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Ophthalmic Eye Dropper Market Key Drivers, Size, Trends, Growth, Outlook 2024-2033
Ophthalmic Eye Dropper Market Key Drivers
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According to The Business Research Company's, The ophthalmic eye dropper market size has grown strongly in recent years. It will grow from $12.38 billion in 2023 to $13.32 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to enhanced patient convenience, favorable regulatory environment, adoption of combination therapies, shift towards combination therapies, and preference for self-administered eye care products.
The ophthalmic eye dropper market size is expected to see strong growth in the next few years. It will grow to $17.97 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to the rising prevalence of eye-related conditions, public health initiatives, increasing use of precision and individualized medicines, consumer education initiatives, and research and development. Major trends in the forecast period include nanoparticle-based drug formulations, advanced drug delivery systems, emphasis on innovative drug delivery, collaborative efforts for innovative solutions, and a surge in demand for multi-dose eye droppers.
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Market Drivers and Trends:
The increasing prevalence of ischemic heart disease is expected to propel the growth of the lipid regulator market going forward. Ischemic heart disease (IHD), commonly known as coronary artery disease (CAD), is a disorder in which the coronary arteries restrict or become blocked, resulting in reduced blood flow to the heart muscle. Ischemic heart disease (IHD) is increasing due to factors such as unhealthy diets, smoking, obesity, hypertension, and diabetes. Lipid regulators help in ischemic heart disease by lowering LDL cholesterol, raising HDL cholesterol, stabilizing arterial plaques, reducing inflammation, and improving endothelial function, thereby reducing the risk and severity of ischemic events. For instance, in December 2023, according to the Australian Institute of Health and Welfare (AIHW), an Australia-based government agency for public health and welfare, between 2020 and 2021, there were 160,000 hospitalizations due to ischemic heart disease (IHD). In 2021, ischemic heart disease (IHD) caused 17,300 deaths. Therefore, the increasing prevalence of ischemic heart disease (IHD) is driving the growth of the lipid regulator market.
Major companies operating in the ophthalmic eye dropper market are focusing on developing innovative solutions, such as antimicrobial ophthalmic droppers, to enhance product safety and efficiency. Antimicrobial ophthalmic droppers refer to eye droppers designed with antimicrobial technology to ensure sterile, hygienic applications for eye treatments. For instance, in March 2022, Pylote, a France-based industrial mineral chemistry specialist, and Berry Global Group Inc., a US-based packaging company, introduced an antimicrobial ophthalmic dropper, aiming to develop the first multidose dropper with antimicrobial protection. This dropper integrates Pylote's patented mineral antimicrobial technology with Berry Global's sustainable healthcare packaging expertise. It features antimicrobial technology at the tip to ensure hygienic use with every application and also reduces plastic waste compared to traditional monodose solutions while remaining compatible with existing treatments and packaging processes.
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Major Key Players of the Market:
Pfizer Inc., AbbVie Inc., Novartis AG, Alcon Inc., Bausch & Lomb Incorporated, Rexam Healthcare Packaging Inc., Intas Pharmaceuticals Ltd., AptarGroup Inc, Cipla Ltd, Gerresheimer AG, Lupin Ltd., Santen Pharmaceutical Co Ltd., Rohto Pharmaceutical Co Ltd., Silgan Dispensing Systems, Akorn Operating Company LLC, Nemera Development S.A., Ajanta Pharma Ltd., Perrigo Company plc, Bora Pharmaceuticals Co Ltd., Sun Pharmaceutical Industries Limited, Flagship Biotech International Private Limited, PanOptica Inc., SAS Yslab
Ophthalmic Eye Dropper Market 2024 Key Insights:
• The ophthalmic eye dropper market size is expected to see strong growth in the next few years. It will grow to $17.97 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.
• Increasing Prevalence Of Eye Disorders Is Driving The Growth Of The Ophthalmic Eye Dropper Market
• Innovative Antimicrobial Ophthalmic Droppers Enhance Safety And Sustainability In Eye Care
• North America was the largest region in the ophthalmic eye dropper market in 2023
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