OTC Artificial Tears Market Size is projected to reach USD 6.79 Billion by 2030, growing at a CAGR of 5.10%: Straits Research
The global OTC artificial tears market had a revenue share of USD 4,565 million in 2021, expected to advance to USD 6,797 million growing at a CAGR of 5.10% during the forecast period. North America is most likely to hold the largest market share during the forecast period growing at a CAGR of 4.57%.
New York, United States, Aug. 18, 2022 (GLOBE NEWSWIRE) -- The application of artificial tears protects and hydrates mucous membranes and alleviates dryness and irritation of the eyes. Artificial Tears is a specially formulated ocular lubricant. These eye drops can treat dry eyes brought on by aging, specific medications, a medical condition, eye surgery, or environmental factors such as wind and smog. Artificial tears alleviate the discomfort, irritation, and burning caused by dry eyes. Over-the-counter (OTC) artificial tears are sold directly to consumers without a prescription. In addition to lubricating the eyes, some artificial tears promote eye healing, while others reduce tear evaporation. Artificial tears may also contain thickening agents that prolong the solution's contact with the eye's surface.
The global market for over-the-counter (OTC) artificial tears is primarily driven by an increase in the geriatric population, an alarming rise in the prevalence of dry eye syndrome (DES), and an increase in eye surgeries, which increases the demand for artificial tear drops for post-surgery management. In addition, changes in lifestyle habits, such as prolonged exposure to digital displays and an increase in smartphone addiction, cause dry eye syndrome, which increases the demand for artificial tears and drives the market growth. In addition, as the number of eye surgeries increases, so does the requirement for artificial tear drops for post-operative care.
Get a Free Sample Copy of This Report @ https://straitsresearch.com/report/otc-artificial-tears-market/request-sample
Growing Prevalence of DES and Allergic Conjunctivitis and Growth in Geriatric Population to Drive the Global OTC Artificial Tears Market
The availability of various dosage forms of over-the-counter artificial tears for the prevention, diagnosis, and treatment of dry eye syndrome is one of the key factors driving the market growth. In 2019, the American Academy of Ophthalmology (AAO) reported that dry eye syndrome affected approximately 3.2 million women and 1.68 million men. Dry eye syndrome can result in infection, blurred vision, and sensitivity if left untreated for an extended period. In addition, it is estimated that the incidence rate of distance vision impairment is four times higher in low- and middle-income countries than in high-income countries.
Eye drops, solutions, gels, suspension, and ointments are among the many formulations of artificial tears available over-the-counter for treating dry eye syndrome. Patients' medications are distributed by the distribution channel, including hospitals, online pharmacies, and drug stores. Furthermore, allergic conjunctivitis is one of the most common causes of eye inflammation. 40% of the global population was diagnosed with allergic conjunctivitis in 2021, according to StartPearls. Due to the rapid spread of allergic conjunctivitis and dry eye syndrome, the market for over-the-counter artificial tears is expanding.
The aging global population drives the expansion of the global market for OTC artificial tears. The elderly have the highest prevalence of eye diseases such as dry eye, glaucoma, age-related macular degeneration, cataract, and presbyopia. According to data published by the United Nations, there were approximately 703 million individuals aged 65 and older in 2019. Globally, the proportion of the over-65 geriatric population increased from 6% in 1990 to 9% in 2019. Between 5% and 30% of the elderly suffer from dry eyes. An increase in the elderly population drives the expansion of the market for over-the-counter artificial tears.
Report Scope
Report Metric | Details |
Market Size | USD 6.79 Billion by 2030 |
CAGR | 5.10% (2022-2030) |
Historical Data | 2019-2020 |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Product Type, Container Type, Formulation, Application, Distribution Channel, Region |
Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
Key Companies Profiled/Vendors | AbbVie, Inc., Akorn, Inc., Alcon, Bausch & Lomb, Johnson & Johnson, Ocusoft, Santen Pharmaceutical Co. Ltd, Similasan Corporation, Sun Pharmaceutical Industries Limited , Ursapharm Arzneimittel GmbH |
Key Market Opportunities | Growing Research and Development by Major Players |
Key Market Drivers | Growing Prevalence of DES and Allergic Conjunctivitis |
Buy Now Full Report @ https://straitsresearch.com/buy-now/otc-artificial-tears-market
Regional Insights
North America is most likely to hold the largest market share during the forecast period growing at a CAGR of 4.57%. Due to the increasing prevalence of geriatrics, the expansion of health care infrastructure, the introduction of sophisticated products, and the presence of market leaders, North America will continue to dominate the market in terms of revenue during the forecast period. The increasing prevalence of dry eye syndrome and advances in ophthalmology R&D are expected to fuel market expansion.
