Overview and Scope
OTC (Over-the-counter) dry eye drops refer to non-prescription eye drops that are available for purchase directly from pharmacies, drugstores, and online retailers without a doctor’s prescription. They are used to provide temporary relief from the symptoms of dry eyes and improve overall eye comfort.
Sizing and Forecast
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 growth in the historic period can be attributed to a rise in the use of digital devices, an increase in lifestyle changes, increased vision-threatening disorders, an escalation 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 growth in the forecast period can be attributed to a growing aging population, rising awareness of eye health, increasing health consciousness, increasing prevalence of dry eye syndrome, and growing consumer awareness. Major trends in the forecast period include technological advancements, advancements in formulation technologies, increasing partnerships, product innovations, and hydrogel technology.
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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
The rising use of digital devices is expected to propel the growth of the OTC dry eye drops market going forward. Digital devices are electronic gadgets or equipment that utilize digital technology to process and transmit data or perform specific functions. The increased use and proliferation of digital devices can be attributed to several factors, such as miniaturization, consumer demand, digital transformation, the rise of the Internet of Things, and the digital lifestyle. OTC dry eye drops provide effective and convenient relief for dry eye symptoms that may arise from frequent or prolonged use of digital devices, helping individuals maintain ocular comfort and visual well-being in today’s digital-centric world. For instance, in February 2024, according to Uswitch Limited, a UK-based financial conduct authority, there were 71.8 million mobile connections as of 2022, up 3.8% from the year before, or around 2.6 million more connections. The UK is expected to have 68.3 million people by 2025, of whom approximately 65 million are expected to have smartphones or approximately 95% of the country’s entire population. Therefore, the rising use of digital devices is driving the growth of the OTC dry eye drops market.
Key Industry Players
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.
The otc dry eye drops market report table of contents includes:
1. Executive Summary
2. OTC Dry Eye Drops Market Characteristics
3. OTC Dry Eye Drops Market Trends And Strategies
4. OTC Dry Eye Drops Market – Macro Economic Scenario
5. Global OTC Dry Eye Drops Market Size and Growth
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32. Global OTC Dry Eye Drops Market Competitive Benchmarking
33. Global OTC Dry Eye Drops Market Competitive Dashboard
34. Key Mergers And Acquisitions In The OTC Dry Eye Drops Market
35. OTC Dry Eye Drops Market Future Outlook and Potential Analysis
36. Appendix
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