The latest report by IMARC Group, titled “OTC Artificial Tears Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global OTC artificial tears market size reached a value of US$ 4.62 Billion in 2021. Over-the-counter (OTC) artificial tears are lubricant eye drops used to treat dryness and irritation of conjunctiva, cornea, or the entire eye surface, caused by the deficiency of tears production. They aid in initiating natural tears and treating eye disorders like allergy, infection, pain, discomfort, redness, photophobia, and irritation. OTC artificial tears protect the eyes from UV rays and blue light and are also used for moisturizing contact lenses. The artificial tears are manufactured from dextran, glycerin, propylene, glycol, hydroxypropyl methylcellulose (HPMC) and carboxymethylcellulose. Nowadays, OTC artificial tears are gaining popularity among consumers as they are generally available in ointment, spray, emulsion, solution, and gel forms, which are highly convenient to use.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global OTC Artificial Tears Market Trends:
The market is primarily driven by the rising prevalence of dry eye syndrome (DES), diabetes, and nutritional deficiencies among individuals. In addition, the increasing geriatric population prone to chronic eye-related disorders is fueling the market growth. Besides this, the growing penetration of electronic devices, such as smartphones, tablets, televisions, and personal computers, is increasing screen time, which is leading to eye fatigue among people. This, along with the increasing adoption of contact lenses to facilitate the flow of oxygen to the cornea and prevent dryness on the surface of the eyes, is propelling the demand for OTC artificial tears. Furthermore, manufacturers are extensively investing in research and development (R&D) activities and introducing novel approaches for improving OTC artificial tears, including small molecule, biologic, and recombinant technologies, thus creating a positive outlook for the market. Looking forward, the market value is expected to reach US$ 6.41 Billion by 2027, exhibiting a CAGR of 5.20% during the forecast period (2022-2027).
- Based on the product, the market has been segmented into solution, ointment, emulsion, gel, spray solution, and suspensions.
- On the basis of the container type, the market has been classified into plastic single dose container, plastic multi-dose container, and others.
- The market has been bifurcated based on the formulation into preservative and non-preservative based formulations.
- On the basis of the application, the market has been segregated into dry eye syndrome, allergies, infections, UV and blue light protection, contact lens moisture retention and others.
- Based on the distribution channel, the market has been categorized into hospital pharmacies, drug store and retail pharmacies, and online pharmacies.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being AbbVie Inc., Akorn Inc., Alcon, Bausch Health Companies Inc., Johnson & Johnson, Nicox S.A., OASIS Medical, OCuSOFT Inc., Santen Pharmaceutical Corporation Limited, Similasan Corporation, Sun Pharmaceutical Industries Limited, and URSAPHARM Arzneimittel GmbH.
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