Europe Eye Drops Market Forecast to 2030 - Regional Analysis - by Type, Application {Eye Diseases, Eye Care, and Others}, and Purchase Mode

The Europe eye drops market is expected to grow from US$ 3,496.63 million in 2022 to US$ 5,093.11 million by 2030. It is estimated to grow at a CAGR of 4.8% from 2022 to 2030.

High Incidence of Age-Related Eye Diseases Fuels Europe Eye Drops Market

Weakening of eye vision is prominently caused by aging. According to the World Health Organization's World Vision Report, with an aging global population, vision impairment has risen to the forefront as a significant public health concern. In 2020, 11 billion people had uncorrected presbyopia or distance vision impairment. This amount is predicted to rise to 18 billion by 2050. Cataracts, age-related macular degeneration, glaucoma, diabetic retinopathy, and presbyopia are common causes of vision impairment that occur more frequently in later life (>60 years). Although, over the last 30 years, the age-standardized prevalence of vision impairment and blindness has reduced, this decrease has been offset by a rapidly aging population, resulting in a surging number of individuals with blindness and vision impairment globally, primarily adults over the age of 60. Thus, the high prevalence of eye disease among the older population is likely to encourage manufacturers to introduce new eye care products in the market, which, in turn, will contribute to the growth of the market. Also, the development in the healthcare industry has increased life expectancy. Various healthcare companies design products focusing on the geriatric population. Countries worldwide are adopting new techniques to treat older people safely and effectively. Thus, the growing aging population is driving the growth of the market.

Europe Eye Drops Market Overview

The Europe eye drops market in Europe is segmented into Germany, the UK, France, Italy, Spain, and the Rest of Europe. The region holds a significant share of the Europe eye drops market. The market growth in this region is attributed to the growing presence of various domestic players across European countries and the increasing prevalence of dry eye disease. Numerous people in Germany are living with eye disorders. Also, the incidence of dry eye condition is increasing among the elderly population in the country. Glaucoma is another leading factor causing dry eye condition among masses. Germany records a widespread occurrence of ophthalmic conditions such as glaucoma, cataracts, and retinal detachments. According to the article"Incidence of Retinal Detachment in Germany: Results from the Gutenberg Health Study," published in the Ophthalmological Journal in May 2021, the incidence rate of retinal detachment disease in Germany was 42 per 100,000 people per year for the age group of 35-74 years. Compared to estimates from other European nations, the study projected that Germany has a higher incidence of retinal detachment in this age group.

As per the Federal Statistical Office (Destatis), ~16.2 million people in Germany were age 67 and above by the end of 2021, and the number is projected to rise to 21.6 million by 2060. Furthermore, illnesses and eyesight problems are more common among elderly people. The incidence of eye-related disease is expected to increase with the rising aging population in Germany in the coming years, thus fueling the growth of the Europe eye drops market in the country.

Europe Eye Drops Market Revenue and Forecast to 2030 (US$ Million)

Europe Eye Drops Market Segmentation

The Europe eye drops market is segmented into type, application, purchase mode, and country.

Based on type, the Europe eye drops market is segmented into antibiotics, artificial tears, hormones, and others. The antibiotics segment held the largest share of the Europe eye drops market in 2022.

Based on application, the Europe eye drops market is segmented into eye diseases, eye care, and others. The eye diseases segment held the largest share of the Europe eye drops market in 2022. 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 a larger share of the Europe eye drops market in 2022.

Based on country, the Europe eye drops market is segmented into Germany, the UK, France, Italy, Spain, and the Rest of Europe. Germany dominated the Europe eye drops market in 2022.

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 are some of the leading companies operating in the Europe eye drops market.

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