Market Size of Allergy Relieving Eye Drops Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 4.14 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Allergy Relieving Eye Drops Market Analysis
The allergy-relieving eye drops market is expected to register a CAGR of 4.14% during the forecast period.
The COVID-19 pandemic has substantially impacted the allergy-relieving eye drops market. The strict lockdowns and government regulations slowed the spread of COVID-19, resulting in supply chain disruptions. The ophthalmic care system was affected severely during the pandemic due to lockdown restrictions. For instance, according to an article published by PLOS One journal in March 2022, an observational study was conducted in a community hospital in Taiwan, which showed a significant decrease in the number of ophthalmic outpatients during the pandemic. Furthermore, according to an article published by PubMed in December 2020, a study conducted in a COVID-19 hotspot in the United States showed that the total number of eye-specific visits dropped considerably during the pandemic compared to prior years, and patients were found to be more reluctant to seek eye care. Thus, the COVID-19 outbreak affected the market's growth adversely in its preliminary phase; however, the market has regained its traction as the pandemic has subsided.
The rise in prevalence and incidence rates of eye-related disorders, increased geriatric population, and growing research and development in eye allergy medication are expected to boost the allergy-relieving eye drops market during the forecast period.
Eye Allergy has been increasing in recent years. According to an article published by PubMed in October 2020, the prevalence of ocular allergies has been growing worldwide for the past several decades. The geographical distribution and hot spots of rhinoconjunctivitis have been documented in a global survey by the International Study of Asthma and Allergies in Childhood (ISAAC). According to ISAAC, Africa, Latin America, and Japan have a considerably high prevalence of rhinoconjunctivitis. Furthermore, according to the data by the World Bank Group in 2021, the population aged 65 and above (as a percentage of the total population) increased from 6.57 percent in 2020 to 6.78 percent in 2021; the rising geriatric population will be accompanied by more eye problem which will increase the usage of allergy relieving eye drops. Hence, it is expected to enhance the market growth.
In addition, new product launches and strategic activities by major players in the market are positively affecting the growth of the studied market. For example, in September 2020, Dr. Reddy's Laboratories launched an over-the-counter (OTC) eye allergy drop Olopatadine Hydrochloride Ophthalmic Solution, in the United States market. Thus, owing to the product launches by key market players, the studied market is expected to have significant growth over the forecast period.
Therefore, owing to the factors above, the studied market is anticipated to witness growth over the analysis period. However, side effects from allergy-relieving eye drops, including irritation, headache, and others, have been restraining the overall development of this market.
