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Global OTC Artificial Tears Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

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    Report

  • 174 Pages
  • February 2024
  • Region: Global
  • Infogence Global Research
  • ID: 5635716

The Global OTC Artificial Tears Market embraces smart formulations to offer relief in the digital age of increased screen time

The Global OTC Artificial Tears Market is estimated to be USD 5.09 Bn in 2023 and is expected to reach USD 6.45 Bn by 2028 growing at a CAGR of 4.86%.

  • Artificial tears are an over-the-counter (OTC) ophthalmic solution used to treat the symptoms of dry eyes. They are also called lubricant eye drops or artificial tears eye drops. They mimic the tears the eyes naturally produce, giving eyes that are itchy, dry, or uncomfortable momentary relief.
  • The market for lubricant eye drops or artificial tears sold to consumers directly without a prescription is known as the over-the-counter (OTC) artificial tears market. These over-the-counter medications are frequently used to temporarily relieve the signs and symptoms of dry eyes and other eye discomforts. Due to rising dry eye syndrome cases, increased awareness of eye health, and the availability of a wide range of products to meet various consumer needs, the market for over-the-counter artificial tears has been steadily expanding.
  • The prevalence of dry eye syndrome significantly influences the demand for OTC artificial tears. A common condition known as dry eye syndrome is characterized by inadequate tear production or poor tear quality, which can cause eye discomfort, irritation, and vision problems. Dry eye syndrome is becoming more common due to factors like extended screen time, environmental factors (like dry air and wind), aging, specific medications, and medical conditions. The demand for over-the-counter artificial tears keeps growing as more people become conscious of their eye health and seek relief from dry eye symptoms.
  • Another factor influencing the market's expansion is the accessibility of over-the-counter artificial tears. Consumers can easily buy these products without a prescription because of their widespread distribution in pharmacies, drugstores, supermarkets, and online marketplaces. Due to the availability of over-the-counter artificial tears, people can quickly treat mild to moderate dry eye symptoms without needing to visit an eye doctor.
  • OTC artificial tear manufacturers are constantly innovating and introducing new product formulations to meet varying consumer preferences and needs. Artificial tears come in various formulations, such as simple saline solutions, gel-like drops, ointments, and options without preservatives. Some products may include extra ingredients like hyaluronic acid, electrolytes, and lipid-based formulations to provide enhanced relief and longer-lasting effects. Customers have various options due to the variety of products when selecting the best artificial tears for their unique symptoms and preferences.
  • Artificial tears without preservatives are becoming increasingly popular on the market, particularly with people with sensitive eyes or who need eye drops frequently. Preservatives, frequently present in multi-dose eye drop bottles, can irritate some people or trigger allergic reactions in others. As a result, preservative-free formulations are frequently advised for people who need to use artificial tears frequently or on a long-term basis.
  • The OTC artificial tears market faces challenges despite the possibility of growth. Some customers might need assistance selecting the best product for their unique eye condition because they may not fully understand the distinctions between various formulations. Customers who experience more severe or persistent dry eye symptoms might also need a more specialized approach, which requires a consultation with an eye care specialist.
  • The OTC artificial tear market is highly competitive, with many well-established and up-and-coming players. Major market players frequently invest in marketing and promotional initiatives to build brand awareness and set their products apart from competitors. Maintaining market share depends heavily on consumer loyalty and brand recognition.

