Global Allergy Relieving Eye Drops Market 2021 (Includes Business Impact of COVID-19)

                                          
Report updated on 11th September, 2021: Global Allergy Relieving Eye Drops Market 2021 (Includes Business Impact of COVID-19)
Global Allergy Relieving Eye Drops Market is a recent report produced by Trusted Business Insights. The global allergy relieving eye drops market report has been segmented on the basis of drug class, type, distribution channel, and region.
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The global Allergy Relieving Eye Drops market size was valued at USD$ 1.42 billion in 2020 and is projected to reach UDS$2.31 billion by 2030, and is anticipated to expand at a CAGR of 5.00% over the forecast period from 2020 to 2030.


Global Allergy Relieving Eye Drops Market: Overview


Eye drops is a medical formulation for application to relieve eye irritation, itching, redness, watering, swelling, and also headache. Allergy relieving eye drops have no side effects, offer quick relief, enable infection control, and also help to maintain healthy vision.


Global Allergy Relieving Eye Drops Market: Dynamics


Demand for allergy relieving eye drops is increasing due to rising prevalence and incidence of eye-related disorders and diseases across the globe, and is among some of the major factors expected to drive growth of the target market. In addition, increasing healthcare expenditure, growing geriatric population, rising disposable income, raising awareness about eye diseases are other factors anticipated to propel growth of the global allergy relieving eye drops market. Furthermore, increasing incidence of eye-related conditions, including glaucoma, infections, muscular degeneration, and childhood-related conditions is resulting in initiatives by governments to manage the burden of eye disorders. Such initiatives are among other factors expected to boost demand for allergy relieving eye drops over the forecast period.

However, stringent regulation for product approvals is a major factor expected to hamper growth of the target market.


Global Allergy Relieving Eye Drops Market: Segment Analysis


By Type:

Among the type segments, the seasonal & perennial allergic conjunctivitis segment is expected to register the highest revenue growth rate in the global allergy relieving eye drops market.

By Drug Class:

Among the drug class segments, the antihistamines segment is expected to account for major revenue contribution, as it is widely used to replace natural moisture of the eye, is easy to use, more convenient, and well-tolerated for long-lasting usage.


By Distribution Channel:


Among the distribution channel segments, the retail segment is expected to account for major revenue contribution in the global market. This is primarily due to the availability of OTC drugs and a prescription for allergic conjunctivitis. The online sales segment is expected to account for second-highest revenue share in the global market in terms of revenue contribution due to increasing consumer preference towards online shopping and e-commerce activities, easy accessibility, availability of several products and brands on aa single platform, and affordability which in turn is expected to drive growth of the global market over the forecast period.


Global Allergy Relieving Eye Drops Market: Regional Analysis


North America market dominates the global allergy relieving eye drops market in terms of revenue contribution as compared to that of markets in other regions. This is attributed to increasing demand for allergy relieving eye drops, especially for growing and high prevalence of lifestyle disorders that increase the chances of allergic conjunctivitis in countries in this region, which is a major driver for North America market growth. Adoption of medical insurance among individuals in developed countries such as the US, Germany, France, etc. is the current trend in the global market.

Global Allergy Relieving Eye Drops Market Segmentation:

Segmentation by type:

  
Seasonal and Perennial Allergic Conjunctivitis
  
Vernal Keratoconjunctivitis
  
Atopic Keratoconjunctivitis
  
Giant Papillary Conjunctivitis

Segmentation by drug class:

  
Antihistamines
  
Non-steroidal anti-Inflammatory Drugs
  
Vasoconstrictors

Segmentation by distribution channel:

  
Hospital Pharmacies
  
Retail
  
Online Sales


Key Market Players included in the report:


  
Abbott
  
AbbVie Inc.
  
Allergan Plc.
  
Bausch Health
  
Bausch Health Companies Inc.
  
Clear Eyes
  
F. Hoffmann-La Roche Ltd.
  
Glenroy, Inc.
  
Hoffmann-La Roche Ltd.
  
Johnson & Johnson Services, Inc.
  
Novartis AG
  
Pfizer, Inc.
  
Regeneron Pharmaceuticals, Inc.
  
Rohto
  
Sager Pharma
  
Santen Pharmaceutical
  
Santen Pharmaceutical Co.Ltd.
  
Similasan


Below are the key development related to Allergy Relieving Eye Drops Market in 2020 and 2021.


April 2021: Johnson & Johnson Vision Receives Approval in Canada for Worlds First and Only Drug-Releasing Contact Lens for Vision Correction and Allergic Eye Itch: ACUVUE® Theravision™ with Ketotifen. Health Canada approves ACUVUE® Theravision™ with Ketotifen, the first drug-releasing contact lens that provides vision correction to people experiencing itchy allergy eyes. Source

March 2021: Johnson & Johnson Vision Receives Approval of Worlds First and Only Drug-Releasing Combination Contact Lens for Vision Correction and Allergic Eye Itch: ACUVUE® Theravision™ with Ketotifen. The Japanese Ministry of Health, Labour and Welfare (MHLW) has approved the first combination contact lens that provides vision correction and an antihistamine drug to help relieve symptoms for people experiencing itchy allergy eyes: ACUVUE® Theravision™ with Ketotifen. This is the first regulatory approval by any health authority for the novel technology, which combines an ACUVUE® daily disposable contact lens (etafilcon A) with ketotifen, an established antihistamine. Source

September 2020: FDA Approves Bausch + Lomb Alaway® Preservative Free (Ketotifen Fumarate) Ophthalmic Solution, 0.035%. First OTC Preservative-Free Eye Drop Approved for the Treatment of Itchy Eyes Associated with Allergies. Bausch Health Companies Inc. (NYSE/TSX: BHC) ("Bausch Health"), Bausch + Lomb, a leading global eye health business, and Eton Pharmaceuticals, Inc. (NASDAQ: ETON) announced that the U.S. Food and Drug Administration (FDA) has approved Alaway® Preservative Free (ketotifen fumarate) ophthalmic solution, 0.035%, antihistamine eye drops (EM-100), as the first over-the-counter (OTC) preservative-free formulation eye drop approved to temporarily relieve itchy eyes due to pollen, ragweed, grass, animal hair and dander, which is one of the eye symptoms that affects approximately 80 percent of people with allergies. Source

March 2020: Eyevance Pharmaceuticals Launches ZERVIATE™ in the United States. ZERVIATE™ (cetirizine ophthalmic solution) 0.24% is the first novel prescription-only treatment for allergic conjunctivitis in 10 years. ZERVIATE™, formulated with Hydrella™, contains cetirizine, the same active ingredient found in Zyrtec®[1]. Source