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2021
Otc Artificial Tears Market

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
Update Available On-Demand

Report Code: A11343
Pages: 376
May 2021 | 2336 Views
Author(s) : Vishal B, Linu D , Onkar S
Tables: 273
Charts: 61
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COVID-19

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OTC artificial tears market generated $4,379 million in 2020, and is projected to reach $6,399.43 million by 2028, growing at a CAGR of 4.94% from 2021 to 2028. Artificial tears also known as ocular lubricants are lubricating eye drops, which are formulated to provide relief from irritation, burning, discomfort, and dryness of the ocular surface. It maintains moisture at the outer surface of the eyes. Over-the-counter (OTC) artificial tears are the eye drops which are available without prescription. 

The COVID-19 outbreak is anticipated to have a moderate impact on the growth of the global OTC artificial tears market. The implementation of lockdown by governments has to lead to the disruption of the supply chain. However, the facility for non-essential medical products will improve the prospects of the market during the pandemic. The ease on over the counter (OTC) products such as artificial tears can further aid the speedy expansion of the market. The demand for teardrops in online pharmacies will subsequently propel the growth of the market

The growth of the global OTC artificial tears market is majorly driven by increase in geriatric population; rise in prevalence of eye diseases such as dry eye syndrome and allergic conjunctivitis; surge in demand for artificial tears products; and increase in investment in R&D activities by various healthcare companies. In addition, increase in number of eye surgeries, rise in awareness about management of dry eye syndrome, and initiatives taken by the government for the development & production of different novel OTC artificial tears propel the growth of the market. However, side effects associated with the OTC artificial tears such as blurred vision, redness around the eye, and skin rashes, are expected to restrict the OTC artificial tears market growth during the forecast period.

OTC-Artificial-Tears-Market,2021-2028

Otc Artificial Tears Market Segmentation

The OTC artificial tears market is segmented into the product type, container type, formulation, application, distribution channel, and region. By product type, the market is divided into solution, ointment, emulsion, gel, spray solution, and suspensions. On the basis of container type, the market is fragmented into plastic single dose container, plastic multi-dose container, and spray. Further, plastic multi-dose container is bifurcated into preservative free system and preserved system.  On the basis of spray, the market is divided into preservative free system and preserved system. By formulation, the market is differentiated into preservative based and non-preservative based. By application, the market is divided into dry eye syndrome, allergies, infections, UV and Blue light protection, contact lens moisture retention and others. On the basis of distribution channel, the market is fragmented into hospital pharmacies, drug stores and retail pharmacies and online pharmacies. Region wise, the OTC artificial tears market is analyzed across North America, Europe, Asia-Pacific, Middle East, North Africa and Rest of World.

OTC Artificial Tears Market
By Product Type

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Solution segment held a dominant position in 2020 and would continue to maintain the lead over the forecast period.

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Segment review

Depending on the product type, the solution segment dominated the global OTC artificial tears market in 2020, and is anticipated to remain dominant during the forecast period, 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 product. However, the gel segment is expected to witness considerable growth during the forecast period due to increase in demand for eye gel and rise in number of key players for manufacturing combinational semisolid ophthalmic drug. 

On the basis of distribution channel, the Drug Store & Retail Pharmacies segment exhibited the highest growth rate in 2020, and is anticipated to lead in the near future due to rise in prevalence of dry eye syndrome diseases, increase in number of geriatric population, and development in technology in the healthcare sector. However, the online pharmacies segment is expected to witness considerable growth during the forecast period, due to gradual increase in the process of digitalization, sales of drugs at low cost, as well as increase in awareness about eye health support. 

OTC Artificial Tears Market
By Distribution Channel

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Drug Stores & Retail Pharmacies held a dominant position in 2020 and would continue to maintain the lead over the forecast period.

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North America accounted for a major share in the OTC artificial tears market in 2020, and is expected to maintain its dominance during the forecast period, owing to rise in prevalence of dry eye diseases, presence of advanced healthcare infrastructure, as well as surge in the demand for OTC artificial tears. Furthermore, rise in awareness about the prevention and treatment of dry eye disease, and increase in demand for advanced healthcare facilities contribute toward the growth of the market. Moreover, upsurge in R&D activities in the healthcare sector to develop novel products and presence of major players operating in the region fuel the growth of the market. However, Asia-Pacific is expected to register the highest CAGR of 6.0% from 2021 to 2028, due to rise in prevalence of eye disease such as allergic conjunctivitis, dry eye syndrome, increase in number of eye surgeries for cataract and glaucoma, and rise in awareness about management of dry eye. 

