Global OTC Dry Eye Drops Market Report 2024

The OTC dry eye drops market size has grown strongly in recent years. It will grow from $3.23 billion in 2023 to $3.49 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The historical growth can be attributed to an uptick in digital device usage, a surge in lifestyle modifications, heightened occurrences of vision-threatening conditions, an increase in screen time, and the adoption of contact lenses.

The OTC dry eye drops market size is expected to see strong growth in the next few years. It will grow to $4.81 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The projected growth can be attributed to an expanding aging demographic, heightened awareness regarding eye health, growing health consciousness, a rising prevalence of dry eye syndrome, and increased consumer awareness. Key trends in this forecasted period encompass technological advancements, progress in formulation technologies, growing partnerships, product innovations, and the utilization of hydrogel technology.

The growth of the OTC dry eye drops market is anticipated to be fueled by the increasing use of digital devices. Digital devices are electronic tools that utilize digital technology to process data, transmit information, or perform specific tasks. The rise in their use can be attributed to factors such as miniaturization, consumer demand, digital transformation, the emergence of the Internet of Things, and the adoption of digital lifestyles. OTC dry eye drops offer convenient and effective relief for dry eye symptoms often associated with frequent or prolonged digital device use, supporting individuals in maintaining ocular comfort and visual health in today's digital-centric environment. For example, Uswitch Limited reported in February 2024 that mobile connections reached 71.8 million in 2022, marking a 3.8% increase from the previous year, or roughly 2.6 million additional connections. By 2025, the UK is projected to have 68.3 million people, with around 65 million expected to own smartphones, accounting for approximately 95% of the population. Thus, the growing use of digital devices is a key driver behind the expansion of the OTC dry eye drops market.

Leading companies in the OTC dry eye drops market are focused on introducing innovative products such as preservative-free lubricant eye drops to maintain their market presence. Preservative-free lubricant eye drops are designed to alleviate dry, irritated eyes without using preservatives. For instance, Alcon Inc., a Switzerland-based eye care company, launched Systane Complete Preservative-Free Lubricant Eye Drops in Europe in January 2022. This product employs an advanced moisture and lipid delivery system that evenly disperses across the eye surface to address dryness effectively. Its nanodroplet technology ensures rapid hydration, protects against tear evaporation, and provides long-lasting relief. The multi-dose bottle, facilitated by patented PureFlow technology, features a one-way valve to prevent contamination, eliminating the need for preservatives.

In July 2023, Bausch + Lomb, a Canadian eye health company, acquired Johnson & Johnson Vision's Blink product line, including eye and contact lens drops, for $106.5 million. This strategic move expands Bausch + Lomb's OTC product offerings, providing consumers and eye care professionals with more choices for immediate and lasting relief from dry eyes and dry contact lenses. Johnson & Johnson Vision, a US-based ophthalmology company, offers various products such as surgical instruments, eye medications, and contact care supplies.

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.

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. The countries covered in the OTC dry eye drops market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

OTC (Over-the-counter) dry eye drops are non-prescription eye drops accessible for purchase directly from pharmacies, drugstores, and online retailers without needing a doctor's prescription. Their purpose is to offer temporary relief from dry eye symptoms and enhance overall eye comfort.

The primary categories of OTC dry eye drops are generic and branded. Generic versions contain identical active ingredients to branded ones but are marketed under their chemical names. These products come in preservative-free and preserved formulations, with options of high or low viscosity. They are distributed through various channels such as online pharmacies, drugstores, supermarkets, retail pharmacies, and other distribution outlets.

The OTC dry eye drops market research report is one of a series of new reports that provides OTC dry eye drops market statistics, including the OTC dry eye drops industry's global market size, regional shares, competitors with an OTC dry eye drops market share, detailed OTC dry eye drop market segments, market trends, and opportunities, and any further data you may need to thrive in the OTC dry eye drops industry. This OTC dry eye drops market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The OTC dry eye drops market consists of sales of eye drops with hyaluronic acid, lubricating eye gels, preservative-free drops, and eye drops with lipid-based formulations. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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