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.

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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.

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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

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