OTC Artificial Tears Market to Reach $6.39 Bn, Globally, by 2028 at 4.94% CAGR: Allied Market Research

PORTLAND, Ore., July 6, 2021 /PRNewswire/ — Allied Market Research published a report, titled, “OTC Artificial Tears Market by Product Type (Solution, Ointment, Emulsion, Gel, Spray Solution, and Suspensions), Container Type (Plastic Single Dose Container, Plastic Multi-Dose Container, and Spray), Formulation (Preservative Based and Non-Preservative Based), Application (Dry Eye Syndrome, Allergies, Infections, UV and Blue Light Protection, Contact Lens Moisture Retention, and Others), and Distribution Channel (Hospital Pharmacies, Drug Stores, and Retail Pharmacies & Online Pharmacies): Global Opportunity Analysis and Industry Forecast, 2021––2028” According to the report, the global OTC artificial tears industry was estimated at $4.37 billion in 2020, and is anticipated to hit $6.39 billion by 2028, registering a CAGR of 4.94% from 2021 to 2028.

Download Sample Report at: https://www.alliedmarketresearch.com/request-sample/11708

Drivers, restraints, and opportunities-

Increase in prevalence of eye diseases such as dry eye syndrome and allergic conjunctivitis, rise in demand for artificial tears products, and surge in investment in R&D activities by various healthcare companies drive the growth of the global OTC artificial tears market. However, side effects such as blurred vision, redness around the eye, and skin rashes hinder the market growth. On the other hand, rise in number of eye surgeries, surge in awareness regarding management of dry eye syndrome, and initiatives by the government for the development & production of different novel OTC artificial tears present new opportunities in the coming years.

Covid-19 Scenario:

• The disrupted supply chain gave way to shortage of certain medical products for distribution. Nevertheless, relaxations applied on the medications are projected to heighten the prospects of the market.
• The availability of over the counter (OTC) products such as artificial tears further boosted the market growth. At the same time, the online pharmacies continued catering to the demand during the pandemic.

The solution segment to dominate by 2028-

By product type, the solution segment held the highest market share, generating around two-fifths of the total share in 2020, and is projected to retain its dominance during the forecast period. This is attributed due to increase in demand for eye drops, surge in manufacturing of artificial tears for the treatment of dry eye diseases, and advancement in the R&D for novel ophthalmic products. However, the gel segment is estimated to register the highest CAGR of 5.4% from 2021 to 2028. Increase in prevalence of dry eye disease and rise in technological advancement drive the growth of the segment.

Enquiry for Short-term and Long-term Impacts of COVID-19 at: https://www.alliedmarketresearch.com/purchase-enquiry/11708

The plastic multi-dose container segment to maintain the dominant share-

By container type, the plastic multi-dose container segment accounted for the major market share in 2020, holding more than two-fifths of the global OTC artificial tears market, and is expected to dominate during the forecast period. Moreover, this segment is projected to witness the largest CAGR of 5.2% from 2021 to 2028, due to rise in number of eye surgeries, and advances in R&D in ophthalmology.

North America garnered the highest share by 2020-

By region, North America contributed to the largest market share in 2019, garnering more than one-third of the total share, and is expected to maintain its dominant share in terms of revenue by 2028, owing to rise in the prevalence of dry eye syndrome, development in advanced healthcare infrastructure, increase in awareness, and presence of major market participants in the region. However, the market across Asia-Pacific is estimated to portray the highest CAGR of 6.0% throughout the forecast period, owing to increase in geriatric population, rise in number of cataract & glaucoma surgeries, and surge in environmental pollution.

Key players in the industry-

• Akorn, Inc.
• Alcon
• Bausch & Lomb
• Ocusoft
• Ursapharm Arzneimittel GmbH
• Santen Pharmaceutical Co. Ltd.
• Similasan Corporation
• AbbVie, Inc.
• Sun Pharmaceutical Industries Limited
• Johnson & Johnson

Avenue Basic Plan | Library Access | 1 Year Subscription |

Sign up for Avenue subscription to access more than 12,000+ company profiles and 2,000+ niche industry market research reports at $699 per month, per seat. For a year, the client needs to purchase minimum 2 seat plan.

Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenue/trial/starter

Get more information: https://www.alliedmarketresearch.com/library-access

We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.

Similar Reports:

Photomedicine Market – Global Opportunity Analysis and Industry Forecast, 2020–2028

Medical Electrodes Market – Global Opportunity Analysis and Industry Forecast, 2019-2028

miRNA Tools and Services Market – Global Opportunity Analysis and Industry Forecast, 2019-2028

Orthodontics Market – Global Opportunity Analysis and Industry Forecast, 2019–2028

Cell Therapy Market – Global Opportunity Analysis and Industry Forecast, 2019–2028

Immunosuppressants Market – Global Opportunity Analysis and Industry Forecast, 2019–2028

Disposable Syringes Market – Global Opportunity Analysis and Industry Forecast, 2019–2028

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): 1-800-792-5285, 1-503-894-6022, 1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com 
Web: https://www.alliedmarketresearch.com
Follow Us on LinkedIn: https://www.linkedin.com/company/allied-market-research 

View original content:https://www.prnewswire.com/news-releases/otc-artificial-tears-market-to-reach-6-39-bn-globally-by-2028-at-4-94-cagr-allied-market-research-301325871.html

SOURCE Allied Market Research