The key players operating in the global market include AbbVie, Inc., Akorn, Inc., Alcon, Bausch & Lomb, Johnson & Johnson, Ocusoft, Santen Pharmaceutical Co. Ltd., Similasan Corporation, Sun Pharmaceutical Industries Limited and Ursapharm Arzneimittel GmbH.

OTC Artificial Tears Market
By Region

2028
North America 
Europe
Asia-pacific
Middle-east
North-africa And Rest Of World

North America was holding a dominant position in 2020 and would continue to maintain the lead over the analysis period.

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Key Benefits For Stakeholders

  • The study provides an in-depth analysis of the OTC artificial tears market, and the current trends and future estimations to elucidate the imminent investment pockets
  • It presents a quantitative analysis of the market from 2021 to 2028 to enable stakeholders to capitalize on the prevailing market opportunities
  • Extensive analysis of the market based on procedures and services assists to understand the trends in the industry
  • Key players and their strategies are thoroughly analyzed to understand the competitive outlook of the OTC artificial tears market

Key Market Segments

By Product

  • 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
    • U.S.
    • Rest of North America
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Poland
    • Rest of Europe
  • Asia-Pacific
    • Japan
    • China
    • India
    • Malaysia
    • Thailand
    • Philippines
    • Rest of Asia-Pacific
  • Middle East
    • UAE
    • Saudi Arabia
    • Palestine
    • Jordan
    • Bahrain
    • Qatar
    • Azerbaijan
    • Georgia
    • Iraq
    • Pakistan
    • Kuwait
    • Israel
    • Kazakhstan
    • Rest of Middle East
  • North Africa
    • Morocco
    • Algeria
    • Tunisia
    • Libya
    • Egypt
    • Rest of North Africa
  • Rest of World

Key Market Players 

  • AbbVie, Inc.
  • Akorn, Inc.
  • Alcon
  • Bausch and Lamb
  • Johnson and Johnson
  • OcuSoft
  • Santen Pharmaceutical Co. Ltd
  • Similasan Corporation 
  • Sun Pharmaceutical Industries Limited
  • Ursapharm Arzneimittel GmbH
 

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According to analyst perspective, the growth of the OTC artificial tears market is attributed to factors such as technological advancements in R&D for ophthalmology; rise in prevalence of dry eye diseases; increase in geriatric population; and surge in awareness among consumers regarding eye health. OTC artificial tears experience an increase in demand due to rise in eye surgeries such as cataract surgeries and glaucoma surgeries. The OTC artificial tears market has gained high traction in the healthcare industry over years, as these drugs are intended for the treatment of dry eye syndrome and post-operative management.

Further, North America is expected to witness highest growth in terms of revenue, due to the prevalence of dry eye syndrome, increase in awareness about prevention, adoption of sophisticated products, advancement in healthcare sector, and rise in the geriatric population. 

In addition, the risk of contamination and adverse reactions associated with OTC artificial tears such as blurred vision, eye pain, skin rash, and redness around the eye are anticipated to restrain the market growth during the forecast period.

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FREQUENTLY ASKED QUESTIONS?

A. The total market value of OTC artificial tears Market is $4379 million in 2020

A. The forecast period in the report is 2021 to 2028

A. The market value of OTC artificial tears market in 2028 is $6399.43 Million

A. The base year is 2020 in OTC artificial tears Market .

A. Yes, OTC artificial tears companies are profiled in the report

A. The top companies that are covered in OTC artificial tears Market are AbbVie, Inc., Akorn, Inc., Alcon, Bausch & Lomb, Johnson & Johnson, Ocusoft, Santen Pharmaceutical Co. Ltd, Similasan Corporation, Sun Pharmaceutical Industries Limited and Ursapharm Arzneimittel GmbH.

A. No, there is no value chain analysis provided in the OTC artificial tears Market report

A. The key trends in the OTC artificial tears Market are increase in prevelence of dry eye syndrome, rise in the number of eye surgeries and advancement in research and development in optometry.

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