AUG 16,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Eye Care Products Market.
The Eye Care Products Market is estimated to grow from USD 61.3 million in 2020 to USD 79.9 million by 2026 at a healthy CAGR of 4.6% during the forecast period.
Eye care products are defined as products that are used to treat various eye disorders. Some of the commonly used eye products include ointments or emollients, eyewashes, hyperosmotic, eyelid scrubs, and others. These products are easily available over the counter. The eyes are considered the most sensitive organs of the human body and thus, proper eye care is required.
Market Dynamics
The global market growth is primarily driven by increasing incidences of eye disorders and allergies due to factors such as pollution, prolonged use of devices such as smartphones and laptops, insomnia, and changing lifestyles.
- Expanding the geriatric population across geographies is expected to propel market growth at a significant rate during the review period.
- Additionally, increasing demand for more advanced and high-quality products is likely to create lucrative opportunities for the market players during the review period.
- However, side effects of the common medications are likely to affect the market growth.
Segments' Analysis
Application Trends
Based on application, the market has been divided into online pharmacy, retail pharmacy, and hospital pharmacy.
- The retail pharmacy segment accounted for a substantial market share in 2020.
- The segment growth can be attributed to the easy availability of eye care products in retail pharmacy stores.
- The online pharmacy segment is projected to register healthy growth during the review period owing to increasing consumer preference towards online shopping.
Regional Trends
The market in North America accounted for the largest share in 2020.
- The regional market growth can be attributed to the increasing geriatric populace and the presence of established healthcare infrastructure.
- The market in the Asia-Pacific region is projected to register a healthy growth rate on account of increasing healthcare spending and the rapidly growing medical tourism industry.
Key Players:
- Allergan, Inc. (The U.S),
- Accutome Inc. (The U.S),
- Prestige Consumer Healthcare Inc. (The U.S),
- Bausch & Lomb Incorporated (The U.S),
- Croda International plc (UK),
- Akorn Consumer Health (The U.S),
- Shire US Inc. (The U.S),
- Scope Ophthalmics Ltd. (Ireland),
- VISUfarma B.V. (Netherlands),
- Novartis International AG (Switzerland), and
- Precision Lens (The U.S).
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Eye Care Products Market analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors