Global Chronic Eye Diseases Market – Industry Trends and Forecast to 2029

Market Analysis and Size                              

According to estimates, over 9% of the global population is over 65 years old, with this segment predicted to account for around 17% of the global population by 2050. Age-related eye problems such as age-related macular degeneration, cataract, diabetic retinopathy, and glaucoma are the most common causes of blindness and impaired vision in the United States. Amblyopia and strabismus are two more frequent eye ailments.

Data Bridge Market Research analyses that the chronic eye diseases market was valued at USD 20.828 million in 2021 and is expected to reach USD 33.96 million by 2029, registering a CAGR of 6.30% during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Report Scope and Market Segmentation

Market Definition

Chronic eye diseases can be caused by a variety of factors, including bacterial, fungal, and allergic infection, tissue dryness due to excessive contact lens use, repeated rubbing of the eyes and eye makeup, and hereditary and metabolic processes. Patients with eye ailments may experience redness and inflammation, as well as dryness, blurred vision, swelling, discomfort and soreness, watery eyes, and other symptoms.

Chronic Eye Diseases Market Dynamics

Drivers

• High prevalence rate of diabetes and other chronic conditions

The rising prevalence of diabetes across the globe will act as a major driver that will result in the expansion of the growth rate of the market. According to the American Optometric Association, there are over 7 million undiagnosed diabetes in the United States, with 12,000 to 24,000 people losing their sight each year. Diabetic retinopathy is currently the most common cause of blindness in the United States. Diabetic patients must get a dilated eye check every year. Diabetic problems such as blindness and other complications can be avoided by keeping an eye on retinal abnormalities. Along with this, prevalence of various disease such as cataracts, glaucoma and age-related macular degeneration will act as the market growth factor.

• Increasing investment for healthcare infrastructure

Another significant factor influencing the growth rate of chronic eye diseases market is the rising healthcare expenditure which helps in improving its infrastructure. Also, various government organizations aims to improve the healthcare infrastructure by increasing funding and this will further influence the market dynamics.

• Increasing number of geriatric population

The increasing number of geriatric population is estimated to enhance the market’s growth rate. According to the World Ageing 2020 estimate, there will be 727 million people aged 65 and up in the year 2020. In 2050, this population is expected to increase to 1.5 billion. From 9.3 percent in 2020 to roughly 16.0 percent in 2050, the proportion of the population aged 65 and up is predicted to rise. The elderly population is expected to grow, and this group will need to be accommodated.

Furthermore, surging number of government initiatives to spread awareness and sedentary lifestyle of people will result in the expansion of chronic eye diseases market. Along with this, rising level of disposable income and growing government favourable initiatives will enhance the growth rate of the market.

Opportunities

• Rise in R&D activities  

The market's growth is fueled by growing number of research and development activities. This will provide beneficial opportunities for the chronic eye diseases market growth. New entrants are focusing on creating new steroid-based formulations to treat dry eye syndrome (DES), which is also a major driving element in the market. For instance, Kala Pharmaceuticals reported preliminary results from an additional clinical trial conducted to study the efficacy of its product Inveltys in temporarily relieving signs and symptoms of dry eye disease, and plans to resubmit the regulatory filing to the US Food and Drug Administration (USFDA) based on new data in March 2020.

Moreover, the market's growth is fueled by investment for the development of advanced technologies and increase in the number of emerging markets. These factors will provide beneficial opportunities for the chronic eye diseases market growth.

Restraints/Challenges

On the other hand, the high cost associated with the treatment will obstruct the growth rate of chronic eye diseases market during the forecast period of 2022-2029. The lack of healthcare infrastructure in developing economies and strict drug approval mechanisms of testing bodies resulted in the delay of launch of new drugs will challenge the chronic eye diseases market. Additionally, lack of awareness among people and poor reimbursement policies will act as restrain and further impede the growth rate of market during the forecast period of 2022-2029.

