Preservative-Free Eye Drops Market Growth Insights| 2030

[Research Report] The preservative-free eye drops market size is projected to grow from US$ 1,129.60 million in 2022 to US$ 1,587.66 million by 2030; it is estimated to record a CAGR of 4.3% during 2022–2030.

Market Insights and Analyst View:

Eye drops are commonly incorporated with the preservative benzalkonium chloride (BAK). Overuse of BAK can cause eye irritation and worsen dry eye conditions. People using eye drops regularly or those who have dry eyes prefer drops without preservatives. Thus, the growing usage of preservative-free eye drops, the increasing awareness regarding potential side effects associated with preservatives, and an upsurge in eye-related issues (such as dry eye) in the aging population are likely to benefit the market in the coming years. The report includes growth prospects owing to the current preservative-free eye drops market trends and their foreseeable impact during the forecast period.

Growth Drivers:

Eye drops are prescribed for treating dry eye symptoms, allergic reactions, and eye redness. However, most eye drops contain a preservative component called benzalkonium chloride. Side effects caused by eye drops include blurred vision, increased sensitivity, watery eyes, redness, swelling of eyelids, sticky eyelashes, and discomfort. These side effects may vary from one individual to another. Preservative content, contamination, improper safety standards, and ongoing medications are the prime factors associated with the side effects caused by eye drops. As per the US Food and Drug Administration (FDA), all multidose ophthalmic solutions must be preserved against contamination from a standard group of microorganisms. However, long-term usage of these preservatives may cause harmful effects such as a decrease in the levels of intended impact, an allergic response, and a toxic reaction.

In such cases, preservative-free eye drops are prescribed for patients susceptible to reactions from preservatives and who need frequent applications. In recent years, several preservative-free eye drops have been introduced by manufacturers, such as preservative-free Systane Ultra HYDRATION Lubricant Eye Drops by Alcon. Moreover, research studies indicate that they may be more efficient at lubricating and protecting the eyes. Thus, increasing awareness among consumers regarding the potential adverse effects of preservatives has led to higher demand for preservative-free eye drops, thereby driving the preservative-free eye drops market growth.

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Preservative-Free Eye Drops Market: Strategic Insights

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Report Segmentation and Scope:

The preservative-free eye drops market analysis was carried out based on the following segments: type, application, distribution channel, and geography. Based on type, the market is bifurcated into single-dose and multiple-dose. Based on application, the market is categorized into dry eye disease, eye allergy/infection, glaucoma, retinal disorders, and other indications. The market, by distribution channel, is segmented into hospital pharmacies, online pharmacies, drug stores, and retail pharmacies. The preservative-free eye drops market, based on geography, is segmented into North America (US, Canada, and Mexico), Europe (France, Germany, UK, Spain, Italy, and Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, the UAE, South Africa, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

Segmental Analysis:

The market, by type, is bifurcated into single-dose and multiple-dose. The single-dose segment held a significant preservative-free eye drops market share in 2022. In addition, the same segment is expected to register a higher CAGR in the market from 2022 to 2030.

Based on application, the market is fragmented into dry eye disease, eye allergy/infection, glaucoma, retinal disorders, and other indications. The dry eye disease segment held a significant preservative-free eye drops market share in 2022. The market or this segment is expected to grow at the highest CAGR from 2022 to 2030. Dry eye disease results in discomfort, irritation, and visual disturbance. As per the “National Health and Wellness Survey” conducted in the US in April 2020, ~16.4 million people were diagnosed with dry eye. Preservative-free eye drops are usually recommended for people with moderate to severe dry eye. Thus, the growing cases of dry eyes worldwide fuel the demand for preservative-free eye drops.

Based on the distribution channel, the preservative-free eye drops market is segmented into hospital pharmacies, drug stores retail pharmacies, and online pharmacies. The hospital pharmacies segment held the largest share of the market in 2022. The online pharmacies segment is expected to register the highest CAGR during 2022–2030.

Regional Analysis:

The geographic scope of the preservative-free eye drops market report entails North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. In 2022, North America captured a significant share of the market. In 2022, the US dominated the preservative-free eye drops market in this region. The presence of large market players, increasing incidence of retinal diseases, burgeoning incidence of dry eye disease, and surging awareness of side effects of preservatives boost the preservative-free eye drops market growth in North America. In the US, dry eye disease is a common but underdiagnosed disorder, and an increase in the nation’s population’s ages is likely to result in a higher prevalence of dry eye disease in the coming years in the country. As per the Centers for Disease Control and Prevention, the primary causes of blindness and low vision in the US are age-related eye diseases such as macular degeneration, diabetic retinopathy, cataracts, and glaucoma. According to the National Health and Wellness Survey data published in 2020, 6.8% of the adult population was diagnosed with dry eye in the US. As per the article titled “Risk factors for ocular surface damage in Mexican patients with dry eye disease: a population-based study,” published in 2019, nearly 58% of people complained about dry eyes.

In December 2020, Alcon launched a professional line of preservative-free Systane Ultra HYDRATION Lubricant Eye Drops in Canada, the newest addition to its revolutionary portfolio of dry eye solutions. This eye drops combine hyaluronic acid and HP-guar, a potent combination of ingredients that provides long-lasting dry eye relief for people with moderate to chronic dry eyes. The extending availability of such products is further expected to support the growth of the preservative-free eye drops market in North America during the forecast period.

Preservative-Free Eye Drops Market Regional Insights

The regional trends and factors influencing the Preservative-Free Eye Drops Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Preservative-Free Eye Drops Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Preservative-Free Eye Drops Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Preservative-Free Eye Drops Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Preservative-Free Eye Drops Market are:

1. Nemera
2. Alcon Inc.
3. Bausch & Lomb Incorporated
4. Eyekare Kilitch Ltd.
5. Essex Bio-Technology Limited

Disclaimer: The companies listed above are not ranked in any particular order.

Industry Developments and Future Opportunities:

The preservative-free eye drops market forecastcan help stakeholders plan their growth strategies. Initiatives taken by companies operating in the global market are listed below:

• In July 2023, Bausch + Lomb acquired the Blink product line from Johnson & Johnson Vision for US$ 106.5 million in cash. The acquisition expands the company's over-the-counter product portfolio in eye care. The Blink portfolio of eye drops contains various eye drops and contact lens rewetting drops, including Blink tears preservative-free lubricating eye drops, which offer immediate and long-lasting symptom relief.

Competitive Landscape and Key Companies:

Nemera, Alcon Inc., Bausch & Lomb Incorporated, Eyekare Kilitch Ltd., Essex Bio-Technology Limited, Pillar5 Pharma Inc., Ivizia, Allergan PLC, CorneaCare Inc., and Bayer are among the prominent players profiled in the preservative-free eye drops market report. These companies focus on introducing new high-tech products, upgrading their existing products, and expanding their geographic presence to meet the growing consumer demand worldwide.