Report : Europe Dry Eye Products Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product [Antibiotic Drops, Hormone Drops, Artificial Tears (OTC Artificial Tears and Prescription Artificial Tears), and Others] and Type (Prescription Drugs and OTC Drugs)
At 4.9% CAGR, the Europe Eye Products Market is speculated to be worth US$ 2,781.57 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe eye products market was valued at US$ 1,993.06 million in 2021 and is expected to reach US$ 2,781.57 million by 2028, registering a CAGR of 4.9% from 2021 to 2028. Growing older population and stem cell therapy are the critical factors attributed to the market expansion.
The technologies are emerging based on stem cell therapy that can help in treating a dry eye condition. The aim is to prevent disease development, regeneration, and maintaining corneal transparency. Whereas most of the recent advances do not respond to conventional methods. Therefore, researchers prefer autologous or allogeneic serum drops, platelet-derived plasma products, and umbilical cord blood serum to study them as a treatment method. Additionally, the researchers are focusing on using cytokines and different cell sources such as mesenchymal stem cells more preferably to cure dry eye conditions. During the studies, it was found that mesenchymal cells assist in improving tear volume, tear-film stability, epithelial recovery, and the number of goblet cells. The cells help in decreasing the number of meibomian gland injuries in the conjunctiva, which is expected to be the most promising advancement for the dry eye condition treatment. The other stem cell therapy-based treatment is by using lubricin. Lubricin is a protein present in the tear film that allows lubrication in between eye surface and eyelid. The researchers are aiming to introduce proper treatment that can cure dry eye conditions completely. Thus, advancements in the healthcare industry that has allowed integration of biotechnology and pharmaceutical are likely to propel the market growth during the forecast period.
On the contrary, side effects caused due to eye drops hurdles the growth of Europe eye products market.
Based on product, the Europe dry eye products market is segmented into artificial tears, antibiotic drops, hormone drops, and others. The artificial tears segment held 48.8% market share in 2021, amassing US$ 971.62 million. It is projected to garner US$ 1,328.77 million by 2028 to expand at 4.6% CAGR during 2021–2028. The artificial tears segment is further bifurcated into OTC artificial tears and prescription artificial tears.
Based on type, the Europe dry eye products market is bifurcated into OTC drugs and prescription drugs. The OTC drugs segment held 55.1% market share in 2021, amassing US$ 1,098.02 million. It is projected to garner US$ 1,492.19 million by 2028 to expand at 4.5% CAGR during 2021–2028.
Based on country, the Europe dry eye products market has been categorized into the UK, Germany, France, Italy, Spain, and the Rest of Europe. Our regional analysis states that Germany captured 22.2% market share in 2021. It was assessed at US$ 443.21 million in 2021 and is likely to hit US$ 658.27 million by 2028, exhibiting a CAGR of 5.8% during the forecast period.
Key players dominating the Europe dry eye products market are AbbVie Inc; Bausch Health Companies Inc.; Johnson and Johnson Services, Inc.; Novartis AG; OASIS Medical; OCuSOFT Inc.; Prestige Consumer Healthcare Inc.; ROHTO Pharmaceutical Co, Ltd.; Santen Pharmaceutical Co., Ltd.; and URSAPHARM Arzneimittel GmbH among others.
- In July 2021, TheraTears was acquired by Prestige Consumer Healthcare Inc. The acquisition of TheraTears added to Prestige's leading eye care portfolio and provide the company with new long-term growth prospects.
- In April 2021, OASIS Medical Inc launched its new patented cyber platform MY OASIS at SECO International 2021.
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