According to our new research study on "America & Europe Eye Drops Market Forecast to 2031 - Regional Analysis - Drug Class, Application, Purchase Mode, and Geography " the market value is expected to reach US$ 19.88 billion by 2031 from US$ 13.16 billion in 2023; it is anticipated to register a CAGR of 5.3% from 2023 to 2031.

Factors such as the rising prevalence of ophthalmic diseases and high incidence of age-related eye diseases propel the market growth. However, the rising number of product recalls impede the America & Europe eye drops market growth.

Initiatives to Bolster Eye Care Awareness Creates Opportunities for the America & Europe Eye Drops Market

In recent years, efforts have been made to create awareness and educate people regarding eye diseases, prompting patients to access suitable medications and treatments. In 2017, the National Eye Institute (NEI) in the US initiated "Write the Vision," a new eye health awareness program, to build awareness about eye health, specifically targeting African American consumers. The "Write the Vision" program offers monthly resources to a large number of organizations, allowing them to promote healthy vision and prevent vision loss as well as blindness in the communities they serve. As per the National Eye Health Education Program, a part of the NEI, African Americans are more prone to eye diseases, which can result in vision loss if not treated in time. On August 28, 2023, the Centers for Disease Control and Prevention partnered with other organizations committed to vision health under its Vision Health Initiative (VHI) to create a more effective multi-tiered network to prevent vision loss and support eye health. The VHI has the unique mission of working with state and national partners to strengthen science and develop interventions for improving eye health, reducing vision loss and blindness, and promoting the health of people with vision loss. On December 27, 2023, Prevent Blindness (an eye health and safety organization in the US) announced its plan to participate in the National Glaucoma Awareness Month campaign in January 2024 to provide patients, care partners, and professionals with various helpful resources to educate them on glaucoma. On October 12, 2023, the organization joined the International Agency to Prevent Blindness and other eye health organizations worldwide to raise awareness of vision and eye health problems to promote access to eye care as part of World Sight Day. On October 1, 2023, 2EyesVision proudly reaffirmed its commitment to shaping the future of ophthalmology through community initiatives of the Ministry of Industry, Trade and Tourism (MINCOTUR) in Spain within the Secpho ecosystem. The ministry has awarded over US$3.17 million in grants to the Secpho cluster for innovative projects. 2EyesVision is committed to shaping the future of ophthalmology care technologies. On June 6, 2023, the National Health Service took the initiative to make eye care more accessible to patients in England. Under this initiative, measures were taken to reduce wait times for care, which was tagged as a "top priority."

Sightsavers-an international nongovernmental organization-works in developing countries to treat and prevent eye diseases. The organization aims to create awareness and provide high-quality eye health services with its Rural Eye Health Programme, thus taking steps to eradicate avoidable blindness in rural populations. In 2019, the WHO launched Universal Health Coverage and Eye Care: Promoting Country Action, an event to provide practical, step-by-step guidance to support Member States of the WHO for planning and implementing the recommendations provided in the WHO's World Report on Vision. The WHO launched this event to provide integrated people-centered eye care services. Further, the India-US Collaborative Vision Research Program 2020, funded by the Indian Department of Biotechnology and the US NEI, focused on advancing science and technology crucial for understanding, preventing, and treating blinding eye diseases, visual disorders, and associated complications.

The Karolinska Institutet, Sweden, offers grants for promoting research on eye diseases. In 2020, the institute announced US$ 5,913-17,739 (SEK 50,000-150,000) per person funding for new research projects on eye diseases. In December 2022, Research to Prevent Blindness provided an annual grant of US$ 115,000 to the John A. Moran Eye Center at the University of Utah for eyecare research. The funds provided maximum flexibility in developing and expanding eye research programs and fostering creative planning beyond the scope of restricted project grants. Thus, the increasing number of initiatives toward eyecare is likely to offer growth opportunities to the America and Europe eye drops market.

The "America & Europe Eye Drops Market" is segmented on the basis of Drug Class, Application, Purchase Mode, and Geography.

Drug Class Overview

Based on drug class, the America & Europe eye drops market is divided into antibiotics, artificial tears, steroids, and others. The antibiotics segment held the largest market share in 2023. However, the steroids segment is anticipated to register the highest CAGR of 6.4% during the forecast period.

Application Overview

By application, the market is segmented into eye diseases, eye care, and others. The eye diseases segment held the largest market share in 2023. However, the eye care segment is anticipated to register the highest CAGR during the forecast period.

Purchase Mode Overview

In terms of purchase mode, the market is bifurcated into prescription and OTC. The prescription segment dominated the market share in 2023, and it is anticipated to register a higher CAGR of 5.5% during the forecast period.

The America & Europe eye drops market is segmented by region into America and Europe. The America regional market is expected to grow with a CAGR of 5.6% during 2023-2031. The America eye drops market is segmented into the US, Canada, Mexico, Brazil, Argentina, Chile, and the Rest of America. The market growth in this region can be attributed to the increasing awareness of dry eyes disease (DED), growing aging population, technological advancements, and rising eye disease cases. Moreover, the easy availability of various drugs due owing to frequent launches of new drugs is one of the key factors propelling the dry eye products market growth in the region. In addition, a growing understanding about of the benefits of eye drops, coupled with developing healthcare infrastructure, contributes to the rapid growth of the eye drops market in America. Europe is expected to register the highest CAGR of 4.9% during 2023-2031. The Europe eye drops market is segmented into Germany, the UK, France, Italy, Spain, and the Rest of Europe. Germany held the largest market share in 2023, and France is expected to show a significant growth rate in the market.

Alcon AG; AbbVie Inc; Bausch & Lomb Inc; Pfizer Inc; Prestige Consumer Healthcare Inc.; Similasan Corp; Rohto Pharmaceutical Co Ltd; Sager Pharma Kft; Akorn Operating Company LLC; Santen Pharmaceutical Co., Ltd.; SERVImed Industrial S.p.A.; and I-MED Pharma Inc. are among the leading market players of America & Europe eye drops market. These companies focus on new product launches and geographical expansions to meet the growing consumer demand and increase their product range in specialty portfolios. They have a widespread global presence, which allows them to serve a large set of customers and subsequently increase their market share.

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