New York, NY -- (SBWIRE) -- 07/17/2019 -- Market size- USD 51.57 billion in 2018, Market growth- CAGR of 4.6%, Market Trend- product launches and research for age specific and problem specific eye care products.
According to current data on Reports and Data, 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.
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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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