In addition, it is anticipated that the increase in the number of eye surgeries will contribute to the region's dominance during the study period. For instance, the Centers for Disease Control and Prevention (CDC) reported that over 4,2 million Americans aged 40 and older had legal blindness or low vision. In the United States, cataracts and glaucoma are the leading causes of blindness.
Europe will have the second-largest market share of USD 2,008 million, growing at a CAGR of 5.25% by 2030. The rise in the number of cataract surgeries, the presence of key market players, technological advancements in the healthcare industry, and the adoption of contact lenses are viewed as the primary growth drivers of the market. Europe's increasing technological advancement in ophthalmology is the primary market driver. Due to the rapid adoption of artificial tears in Europe, the over-the-counter market for artificial tears is expanding rapidly. As cataract surgery becomes more prevalent in Europe, demand for over-the-counter (OTC) artificial tears to alleviate itching, irritation, redness, and burning sensations increases.
Asia-Pacific will grow at the highest CAGR during the forecast period. Due to a rise in the elderly population, the number of cataract and glaucoma surgeries, and environmental pollution, the Asia-Pacific market is anticipated to experience substantial growth during the forecast period. Many patients in China and India suffer from dry eye, making them highly attractive investment markets. Additionally, the increase in the number of patients diagnosed with dry eye syndrome and the rise in awareness programs for the prevention and management of the ocular disease is anticipated to provide growth opportunities for the manufacturer of novel artificial tear products and boost the expansion of the global market for over-the-counter artificial tears.
Increment in the geriatric population, increase in cataract and glaucoma surgeries and advances in R&D drive market growth. Environmental pollution is one of the leading causes of ocular disease, which in turn causes irritation and dry eye syndrome. In addition, China's pollution index of 81.12 indicates an increase in environmental pollution. Those who reside in areas with a high risk of air pollution are more likely to suffer from dry eye disease.
Key Highlights
The global OTC artificial tears market size had a revenue share of USD 4,565 million in 2021, expected to advance to USD 6,797 million growing at a CAGR of 5.10% during the forecast period.
Based on product type, the solution type will have the largest share in the OTC artificial tears market, growing at a CAGR of 5.13% during the forecast period.
Based on container type, the Plastic Multi-Dose Container is anticipated to have the largest share during the forecast period advancing a CAGR of 5.35%.
Based on formulation, preservative based will have the largest market share growing at the highest CAGR of 5.21% during the forecast period.
Based on the application, the dry eye syndrome will hold the largest market share during the forecast period, advancing a CAGR of 4.63%.
Based on the distribution channel, the drug stores & retail pharmacies are expected to hold the largest market share during the forecast period growing at a CAGR of 4.87%.
Based on regional analysis, North America is most likely to hold the largest market share during the forecast period growing at a CAGR of 4.57%.
Get a Free Sample Copy of This Report @ https://straitsresearch.com/report/otc-artificial-tears-market/request-sample
Competitive Players in the Market
AbbVie, Inc.
Akorn, Inc.
