The biggest share of the global eye allergy treatment market, 40.4%, was held by the Americas in 2017, amounting to a value of USD 694.09 million. It's expected that this market will keep growing at a rate of 4.74% annually. Europe comes next in line, being the second-largest market with a value of USD 510.23 million in 2017 and an anticipated growth rate of 5.62%. Interestingly, Asia-Pacific is projected to show the most rapid growth with a CAGR of 5.86%.
Breaking it down by regions, the global eye allergy treatment market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East and Africa. The Americas are at the forefront, holding the largest share at 40.4% and a value of USD 694.09 million in 2017. Predictions indicate a CAGR of 4.74% by the end of the forecast period. This growth can be attributed to a rising number of elderly people and an increase in eye-related disorders, leading to a higher demand for diagnosis and treatments. For example, the National Eye Institute reported around 3 million cases of conjunctivitis in the US in 2015, emphasizing the significant prevalence of eye allergies in the region.
Adding to this, data from the US Census Bureau in 2016 showed that over 49.2 million US residents were aged 65 and above, constituting more than 15.2% of the total population. This substantial elderly population in the US is expected to be a driving force behind the market. Moreover, the Americas are witnessing notable technological advancements. This, coupled with the increasing number of patients and a rise in the per capita income of citizens, is anticipated to boost the market for eye allergy treatments.
In essence, the Americas are dominating the global market for eye allergy treatments due to a combination of factors. The aging population and a surge in eye-related issues are creating a heightened demand for effective treatments. Concurrently, advancements in technology are providing innovative solutions, and the economic prosperity of citizens is contributing to increased accessibility to these treatments. This collective scenario positions the Americas as a key player in the growth of the global eye allergy treatment market.