Global OTC artificial tear market will reach approximately US$ 6.25 billion by 2030, as predicts through Renub Research. The initial treatment for dry eye syndrome and contact with lens discomfort commonly makes use of over-the-counter (OTC) artificial tears. However, there’s a need for extra more on the effectiveness of numerous commercially available artificial tear products. The growth of the worldwide OTC artificial tears market is pushed through factors together with the growing older population, increased incidence of eye illnesses, growing demand for artificial tears, and healthcare businesses’ investments in studies and development. Factors like rising eye surgical procedures, focus approximately dry eye management, and government initiatives for novel synthetic tear manufacturing also make contributions to market increase. However, aspect consequences together with blurred vision, eye redness, and skin rashes may additionally avoid market boom in the forecast length.
The market for over-the-counter artificial tears reached US $4.48 billion in 2023 and is anticipated to grow at a compound annual growth rate of 4.87% from 2024 to 2030. Dry eye syndrome is a common circumstance affecting an expected 344 million human beings worldwide, making artificial tears vital for alleviating its symptoms. The CDC data that children spending a whole lot of time on displays can result in dry eyes, as a result growing the want for lubricating eye drops or synthetic tears. Several companies are growing new products to cater to the growing demand for, including Johnson & Johnson Vision Care, which initiated a section II clinical trial to evaluate the efficacy of preservative-unfastened lubricating eye drops.
Solutions are a vital product type in the global OTC artificial tears market.
The solution segment led the global OTC artificial tears market and is projected to dominate throughout the forecast period. This is attributed to growing demand for eye drops, increased production of artificial tears for treating dry eye diseases, and advancements in R&D for innovative ophthalmic products. However, the gel segment is expected to experience significant growth during the upcoming years due to rising demand for eye gel and an increase in crucial players manufacturing combination semi-solid ophthalmic drugs.
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Dry eye syndrome is set for substantial growth in the OTC artificial tears market.
Dry eye syndrome is primed for significant OTC artificial tears market growth. The global rise in the elderly population drives market growth, as aging leads to reduced tear production, causing dryness. Additionally, increased contact lens usage globally contributes to eye dryness, promoting the adoption of eye health products. Extensive R&D efforts are enhancing treatment options, with promising products like CyclASol, SURF-200, SURF-100, OCS-02, and Pro-ocular in the pipeline. NOV03, meeting clinical endpoints in September 2021, is slated for launch by 2023, further expanding treatment options.
Drugstores and supermarkets have the potential to emerge as leading segments in the global OTC artificial tears market.
The Drug Store & Retail Pharmacies segment is set for significant growth, driven by factors like the rising prevalence of dry eye syndrome and the expanding senior population, alongside healthcare technology advancements. Conversely, online pharmacies are expected to grow substantially due to digitization, cost-effective drug sales, and increased awareness of eye health. Accessibility and convenience play vital roles in segment growth, with retail pharmacies offering easy access to OTC products like dry eye drops and a wide range of healthcare items. For example, the American Academy of Ophthalmology reports that among individuals aged 50 and older, 1.68 million men and 3.2 million women suffer from dry eye. Still, only 10% opt for prescription therapies, while 75% have never tried them.
United States will hold most of the OTC artificial tears market.
The United States has a thriving over-the-counter artificial tears market due to a large consumer base, advanced healthcare infrastructure, heightened awareness about health products, and a growing aging population prone to dry eye. According to the 2022 National Health and Wellness Survey, approximately 6.8% of U.S. adults have been diagnosed with dry eye disorder (DED), presenting a significant market opportunity. Manufacturers are responding by swiftly developing and promoting their products. Bausch + Lomb acquired Blink OTC eye drops from Johnson & Johnson Vision for USD 106.5 million in July 2023, aiming to expand its OTC product portfolio in the eye care market.
Key Player
AbbVie Inc., Akorn Inc., Alcon, Bausch Health Companies Inc., Johnson & Johnson, Nicox S.A., Novartis AG, Santen Pharmaceutical Co. Ltd., and Sun Pharmaceutical Industries Ltd. stand as prominent players in the global OTC artificial tears market.
In January 2022, Alcon introduced Systane Complete Preservative-Free Lubricant Eye Drops in Europe, expanding its dry eye product line with a user-friendly multi-dose bottle. Systane is a leading global brand of artificial tears. In February 2021, Abbvie expanded its product range with REFRESH DIGITAL lubricant Eye Drops in North Chicago, aiming to alleviate dryness and irritation from regular screen usage.
Product Types – Global OTC Artificial Tears Market breakup in 6 viewpoints:
1. Solution
2. Ointment
3. Emulsion
4. Gel
5. Spray Solution
6. Suspensions
Application – Global OTC Artificial Tears Market breakup in 6 viewpoints:
1. Dry Eye Syndrome
2. Allergies
3. Infections
4. UV and Blue Light Protection
5. Contact Lens Moisture Retention
6. Others
Distribution Channel – Global OTC Artificial Tears Market breakup in 4 viewpoints:
1. Drugstores & Supermarkets
2. Online Pharmacies
3. Retail Pharmacies
4. Others
Country – Global OTC Artificial Tears Market of 25 Countries:
1. North America
1.1 United States
1.2 Canada
2. Europe
2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherlands
2.8 Turkey
3. Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand
4. Latin America
4.1 Brazil
4.2 Mexico
4.3 Argentina
5. Middle East & Africa
5.1 Saudi Arabia
5.2 UAE
5.3 South Africa
All the Key players have been covered from 3 Viewpoints:
• Overview
• Recent Development
• Revenue Analysis
Company Analysis:
1. AbbVie Inc.
2. Akorn Inc.
3. Alcon
4. Bausch Health Companies Inc.
5. Johnson & Johnson
6. Nicox S.A.
7. Novartis AG
8. Santen Pharmaceutical Co. Ltd.
9. Sun Pharmaceutical Industries Ltd.
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