At 4.8% CAGR, the Europe Eye Drops Market is projected to be worth US$ 5,093.11 million by 2030, says Business Market Insights

According to Business Market Insights’ research, the Europe eye drops market was valued at US$ 3,496.63 million in 2022 and is expected to reach US$ 5,093.11 million by 2030, registering a CAGR of 4.8% from 2022 to 2030. Rising prevalence of ophthalmic diseases and high incidence of age-related eye diseases are the critical factors attributed to the Europe eye drops market expansion.

In recent years, various measures and efforts have been taken to create awareness and educate people regarding eye diseases, prompting patients to access suitable medications and treatments.

In 2019, the WHO launched the Universal Health Coverage and Eye Care: Promoting Country Action, an event to provide practical, step-by-step guidance to support Member States of WHO in planning and implementing the recommendations of the WHO's World Report on vision. The WHO launched this event to provide integrated people-centered eye care services. 

The Karolinska Institutet, Sweden, offers grants to promote research on eye diseases. In 2020, the institute announced US$ 5,912.88–17,738.64 (SEK 50,000–150,000) per person funding for new research projects on eye diseases. Thus, increasing funds for eyecare research will likely offer growth opportunities to the eye drop market players.

On the contrary, product recalls hamper the Europe eye drops market. 

Based on type, the Europe eye drops market is segmented into antibiotics, artificial tears, hormones, and others. The antibiotics segment held 38.6% share of Europe eye drops market in 2022, amassing US$ 1,348.87 million. It is projected to garner US$ 2,002.72 million by 2030 to expand at 5.1% CAGR during 2022–2030. 

Based on application, the Europe eye drops market is segmented into eye diseases, eye care, and others. The eye diseases segment held 64.1% share of Europe eye drops market in 2022, amassing US$ 2,242.17 million. It is projected to garner US$ 3,234.89 million by 2030 to expand at 4.7% CAGR during 2022–2030. The eye diseases segment is further segmented into dry eye, glaucoma, cataract, and others.

Based on purchase mode, the Europe eye drops market is segmented into OTC and prescription. The prescription segment held 64.0% share of Europe eye drops market in 2022, amassing US$ 2,237.55 million. It is projected to garner US$ 3,330.91 million by 2030 to expand at 5.1% CAGR during 2022–2030.

Based on country, the Europe eye drops market has been categorized into Germany, the UK, France, Italy, Spain, and the Rest of Europe. Our regional analysis states that Germany captured 24.7% share of Europe eye drops market in 2022. It was assessed at US$ 863.93 million in 2022 and is likely to hit US$ 1,284.48 million by 2030, exhibiting a CAGR of 5.1% during 2022–2030.      

Key players operating in the Europe eye drops market are AbbVie Inc, Akorn Operating Company LLC, Alcon AG, Bausch & Lomb Inc, Pfizer Inc, Prestige Consumer Healthcare Inc., Rohto Pharmaceutical Co Ltd, Sager Pharma Kft., and Similasan Corp, among others.   

• In July 2023, Bausch + Lomb Corporation acquired the Blink product line of eye and contact lens drops from Johnson & Johnson Vision. The strategic acquisition is the latest example of the company’s commitment to increasing over the counter (OTC) consumer convenience in eye care.

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