This chronic eye diseases market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the chronic eye diseases market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Patient Epidemiology Analysis

Chronic eye diseases market also provides you with detailed market analysis for patient analysis, prognosis and cures. Prevalence, incidence, mortality, adherence rates are some of the data variables that are available in the report. Direct or indirect impact analyses of epidemiology to market growth are analysed to create a more robust and cohort multivariate statistical model for forecasting the market in the growth period. 

COVID-19 Impact on Chronic Eye Diseases Market

Since its emergence in December 2019, the COVID-19  virus had spread to nearly every country on the planet, prompting the World Health Organization (WHO) to declare it a public health emergency. The chronic eye diseases market was negatively impacted by COVID-19. The sudden rise in coronavirus infections caused healthcare staff to focus on coronavirus management, obscuring other instances. There was a shortage of eye care drugs on the market due to restrictions on the flow of products and people. Furthermore, it resulted in a decrease in the number of individuals seeking treatment in hospitals and clinics. However, internet medical consultation and pharmaceutical sales have seen a surge in popularity. Following the COVID-19 relaxations, the market is quickly recovering.

Recent Development

• In January 2022, Sun Pharma had announced the launch of dry eye treatment product named Cequa in Canada. It is the first dry eye disease treatment which is delivered with nanomicellar (NCELL) technology. This technology enhances the bioavailability as well as physiochemical stability of cyclosporine to raise the ocular tissue penetration.

Global Chronic Eye Diseases Market Scope

The chronic eye diseases market is segmented on the basis of type, medication, product type, route of administration, end-users and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Diabetic and Hypertensive Retinopathy
• Cataracts
• Age-Related Macular Degeneration (AMD)
• Thyroid Ophthalmopathy (Grave’s Disease)
• Glaucoma Dry Eye
• Others

Medication

• Anti-inflammatory
• Anti-glaucoma
• Lubricating Agents
• Immunosuppressive
• Others

Product Type

• Eye Drops
• Eye Ointment
• Gel
• Liquid Wipes
• Others

Route of Administration

• Oral
• Parenteral
• Ocular
• Others

End-Users

• Hospitals
• Specialty Clinics
• Homecare
• Others

Distribution Channel

• Hospital Pharmacy
• Retail Pharmacy
• Online Pharmacy
• Others

Chronic Eye Diseases Market Regional Analysis/Insights

The chronic eye diseases market is analysed and market size insights and trends are provided by country, type, medication, product type, route of administration, end-users and distribution channel as referenced above.

The countries covered in the chronic eye diseases market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

North America and Europe dominate the chronic eye diseases market because of the growing prevalence of chronic eye syndrome and rising healthcare expenditure in this region. Additionally, growing focus of major key players on novel technology will further propel the market’s growth rate in this region.

Asia-Pacific is expected to be the fastest growing region during the forecast period of 2022-2029 due to growing number of patient population in this region. Also, development of healthcare infrastructure and rising government initiatives will further propel the market’s growth rate in this region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Chronic Eye Diseases Market Share Analysis

The chronic eye diseases market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to chronic eye diseases market.

Some of the major players operating in the chronic eye diseases market are:

• Eli Lilly and Company (U.S.)
• AstraZeneca (U.K.)
• Novartis AG (Switzerland)
• Johnson & Johnson Private Limited (U.S.)
• Teva Pharmaceutical Industries Ltd. (Ireland)
• Merck & Co., Inc. (U.S.)
• Allergan (Ireland)
• Bausch Health Companies Inc. (Canada)
• Abbott (U.S.)
• F. Hoffmann-La Roche Ltd. (Switzerland)
• Pfizer Inc. (U.S.)
• GlaxoSmithKline plc (U.K.)
• Sanofi (France)
• Merck KGaA (Germany)
• Otsuka America Pharmaceutical, Inc. (U.S.)
• Akorn Operating Company LLC (U.S.)
• Allostera Pharma Inc. (Canada)
• I-Med Pharma Inc. (Canada)
• Santen Pharmaceuticals Co. Ltd., (Japan)
• AFT Pharmaceuticals (New Zealand)
• Novaliq GmbH (Germany)

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