Allergy Relieving Eye Drops Market to Receive Overwhelming Hike in Revenues by 2026

Transparency Market Research (TMR) has published a new report titled, “Dementia Associated with Alzheimer’s Disease Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the allergy-relieving eye drops market was valued at US$ 1250.0 Mn in 2017. The market is anticipated to reach US$ 1,930.0 Mn by 2026, expanding at a CAGR of 5.0% from 2018 to 2026.

Rise in number of geriatric patients, increase in awareness regarding minor eye disorders, and high unmet medical needs are expected to augment the global market from 2018 to 2026. The allergy-relieving eye drops market is projected to expand owing to an increase in the prevalence of eye-related disorders among the population, demand for better treatments, and development of healthcare infrastructure in various economies.

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Increasing geriatric population and rising awareness regarding eye diseases

According to data published by United Nations Department of Economics and Social Affairs, the global geriatric population is expected to double by the end of 2050 and is projected to reach nearly 2.1 billion. This increasing geriatric population is prone to significant risk of eye-related disorders, including blindness. Public awareness regarding common eye conditions is increasing in developing countries, leading to early diagnosis and treatment of eye diseases. Furthermore, a large number of organizations are dedicated to fight blindness, restore vision, and create awareness regarding eye health. National Eye Institute, National Association for Visually Handicapped, National Federation of the Blind, and Prevent Blindness are a few eye health organizations concerned with the prevention of eye diseases.

Increase in prevalence and incidence rates of eye-related disorders

According to World Health Organization (WHO), there are 285 million visually impaired people globally, approximately 90% of them living in low to middle income countries. Furthermore, approximately 95 million people suffer from cataract and 20 million suffer from various eye conditions, including glaucoma, muscular degeneration, infections, and childhood-related conditions. Significant rise in incidence of eye-related diseases, especially in developed countries, is anticipated to drive the allergy-relieving eye drops market between 2018 and 2026.

Patients undergoing open angle glaucoma and AMD in the U.S., were 2.7 Mn and 2.1 Mn, respectively. This number is projected to increase to 3.3 Mn and 2.5 Mn, respectively, by 2020. Increasing patient pool in developing countries as well as developed countries is estimated to propel healthcare spending for eye treatments in these countries and drive the allergy-relieving eye drops market.

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High unmet needs in patients with ocular allergy

The currently available treatment options are insufficient, as almost 30% to 40% of patients suffer from persistent allergic inflammation due to incomplete response to antihistamines. Therefore, a large proportion of patients with ocular allergy have high unmet needs, providing an opportunity for the development of novel treatment for eye-related allergies. According to an article published in NCBI, approximately 20% of the total population suffers from some form of allergic conjunctivitis and significant proportion of patients experience chronic allergy due to low response to existing therapies.

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