Increase in prevalence of eye diseases such as dry eye syndrome and allergic conjunctivitis, rise in demand for artificial tears products, and surge in investment in R&D activities by various healthcare companies drive the growth of the global OTC artificial tears market. However, side effects such as blurred vision, redness around the eye, and skin rashes hinder the market growth. On the other hand, rise in number of eye surgeries, surge in awareness regarding management of dry eye syndrome, and initiatives by the government for the development & production of different novel OTC artificial tears present new opportunities in the coming years.
Leading players of the global OTC artificial tears market analyzed in the research include AbbVie, Inc., Alcon, Akorn, Inc., Johnson & Johnson, Bausch & Lomb, Santen Pharmaceutical Co. Ltd., Ocusoft, Sun Pharmaceutical Industries Limited, Similasan Corporation, and Ursapharm Arzneimittel GmbH.
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Based on product type, the solution segment held the highest market share, accounting for around two-fifths of the total share in 2020, and is projected to maintain its lead position during the forecast period. However, the gel segment is estimated to register the highest CAGR of 5.4% from 2021 to 2028.
Based on container type, the plastic multi-dose container segment accounted for the largest market share in 2020, contributing to more than two-fifths of the global OTC artificial tears market, and is estimated to continue its leadership status during the forecast period. Moreover, this segment is projected to witness the largest CAGR of 5.2% from 2021 to 2028.
Based on region, North America contributed to the largest market share in 2019, holding more than one-third of the total share, and is expected to maintain its dominant share in terms of revenue by 2028. However, Asia-Pacific is estimated to portray the highest CAGR of 6.0% during the forecast period.