DUBLIN, March 21, 2024 /PRNewswire/ — The “OTC Artificial Tears Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Top Companies Analysis” report has been added to ResearchAndMarkets.com’s offering.
Global OTC Artificial Tears Market is anticipated to attain approximately US$ 6.25 billion by 2030 from US$4.48 Billion in 2023, growing at a CAGR of 4.87% during 2024-2030.
The increasing prevalence of dry eye syndrome, changing lifestyles, rising focus on eye fitness, and growing instances of irreversible vision-threatening problems propel the OTC artificial tears market. According to the NCBI, the worldwide prevalence ranges from 5% to 50%, depending on the geographic region. Furthermore, the increasing senior populace, more vulnerable to eye-related problems, is predicted to power the artificial tears market boom as people search for handy solutions to alleviate signs and maintain eye comfort and health.
Also, technology has profoundly impacted healthcare, especially within the artificial tears market. In recent years, extensive innovation has been driven by improvements in nanotechnology, biotechnology, and material sciences. These tendencies have revolutionized artificial tear products, critical for dry eye syndrome and ocular issues. Novel formulations incorporating bioengineered components like hyaluronic acid and lipid-based nanocarriers have more suitable efficacy. Furthermore, wearable gadgets and smart technologies have brought about progressive shipping structures, providing personalized and controlled management and enhancing patient compliance and results.
North America leads the global OTC artificial tears market and is expected to maintain its dominance. This is pushed by elements including a growing senior population, government tasks for eye fitness, and an extended focus on eye disease prevention and remedy. Further, the demand for superior healthcare facilities accelerated R&D activities, and the presence of important industry players further fueled market growth.
The gel section is among the fast-growing products in the global OTC artificial tears market
The global market for OTC artificial tears is divided into various product types, including solution, ointment, emulsion, gel, spray solution, and suspension. The gel section is one of the products quickly growing within the international OTC artificial tears market. This is due to its more suitable viscosity, which provides extended ocular surface lubrication. This feature offers extended relief for dry eye signs and symptoms, making gel-based artificial tears increasingly popular among consumers looking for robust, long-lasting solutions for ocular pain and dryness.
Contact lens moisture retention is possibly rapidly increasing worldwide for over-the-counter artificial tears
The global OTC artificial tears market is segmented by application into different categories, including Allergies, Contact Lens Moisture Retention, Infections, UV and Blue Light Protection, Dry Eye Syndrome, and Others. Contact lens moisture retention may be experiencing a fast boom in the global OTC artificial tears market owing to the growing use of contact lenses worldwide. These eye drops offer necessary lubrication and hydration for contact lens wearers, assuaging discomfort caused by dryness and irritation. As the demand for comfortable and handy contact lens solutions rises, the market for merchandise addressing moisture retention in contact lens wearers expands.
Online pharmacies are expected to be one of the fastest-growing channels in the global market for over-the-counter artificial tears
By distribution channel, the global OTC artificial tears market is categorized into Drugstores & Supermarkets, Online Pharmacies, Retail Pharmacies, and Other segments. Online pharmacies are anticipated to earn recognition in the global OTC artificial tears market because of their comfort and accessibility. Consumers can easily purchase artificial tears online, fending off the need for physical visits to brick-and-mortar stores, propelling the increase of online sales channels in this section.
Europe could become the second-largest over-the-counter artificial tears market
Europe will potentially emerge as the second-biggest over-the-counter artificial tears market globally, pushed by the growing incidence of age-related ophthalmic issues and dry eye diseases. The aging population and advancing display time, particularly with online classes and work-from-home situations, contribute to diagnoses among more young people.
Age-related macular degeneration affects nearly 34 million humans yearly in the European Union and is expected to rise by 25% by 2050. Similarly, diabetic eye sickness cases requiring surgical intervention are predicted to boost the need for artificial tears in postoperative care. Further, institutions of dry eye professionals are providing education and information advancement through diverse structures.
Company Analysis: Overview, Recent Developments, Revenue Analysis
AbbVie Inc.
Akorn Inc.
Alcon
Bausch Health Companies Inc.
Johnson & Johnson
Nicox S.A.
Novartis AG
Santen Pharmaceutical Co. Ltd.
Sun Pharmaceutical Industries Ltd.
Product Types – Global OTC Artificial Tears Market breakup in 6 viewpoints:
Solution
Ointment
Emulsion
Gel
Spray Solution
Suspensions
Application – Global OTC Artificial Tears Market breakup in 6 viewpoints:
Dry Eye Syndrome
Allergies
Infections
UV and Blue Light Protection
Contact Lens Moisture Retention
Others
Distribution Channel – Global OTC Artificial Tears Market breakup in 4 viewpoints:
Drugstores & Supermarkets
Online Pharmacies
Retail Pharmacies
Others
Country – Global OTC Artificial Tears Market of 25 Countries:
North America
United States
Canada
Europe
France
Germany
Italy
Spain
United Kingdom
Belgium
Netherlands
Turkey
Asia Pacific
China
Japan
India
South Korea
Thailand
Malaysia
Indonesia
Australia
New Zealand
Latin America
Brazil
Mexico
Argentina
Middle East & Africa
Saudi Arabia
UAE
South Africa
For more information about this report visit https://www.researchandmarkets.com/r/nmqw4q
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