According to the latest report, the global OTC artificial tears market size reached US$ 4.62 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 6.41 Billion by 2027, exhibiting at a CAGR of 5.20% during 2022-2027.
Over the Counter (OTC) artificial tears refer to eye drops that are used for lubricating eyes and providing relief from discomfort, burning, pain, redness, photophobia, and irritation in the eyes. They are generally manufactured using glycerin, dextran, propylene glycol, hydroxypropyl methylcellulose (HPMC), carboxymethylcellulose, etc. OTC artificial tears are biocompatible and assist in promoting healing, stabilizing the tear film, minimizing tear evaporation, etc. They are commonly available in ointment, spray, emulsion, solution, gel forms, etc.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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The expanding geriatric population who are prone to chronic eye-related disorders is primarily driving the OTC artificial tears market. Additionally, the widespread adoption of contact lenses to facilitate the flow of oxygen to the cornea and prevent dryness on the surface of the eyes is further catalyzing the market growth. Besides this, the escalating demand for OTC artificial tears to offer immediate relief from discomfort in the eyes, owing to the growing prevalence of diabetes, dry eye syndrome (DES), nutritional deficiencies, etc., is acting as another significant growth-inducing factor.
Moreover, the increasing utilization of electronics, such as smartphones, televisions (TVs), laptops, etc., leading to excessive screen time and eye fatigue, is also positively influencing the global market. Apart from this, the development of product variants fortified with blink-activated coatings that provide ocular hydration to patients suffering from evaporative dry eye syndrome is anticipated to fuel the OTC artificial tears market over the forecasted period.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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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