Eye Care Products Market Technological Advancements, Growth Opportunity and Forecast 2019-2026
The eye care products market was valued at USD 51.57 billion
in 2018 and is anticipated to reach USD 73 billion in 2026 at a CAGR of 4.6%.
The study covers the genre of eye care products available in the market. Eye
care products are essentially used for treating eye disorders and to maintain
the general health of eyes. The report categorises eye care products into two
broad categories i.e. eye care products for medical purposes and eye care
products for cosmetic purposes. Innovations like bionic eye, infini-cils and
bionic contact lenses have been milestone achievements in this industry. The
eye care products come in various forms such as creams, solutions, gels etc.
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Increase in pollution and reduction in tolerance towards
pollutants are the factors that have resulted in an increase in the demand for
eye care products. A rise in the numbers of the older population is also reason
for an increase in the demand for these products as they are more prone to
allergies and diseases. However, inaccurate and incomplete information
regarding the usage of these products accompanied by excess or improper
application of these products have acted as restraining factors as well.
Further Key Findings
from the Report Suggest That
·
Changes in lifestyle of the people have been
identified as one of the reasons for increase in demand for eye care products.
These essentially includes improper diet, improper routine and insomnia.
·
Excessive use of Television, Computer and other
digital screens have led to an increase in the demand for eye care products.
·
Rapid growth in the tendency of the people
towards infections along with problems like insomnia and inadequate sleep have
led to an increase in the demand for eye care products.
·
As per the study, a large number of people have
been identified to believe that eye care products are required only when there
is some problem with the eyes, and are not required for maintaining the general
health of the eyes.
·
Advancements in the formulation of the products
to suit the needs and skin types of people from different age brackets. Most
companies manufacture eye care products that are age specific, apart from being
problem- specific. This reduces the chances of allergic reactions.
·
Contact lenses market has also been seen to be
growing due to rising awareness of eye care. It is also seen that a significant
number of people opt for zero number lenses to avoid damage of eyes due to
excess use of digital screens.
·
Contact lenses market has also been seen to be
growing due to rising awareness of eye care. It is also seen that a significant
number of people opt for zero number lenses to avoid damage of eyes due to
excess use of digital screens.
·
Ease in availability and accessibility of most
of the eye care products has been a major factor in increasing the demand for
these products.
·
The availability of a variety of products in
this domain has accelerated the demand for these products. This further
encourages the manufacturers to invest in research and development.
·
The market was found to be propelled by
increasing cosmetic requirements of the people as well. Various eye care
products have gained demand due to an increase in awareness, about maintenance
of the general health of the eyes, among people in certain regions of the
world.
·
Asia Pacific region holds a significantly small
share of the market. It holds a share of 26.9%. However, it is the fastest
growing market region with a CAGR of 4.9%.Europe holds the largest market share of 39%
with North America right behind it at a market share of 33.6%
·
Key participants include Bausch and Lomb, Clear
eyes, Its Skin, Laneige, Cipla, Johnson and Johnson, Alcon, Allergen and
Neutrogena.
·
Bausch and Lomb, Allergen and Alcon have been
seen to dominate the European markets.
Reports and Data, for
the purpose of this study, has segmented the Eye care products market on the
basis of product type, product form, availability, application and regions:
Product type (Revenue,
USD Million; 2016–2026)
·
Ointments
·
Eye washes
·
Eye scrubs
·
Antihistamines
·
Artificial tear drops
·
Infini-cils
Availability
(Revenue, USD Million; 2016–2026)
·
Retail Pharmacy
·
Online Pharmacy
·
Hospital Pharmacy
Application (Revenue,
USD Million; 2016–2026)
·
Single-use/ single purpose
·
Multi-purpose
Product form (Revenue,
USD Million; 2016–2026)
·
Cream
·
Gel
·
Solution
·
Tablets
·
Serum
Regions (Revenue, USD
Million; 2016–2026)
·
North America
o
U.S.
o
Canada
·
Europe
o
Germany
o
France
o
UK
o
Spain
o
Italy
o
Rest of the Europe
·
Asia Pacific
o
China
o
India
o
Japan
o
Rest of Asia-Pacific
·
Middle East & Africa
·
Latin America
o
Brazil
To identify the key trends in the industry, click on the link
below: https://www.reportsanddata.com/press-release/global-eye-care-products-market
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