, high unmet needs in patients with ocular allergy, increased geriatric population, raised awareness about eye diseases in developing countries are expected to boost the allergy-relieving eye drops market during the forecast period. Moreover, significant rise in incidence of eye-related diseases, especially in developed countries, is anticipated to drive the allergy-relieving eye drops market between 2018 and 2026. According to the Prevent Blindness Report, the number of people in the U.S. suffering from cataract is expected to increase from 24.4 Mn in 2010, to 30.5 Mn by 2020, and the number of people suffering from diabetic retinopathy in the U.S. is projected to rise from 7.7 Mn in 2010 to reach 9.2 Mn by 2020
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The global allergy-relieving eye drops market has been segmented based on drug class, type, distribution channel, and region. In terms of drug class, the global market has been classified into antihistamines, non-steroidal anti-inflammatory drugs, vasoconstrictors, and others. The antihistamines segment dominates the allergy-relieving eye drops market, in terms of value. The wide acceptance of antihistamines as the first line of treatment for allergic conjunctivitis is likely to drive the segment. Furthermore, increase in the prevalence of allergic conjunctivitis and rise in awareness about eye-related disorders are anticipated to propel the segment during the forecast period. This segment is also expected to expand at a significant CAGR, owing to its effectiveness in the treatment of ocular allergy. The vasoconstrictors segment follows the antihistamines segment, in terms of share, of the global allergy-relieving eye drops market. The dominance of the segment is attributed to the extensive utilization of vasoconstrictors to relieve redness of the eyes associated with ocular allergy.
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In terms of type, the global market has been classified into seasonal and perennial allergic conjunctivitis, vernal keratoconjunctivitis, atopic keratoconjunctivitis, giant papillary conjunctivitis, and others. The seasonal and perennial allergic conjunctivitis segment is likely to dominate the global allergy-relieving eye drops market during the forecast period.
In terms of distribution channel, the allergy-relieving eye drops market has been segregated into hospital pharmacies, retail, and online sales. The retail segment held a major share of the market in 2017, followed by hospital pharmacies. The retail segment is expected to maintain its market share during forecast period due to the availability of both prescription as well as OTC drugs for allergic conjunctivitis. The online pharmacies segment is projected to expand at a considerable CAGR during the forecast period, owing to easy availability of drugs at home at a discounted price and long-term treatment required for certain form of ocular allergies.
In terms of region, the allergy-relieving eye drops market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the allergy-relieving eye drops market, owing to the high awareness about minor eye-related disorders in the U.S. and increased prevalence of allergic conjunctivitis in the region. Moreover, North America is anticipated to be a highly attractive market for allergy-relieving eye drops during the forecast period, owing to the high cost of prescription drugs and a significant number of people in this region covered by medical insurance.
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Major players operating in the allergy-relieving eye drops market include Allergan Plc., Johnson & Johnson Services, Inc., Pfizer, Inc., F. Hoffmann-La Roche Ltd., Novartis AG, Bausch Health Companies Inc., Regeneron Pharmaceuticals, Inc., and Santen Pharmaceutical Co., Ltd. Key players are expanding their product portfolios through mergers & acquisitions and partnerships & collaborations with leading pharmaceutical companies, which is expected to increase the product availability and thereby boost the market.
Rising Prevalence of Eye Infections Worldwide to Propel Growth of Allergy Relieving Eye Drops Market
Increasing prevalence and occurrence paces of eye-related issues, high neglected requirements in patients with visual allergy, expanded geriatric populace, brought issues to light about eye sicknesses in agricultural nations are relied upon to support the allergy-relieving eye drops market during the conjecture time frame. Also, critical ascent in rate of eye-related sicknesses, particularly in created nations, is expected to drive the allergy-relieving eye drops market.
The wide acknowledgment of antihistamines as the main line of treatment for hypersensitive conjunctivitis is probably going to drive the antihistamines section of this market. Moreover, expansion in the pervasiveness of hypersensitive conjunctivitis and ascend in mindfulness about eye-related problems are expected to impel the portion during the gauge time frame. This fragment is likewise expected to grow at a huge CAGR, attributable to its adequacy in the treatment of visual allergy. The vasoconstrictors section follows the antihistamines fragment, as far as offer, of the worldwide allergy-relieving eye drops market. The predominance of the fragment is credited to the broad usage of vasoconstrictors to alleviate redness of the eyes related with visual allergy.
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The rapidly expanding geriatric populace is inclined to huge danger of eye-related issues, including visual deficiency. Public mindfulness with respect to regular eye conditions is expanding in non-industrial nations, prompting early analysis and treatment of eye illnesses. Besides, countless associations are committed to battle visual impairment, reestablish vision, and make mindfulness with respect to eye wellbeing. Critical ascent in frequency of eye-related infections, particularly in created nations, is expected to drive this market.
Geographically, North America rules the allergy-relieving eye drops market, attributable to the high mindfulness about minor eye-related issues in the U.S. furthermore, expanded predominance of unfavorably susceptible conjunctivitis around there. Besides, North America is expected to be a profoundly alluring business sector for allergy-free eye drops during the gauge time frame, inferable from the significant expense of physician endorsed drugs and a critical number of individuals in this district covered by clinical protection.
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