New York (US) – Key Companies Covered in the OTC Artificial Tears Market Research 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. and other key market players.
The global 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 2030.
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Artificial tears also known as ocular lubricants are eye drops that are used to lubricate dry eyes and maintain moisture on the outer surface of the eye for a longer duration of time. Over-the-counter (OTC) artificial tears are the products that are available directly to the consumer without prescription.
The global OTC artificial tears market is majorly driven by rise in geriatric population; an alarming increase in the prevalence of dry eye syndrome (DES); and a rise in the number of eye surgeries which increases the demand for artificial tear drops for post-surgery management. For instance, according to the World Health Organization (WHO), in 2021, approximately 2.2 billion population in the world was reported to be diagnosed with vision impairment. As per the data published in BioMed Central (BMC) Ophthalmology, in 2020, a total of 90% population across the globe suffered from dry eye syndrome.
Moreover, the geriatric population is more vulnerable to dry eye syndrome due to inadequate tear production from lacrimal gland, altered reflex secretion or inflammatory destruction of the lacrimal glands. For instance, as per the data published by the Journal of the United Nations, 962 million population were present above the age of 60 years in 2017 which is expected to get double to nearly 2.1 billion by the year of 2050. Thus, the rise in the geriatric population and increase in prevalence of dry eye syndrome are expected to propel the demand for OTC artificial tears, which, in turn, augments the market growth. Furthermore, the increase in number of eye surgeries, upsurge the need of artificial tear drops for the post-surgical management.
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Furthermore, OTC artificial tears play an important role in the global healthcare sector. Availability of different dosage forms of OTC artificial tears such as drops, ointment, emulsion, spray solution, and gel is used for providing relief from irritation, burning, and discomfort which is caused due to dry eye syndrome. Moreover, rise in investment and activities in R&D by various healthcare sectors for the development of new OTC artificial tears, such as REFRESH DIGITAL lubricant eye drop (AbbVie Inc.), drive the growth of the global market.
Upsurge in technological advancement and rise in the number of people wearing contact lens, also increases the demand for OTC artificial tear and propel the growth of the market. In addition, change in the lifestyle habit such as prolong exposure to digital display and the surge in number of smartphone addicts, causes dry eye syndrome that increase the usage of artificial tears and boosts the market growth.
On the contrary, the risk of contamination associated with OTC artificial tears and adverse reaction due to presence of preservative in the formulations is anticipated to hinder the market growth during the forecast period. The adverse reactions caused due to use of artificial tear products include blurred vision, eye pain, skin rash, and redness around the eye.
The OTC artificial tears market is segmented into product type, container type, formulation, application, distribution channel and region. Depending on product type, the market is segmented into solution, ointment, emulsion, gel, spray solution and suspension. On the basis of container type, the market is fragmented into the plastic single dose container, plastic multi-dose container and spray. The plastic single dose container segment is further classified into preservative free system and preserved system. Further, the spray segment is further bifurcated into preservative free system and preserved system. On the basic of formulation, it is differentiated into preservative based and non-preservative based. By application, the global market is segregated into dry eye syndrome, allergies, infections, UV & blue light protection, contact lens moisture retention and others.
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As per distribution channel, the market is classified into hospital pharmacies, drug stores & retail pharmacies, and online pharmacies. At regional level, the OTC artificial tears market is analyzed across North America, Europe, Asia-Pacific, Middle East, North-Africa and Rest of World.
? The report provides an in-depth analysis of the global OTC artificial tears market size along with the current trends and future estimations to elucidate the imminent investment pockets. ? It offers market analysis from 2021 to 2028, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market. ? A comprehensive analysis on region assists to understand the regional market and facilitate the strategic business planning and determine prevailing opportunities. ? The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global OTC artificial tears market.
The Centers for Medicare and Medicaid Services data estimates that the U.S. national healthcare expenditure surpassed US$ 4.1 trillion in 2020 and is forecast to reach US$ 6.2 trillion by 2028. According to the Commonwealth Fund, the U.S. expended nearly 17% of gross domestic product (GDP) on healthcare in 2018. Switzerland was the second-highest-ranking country, expending 12.2%. In addition, New Zealand and Australia devote only 9.3%.
According to the U.S. Bureau of Labor Statistics, employment in healthcare fields is forecast to grow 16% from 2020 to 2030, much quicker than the standard for all occupations, counting about 2.6 million new jobs. This estimated growth is mainly due to an elder population, showing to greater demand for healthcare services. The median annual wage for healthcare practitioners and technical fields (such as registered nurses, physicians and surgeons, and dental hygienists) was US$ 75,040 in May 2021, which was greater than the median annual wage for all occupations in the economy of US$ 45,760.
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KEY MARKET SEGMENTS By Product – Solution – Ointment – Emulsion – Gel – Spray Solution – Suspensions By Container Type – Plastic Single Dose Container – Plastic multi-dose containers o Preservative-Free System o Preserved System – Spray o Preservative-Free System o 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
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By Region o North America ? U.S. ? Rest of North America o Europe ? UK ? Germany ? France ? Italy ? Spain ? Poland ? Rest of Europe o Asia-Pacific ? Japan ? China ? India ? Malaysia ? Thailand ? Philippines ? Rest of Asia-Pacific o Middle East ? UAE ? Saudi Arabia ? Palestine ? Jordan ? Bahrain ? Qatar ? Azerbaijan ? Georgia ? Iraq ? Pakistan ? Kuwait ? Israel ? Kazakhstan ? Rest of Middle East o North Africa ? Morocco ? Algeria ? Tunisia ? Libya ? Egypt ? Rest of North Africa o Rest of World
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