Global Corticosteroid Eyedrops Market Forecast, Trend Analysis And Competition Tracking Global Market insights 2015 to 2031

Corticosteroid Eyedrops Market Introduction

Corticosteroid eyedrops are essential for treating conditions of immune hyperreactivity such as non-infectious, uveitis, graft rejection, allergic disorders, and certain diseases with both immune and infectious components. Corticosteroid eyedrops treat inflammation such as redness, soreness, or swelling of the eye caused due to injury, infection, allergy, or after surgery.

Global Corticosteroid Eyedrops Market Revenue Outlook:

The Global Corticosteroid Eyedrops Market was valued at US$ 5.8 Bn in 2020 and is projected to register а САGR of XX% by 2031.

Nonetheless, various industry players in the global corticosteroid eye drop market are now paying more and more attention to establishing successful collaborations, acquisitions and joint ventures to expand their customer bases. These players are also improving their supply capabilities to meet customer needs both locally and globally. This factor, coupled with the industrialization prospects of developing economies in the Asia-Pacific region such as China, India, Taiwan, and Indonesia, is expected to create a large number of business opportunities for major players during the forecast period.

The increasing prevalence of eye disorders is fueling the market revenue growth

The increasing prevalence of cataract surgery, especially in the elderly population, has resulted in demand for corticosteroid eye drops after cataract surgery and is expected to augment the revenue growth of the target market. The main risk factor for cataracts is aging, and other frequently associated risk factors are trauma, diabetes, uveitis, ultraviolet light exposure, and smoking. In some cases, children are born with cataracts, mainly due to genetic disorders. This is also another factor that is expected to increase the demand for eye drops in the market.

Factors that limit the revenue growth of the target market

Product recalls by manufacturers to address problems related to the product that violates government regulations, or high cost is another factor that is expected to hamper revenue growth of the target market. Product recall occurs when the product has some impurities or poses a risk to individual health, or both. This factor is expected to limit the demand to a certain extent.

Opportunities in the medical industry

Well-known companies in the target market focus on obtaining regulatory approvals from various regulatory agencies such as the US Food and Drug Administration (FDA) and the European Medicines Agency to sell their products in certain countries/regions. This is one of the major trends observed globally and is also expected to offer revenue growth opportunities for key players operating in this target market.

COVID-19 Impact Analysis

Apart from the impacts on human life, this pandemic has inflicted an invariable blow on industries worldwide. This novel virus has caused unprecedented damage to international trade and the global economy as a whole. As this deadly virus continues to wreak havoc, it has left several industries and economies in a stage of uncertainty and market volatility in its wake. It has also put a strain on investments and scheduled plans across various sectors. At the nexus of this pandemic, China’s impaired manufacturing and production operations have adversely affected global supply chains as a whole, leaving them in absolute disarray. These respective imposed shutdowns/lockdowns meant to slow the trajectory of this virus have resulted in the crashing of economic outputs, further causing financial market panic and curtailing general travel, leisure and social living than most severe wars have. During the first half of 2020, a sharp decline in economic activities caused the global economy to shrink by 3%, only to partially recover in the second half of that year. Further, with the abatement of the second wave, and increased vaccination initiatives, there are visible signs of improvement across various sectors based in numerous countries.

Market Dynamics

The global corticosteroid eye drops market is segmented based on product type, distribution channel, and regions. Among the product type segments, the topical corticosteroids segment is expected to account for a significant share in terms of revenue in the target market. The global corticosteroid eyedrops market is segmented into hospital, retail, online, and other distribution channels based on distribution channels. The hospital segment is expected to register a majority revenue share and among the distribution channel segments.  Based on region, the corticosteroid eye drops market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Among the regions, revenue from the market in North America is expected to register a significant revenue compared to markets in other regions.

Some notable developments in this target market

• As of September 2020, ClinicalTrials.gov published data, according to which the countries of BRIC can perform clinical trials at charges around half of the costs in the US. In recent years, these countries have marked an increased number of trials. Additionally, 33% of clinical trials were conducted in the US, and 50% of trials were done in non-US countries in the same year.

Competitive Landscape

The Corticosteroid Eyedrops Market landscape appears highly consolidated, with a significant chunk of it being dominated by the European and US players.

• Pfizer Inc.
• Novartis AG
• AbbVie, Inc.
• Bristol-Myers Squibb Company
• Bausch Health Companies Inc.
• Cipla Ltd.
• Glenmark Pharmaceuticals Ltd.
• Ajanta Pharma Ltd.
• Sunways Group
• Oxurion NV
• Other Key Industry Players

Report Scope

• Forecast Period: 2022-2031
• Actual Year: 2021
• Historical Data Available for: 2015-2020

Key Regions Covered

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Key Segments Covered for Global Corticosteroid Eyedrops Market

Global Corticosteroid Eyedrops Market Segmented by Product Type

• Topical Corticosteroids
• Prednisolone Acetate 1% (Most Potent)
• Dexamethasone 0.1%
• Betamethasone 0.1%
• Prednisolone Sodium Phosphate 0.5%
• Fluorometholone 0.1% (Least Potent)
• Intravitreal Corticosteroids
• Triamcinolone Acetonide
• Dexamethasone
• Fluocinolone Acetonide

Global Corticosteroid Eyedrops Market Segmented by Distribution Channel

• Hospital Pharmacy
• Retail Pharmacy
• Online Pharmacy
• Other Distribution Channels