What Is The Current and Historic Market Size Analysis Of The OTC Dry Eye Drops Market?
The otc dry eye drops market has seen considerable growth due to a variety of factors.
• The OTC dry eye drops market has shown strong growth in recent years. It will rise from $3.49 billion in 2024 to $3.79 billion in 2025, at a compound annual growth rate (CAGR) of 8.6%.
This is driven by a surge in the use of digital devices, lifestyle changes, rising vision-threatening disorders, more screen time, and the growing adoption of contact lenses.
What are the Market Size and Expected Growth Rates for the OTC Dry Eye Drops Market?
The otc dry eye drops market is expected to maintain its strong growth trajectory in upcoming years.
• The OTC dry eye drops market is expected to grow steadily, reaching $5.21 billion by 2029, with a CAGR of 8.2%.
This growth is attributed to the aging population, increasing awareness of eye health, rising health consciousness, the growing prevalence of dry eye syndrome, and higher consumer awareness. Trends include technological advancements, progress in formulation technologies, growing partnerships, product innovations, and the rise of hydrogel technology.
Which Key Drivers Are Propelling The OTC Dry Eye Drops Market's Growth?
The anticipated surge in the consumption of digital devices is poised to push the growth of the over-the-counter (OTC) dry eye drops market forward. Digital instruments, which employ digital technology for data processing, transmission, and specific functions, have seen a marked increase in usage due to factors such as downsizing, consumer need, digital conversion, the emergence of the Internet of Things, and the pervasiveness of a digital lifestyle. OTC dry eye drops offer efficient, accessible alleviation for dry eye symptoms emanating from frequent or extended usage of digital devices. This aids people in keeping their eyes comfortable and bolsters visual health in our increasingly digital world. For example, Uswitch Limited, a financial regulatory authority in the UK, disclosed in February 2024 that as of 2022, there were 71.8 million mobile connections, a rise of 3.8% from the previous year, which translates to roughly 2.6 million additional connections. Estimates suggest that by 2025, the UK will house approximately 68.3 million individuals, with about 65 million forecasted to own smartphones, equalling nearly 95% of the nation's entire populace. Hence, the flourishing usage of digital devices is fuelling the growth of the OTC dry eye drops market.
What Are The Key Segments Within The Global OTC Dry Eye Drops Market?
The OTC dry eye drops market covered in this report is segmented –
1) By Type: Generics, Branded
2) By Product: Preservatives Free, With Preservatives
3) By Viscosity: High Viscosity, Low Viscosity
4) By Distribution Channel: Online Pharmacies, Drugstores And Supermarkets, Retail Pharmacies, Other Distribution Channels
Subsegments:
1) By Generics: Artificial Tears (Non-Prescription), Lubricating Drops, Moisturizing Eye Drops, Rewetting Drops For Contact Lens Wearers
2) By Branded: Brand-Specific Artificial Tears (Blink, Systane, Refresh), Prescription-To-Otc Switch Brands, Premium Lubricating Drops (With Added Ingredients Like Hyaluronic Acid, Vitamins)
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What Trends Are Reshaping The Future Of The OTC Dry Eye Drops Market?
Leading corporations in the OTC dry eye drops market are concentrating on the launch of revolutionary products like preservative-free lubricant eye drops to uphold their market dominance. These are a specific kind of over-the-counter eye drops created to alleviate dry, irritated eyes without including any preservatives. For example, in January 2022, Alcon Inc., a medical device organization based in Switzerland that specializes in eye care products, introduced Systane Complete Preservative-Free Lubricant Eye Drops to the European market. It utilizes an innovative moisture and lipid distribution system that guarantees uniform application on the eye surface, addressing dryness effectively. The advanced nanodroplet technology in the formula facilitates rapid hydration, tear evaporation protection, and prolonged relief. Additionally, the product comes in a user-friendly, multi-dose bottle with patented PureFlow technology, incorporating a one-way valve to ward off contamination and obviate the usage of preservatives.
Who Are the Key Players In The OTC Dry Eye Drops Market?
Major companies operating in the OTC dry eye drops market are:
• Pfizer Inc.
• Johnson & Johnson Services Inc.
• Novartis International AG
• Allergan plc
• Otsuka Pharmaceutical Co. Ltd.
• Alcon Inc.
• Bausch Health Companies Inc.
• Sun Pharmaceutical Industries Ltd.
• Santen Pharmaceutical Co. Ltd.
• Rohto Pharmaceutical Co. Ltd.
• Prestige Consumer Healthcare Inc.
• AFT Pharmaceuticals Ltd.
• Sentiss Pharma Private Limited
• VISUfarma B.V.
• Ursapharm Arzneimittel GmbH
• Thea Pharmaceuticals Inc.
• Horus Pharma
• Oasis Medical
• Novaliq GmbH
• Medicom Healthcare Ltd.
• Similasan AG
• Altaire Pharmaceutical Inc.
What Are The Regional Insights Into The OTC Dry Eye Drops Market?
North America was the largest region in the OTC dry eye drops market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the OTC dry eye drops market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