Alcon
Bausch & Lomb
Johnson & Johnson
Ocusoft
Santen Pharmaceutical Co. Ltd
Similasan Corporation
Sun Pharmaceutical Industries Limited
Ursapharm Arzneimittel GmbH
Global OTC Artificial Tears Market: Segmentation
By Product Type
Solution
Ointment
Emulsion
Gel
Spray Solution
Suspensions
By Container Type
Plastic Single-Dose Container
Plastic multi-dose containers
Preservative-Free System
Preserved System
Spray
Preservative-Free System
Preserved System
By Formulation
Preservative Based
Non-Preservative Based
By Application
Dry Eye Syndrome
Allergies
Infections
UV & Blue Light Protection
Contact Lens Moisture Retention
Others
By Distribution Channel
Hospital Pharmacies
Drug Store & Retail Pharmacies
Online Pharmacies
By Region
North America
Europe
Asia-Pacific
Middle-East
North Africa
TABLE OF CONTENT
Introduction
Market Definition
Market Scope
Research Methodology
Primary Research
Research Methodology
Assumptions & Exclusions
Secondary Data Sources
Market Overview
Report Segmentation & Scope
Value Chain Analysis: OTC Artificial Tears Market
Key Market Trends
Drivers
Restraints
Opportunities
Porter’s Five Forces Analysis
Bargaining Power of Suppliers
Bargaining Power of Buyers
Threat of Substitution
Threat of New Entrants
Competitive Rivalry
Market Share Analysis
Product Type Overview
Introduction
Market Size & Forecast
Solution
Market Size & Forecast
Ointment
Market Size & Forecast
Container Type Overview
Introduction
Market Size & Forecast
Plastic Single-Dose Container
Market Size & Forecast
Spray
Market Size & Forecast
Regional Overview
Introduction
Market Size & Forecast
America
North America
U.S.
By Product Type
By Container Type
Canada
By Product Type
By Container Type
Mexico
By Product Type
By Container Type
Latin America
By Product Type
By Container Type
Europe
Market Size & Forecast
Germany
By Product Type
By Container Type
France
By Product Type
By Container Type
U.K.
By Product Type
By Container Type
Italy
By Product Type
By Container Type
Spain
By Product Type
By Container Type
Rest of Europe
By Product Type
By Container Type
Asia Pacific
Market Size & Forecast
Japan
By Product Type
By Container Type
China
By Product Type
By Container Type
Australia
By Product Type
By Container Type
India
By Product Type
By Container Type
South Korea
By Product Type
By Container Type
Rest of Asia-Pacific
By Product Type
By Container Type
Middle East & Africa
Market Size & Forecast
Saudi Arabia
By Product Type
By Container Type
South Africa
By Product Type
By Container Type
Kuwait
By Product Type
By Container Type
Rest of Middle East & Africa
By Product Type
By Container Type
Company Profile
AbbVie Inc
Company Overview
Financial Performance
Recent Developments
Product Portfolio
Akorn Inc
Company Overview
Financial Performance
Recent Developments
Product Portfolio
Alcon
Company Overview
Financial Performance
Recent Developments
Product Portfolio
Conclusion & Recommendation
Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/otc-artificial-tears-market/toc
Market News
In 2022, Akorn, Inc. announced the completion of its sale of seven branded ophthalmic products to Théa Pharma.
In 2022, Bausch & Lomb announced the launch of Reviveä Custom Soft Contact lenses.
News Media
Have a Look at the Related Research Report
Artificial Tears Market: Information by Type (Cellulose Derived Tears, Glycerin Derived Tears), Delivery Method (Eye Drops, Ointments) and Applications (Dry Eyes Treatment) —Forecast Till 2026
Contact Lenses Market: Information by Usage (Daily Wear), Design (Multifocal), Material (Gas Permeable), Application (Corrective) Distribution Channel, and Region — Forecast till 2029
Eye Health Supplements Market: Information by Supplement Category (Antioxidants), Therapeutic Domain (Age-Related Macular Degeneration), Product Type, and Region — Forecast till 2029
Global Eyewear Market: Information by Product Type (Spectacles, Sunglasses, and Contact lenses), Distribution Channel (Online Store and Retail Store), and Regions-Forecast Till 2030
Diabetic Retinopathy Market: Information By Type (Proliferative DR and Diabetic Macular Edema), Treatment Type (Anti VEGF Drug, Steroid Implants) and Regional Outlook—Forecast Till 2026
About Straits Research Pvt. Ltd.
StraitsResearch is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.
Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.
For more information on your target market, please contact us below:
Phone: +1 646 480 7505 (the U.S.)
+91 8087085354 (APAC)
+44 208 068 9665 (the U.K.)
Email: sales@straitsresearch.com
Follow Us: LinkedIn | Facebook | Instagram | Twitter