According to the latest report by IMARC Group, titled “OTC Artificial Tears Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global OTC artificial tears market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global OTC artificial tears market size reached US$ 4.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 6.4 Billion by 2028, exhibiting a growth rate (CAGR) of 5% during 2023-2028.
Over-the-counter (OTC) artificial tears are eye drops used to lubricate eyes and relieve pain, discomfort, burning, redness, photophobia, and irritation in the eyes. They are manufactured from hydroxypropyl methylcellulose (HPMC), dextran, glycerin, propylene glycol, and carboxymethylcellulose. They are commonly available in emulsion, solution, ointment, spray, and gel forms that are highly convenient to use. OTC artificial tears biocompatible and help stabilize the tear film, encourage healing, and reduce tear evaporation. As a result, OTC artificial tears find extensive applications in treating dry eyes across the globe.
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OTC Artificial Tears Market Trends and Drivers:
The global OTC artificial tears market is primarily driven by the rising geriatric population that is more prone to developing chronic eye-related disorders. Moreover, the escalating demand for OTC artificial tears due to the increasing prevalence of dry eye syndrome (DES), diabetes, and nutritional deficiencies to provide immediate relief from discomfort in the eyes is positively influencing the market growth.
Besides this, numerous product innovations, such as the launch of variants fortified with a blink-activated coating that provides ocular hydration for patients with an evaporative dry eye condition, are other major growth-inducing factors. Additionally, the surging product usage with contact lenses to prevent dryness on the surface of the eyes and facilitate the flow of oxygen to the cornea has catalyzed market growth.
Furthermore, the rising utilization of electronics, such as televisions (TVs), smartphones, and laptops, leading to increasing screen time and eye fatigue, is contributing to the market growth. Other factors, including the growing health consciousness among the masses, high investments in research and development (R&D) activities, and rising pollution levels, are also anticipated to drive the market further.
Global OTC Artificial Tears Market 2023-2028 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
OTC Artificial Tears Companies:
AbbVie Inc., Akorn Inc., Alcon, Bausch Health Companies Inc., Johnson & Johnson, Nicox S.A., OASIS Medical, OCuSOFT Inc., Santen Pharmaceutical Co. Ltd., Similasan Corporation, Sun Pharmaceutical Industries Ltd. and URSAPHARM Arzneimittel GmbH.
The report has segmented the market on the basis of region, product, container type, formulation, application and distribution channel.
Breakup by Product:
- Spray Solution
Breakup by Container Type:
- Plastic Single Dose Container
- Plastic Multi-Dose Container
Market Breakup by Formulation:
- Preservative Based
- Non-Preservative Based
Breakup by Application:
- Dry Eye Syndrome
- UV and Blue Light Protection
- Contact Lens Moisture Retention
Breakup by Distribution Channel:
- Hospital Pharmacies
- Drug Store and Retail Pharmacies
- Online Pharmacies
Market Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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