IMARC Group, a leading market research company, has recently releases report titled “OTC Artificial Tears Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032.” The study provides a detailed analysis of the industry, including the global OTC artificial tears market growth, share, size, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of OTC Artificial Tears
Over the counter (OTC) artificial tears are non-prescription eye drops or ophthalmic solutions that are formulated to provide relief from various eye discomforts while maintaining eye health. They work by mimicking the natural tear film and ensure the eyes remain comfortable and well-lubricated. They are available as preservative-free options for individuals with sensitivities and have additional ingredients like lubricants or electrolytes to enhance their effectiveness. They can improve visual clarity by ensuring a stable tear film on the surface of the eye and benefit in lowering blurry vision caused by dryness or uneven tear distribution. Besides this, they aid in enhancing overall eye comfort by soothing and hydrating the ocular surface. As they assist in addressing issues, such as dry eye syndrome, digital eye strain, exposure to harsh environmental conditions, and contact lens-related dryness, the demand for OTC artificial tears is increasing across the globe.
How Big Is the OTC Artificial Tears Market?
The global OTC artificial tears market size reached US$ 5.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 7.8 Billion by 2032, exhibiting a growth rate (CAGR) of 4.58% during 2024-2032.
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What are the growth prospects and trends in the OTC artificial tears industry?
At present, the rising adoption of OTC artificial tears among the geriatric population, as they are more prone to dry eye syndrome and other age-related eye conditions, represents one of the key factors strengthening the growth of the market. In line with this, the increasing utilization of OTC artificial tears due to environmental factors like dry and windy climates, pollution, and indoor heating or air conditioning is propelling the market growth.
Moreover, the growing demand for cost-effective, reliable, and safe eye solutions among individuals is offering a favorable market outlook. In addition, the rising awareness about the importance of eye health is bolstering the market growth. Apart from this, the increasing employment of OTC artificial tears among people who wear contact lenses, as they often experience dryness and discomfort due to reduced tear production, is supporting the market growth.
Furthermore, the rising prevalence of digital eye strain on account of the growing utilization of smartphones, computers, and tablets among the masses is positively influencing the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product:
- Solution
- Ointment
- Emulsion
- Gel
- Spray Solution
- Suspensions
Breakup by Container Type:
- Plastic Single Dose Container
- Plastic Multi-Dose Container
- Others
Breakup by Formulation:
- Preservative Based
- Non-Preservative Based
Breakup by Application:
- Dry Eye Syndrome
- Allergies
- Infections
- UV and Blue Light Protection
- Contact Lens Moisture Retention
- Others
Breakup by Distribution Channel:
- Hospital Pharmacies
- Drug Store and Retail Pharmacies
- Online Pharmacies
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
AbbVie Inc., Akorn Inc., Alcon, Bausch Health Companies Inc., Johnson & Johnson, Nicox S.A., OASIS Medical, OCuSOFT Inc., Santen Pharmaceutical Co. Ltd., Similasan Corporation, Sun Pharmaceutical Industries Ltd. and URSAPHARM Arzneimittel GmbH.
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