Market Segmentations

  • The Global OTC Artificial Tears Market is segmented based on Product, Container Type, Formulation, Application, Distribution Channel, and Geography.
  • By Product, the market is classified into Solution, Ointment, Emulsion, Gel, Spray Solution, and Suspensions.
  • The solution segment dominated the global OTC artificial tears market due to rising eye drop demand, increased production of artificial tears for treating dry eye diseases, and advancements in R&D for novel ophthalmic products. It is anticipated to maintain its dominance during the forecast period. However, due to the rising demand for eye gel and the number of significant players producing combinational semisolid ophthalmic drugs, the gel segment is anticipated to experience significant growth throughout the forecast period.
  • By Container Type, the market is classified into Plastic Single Dose Container, Plastic Multi-Dose Containers, and Spray.
  • Based on the container type, the global OTC artificial tears market has been divided into plastic single-dose containers, plastic multi-dose containers, and others. Among these, plastic multi-dose container currently exhibits a clear dominance in the market.
  • By Formulation, the market is classified into Preservative Based and Non-Preservative Based.
  • Based on the formulation, the global OTC artificial tears market can be categorized into preservative-based and non-preservative-based. Currently, preservative based accounts for the majority of the global market share.
  • By Distribution Channel, the market is classified into Hospital Pharmacies, Drug Store & Retail Pharmacies, and Online Pharmacies.
  • The drug store and retail pharmacies segment exhibited the highest growth rate due to an increase in the prevalence of dry eye syndrome diseases, an increase in the population of geriatrics, and advancements in healthcare technology, and expected to continue to lead in the near future. However, the segment for online pharmacies is anticipated to expand significantly during the forecast period due to the gradual acceleration of the digitalization process, the sale of inexpensive medicines, and the rise in public awareness of the importance of supporting eye health.
  • By Application, the market is classified into Dry Eye Syndrome, Allergies & Infections, UV & Blue Light Protection, Contact Lens Moisture Retention, and Others.
  • The dry eye syndrome segment is predicted to dominate the market due to the large percentage of the population suffering from the condition, for which drug administration is the most critical intervention. The segment for allergies and infections, which includes severe ocular diseases like various forms of conjunctivitis, is anticipated to be the second-largest segment during the forecast period.
  • By Geography, the market is classified into the Americas, Europe, Middle-East & Africa, and Asia-Pacific.
  • The Americas accounted for the largest share of the OTC artificial tears market and is anticipated to maintain a dominant position during the forecast period due to factors including an increase in the prevalence of dry eye diseases, the presence of sophisticated healthcare infrastructure, and a surge in demand for OTC artificial tears. The market is expected to expand due to increased demand for cutting-edge healthcare facilities and increased awareness of the prevention and treatment of dry eye disease. The presence of major players operating in the region and the increase in R&D activities in the healthcare sector to develop novel products also contribute to the market's expansion. However, due to an increase in eye diseases like allergic conjunctivitis dry eye syndrome, an increase in the number of eye surgeries for cataracts and glaucoma, and a rise in awareness about the management of dry eye, Asia-Pacific is predicted to have the highest CAGR.

Recent Development

  • Bausch+Lomb, a subsidiary of Bausch Health Companies Inc., announced the launch of Biotrue Hydration Boost Lubricant Eye Drops and Biotrue Micellar Eyelids Cleansing Wipes in the U.S. region. These products are developed for patients suffering from irritated, dry eyes. - July 2021
  • Alcon announced that they had launched Systane Hydration Multi-Dose Preservative-Free Lubricant eye drops in the U.S. region. This product is a new addition to their existing portfolio of dry eye products. These new eye drops are preservative-free and provide moisture to sensitive, dry-eye patients. - April 2021
  • I-MED Pharma Inc. announced they plan to launch a new product to add to their existing I-DROP artificial tears portfolio called I-DROP MGD. This new product has blink-activated coating and recoating, which would provide ocular hydration to patients suffering from evaporated dry eye. - February 2020

Company Profiles

The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are Akorn Inc., Alcon, Allergan (AbbVie Inc.), Bausch & Lomb, Bayer AG, Eyevance Pharmaceuticals LLC, I-MED Pharma Inc., Johnson & Johnson, Novartis AG, etc.

Countries Studied

  • America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
  • Europe (Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxemburg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
  • Middle-East and Africa (Egypt, Israel, Qatar, Nigeria, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
  • Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

  • The report presents a detailed Ansoff matrix analysis for the Global OTC Artificial Tears Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
  • The publisher analyses the Global OTC Artificial Tears Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
  • Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

  • ● The report offers a comprehensive evaluation of the Global OTC Artificial Tears Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
  • ● The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
  • ● Excel data sheet for the market size will also be provided with the report.
  • ● The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
  • ● The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
  • ● The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
  • ● The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors
  • ● The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.

Report Highlights:

  • ● A complete analysis of the market, including the parent industry
  • ● Important market dynamics and trends
  • ● Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
  • ● Market segmentation
  • ● Competitive Analysis: Comparative analysis of competitor
  • ● Historical, current, and projected size of the market based on value and volume
  • ● Market size of the US states
  • ● Market shares and strategies of key players
  • ● Recommendations to companies for strengthening their foothold in the market

Table of Contents

1 Report Description
1.1 Study Objectives
1.2 Market Definition
1.3 Currency
1.4 Years Considered
1.5 Language
1.6 Key Stakeholders
2 Research Methodology
2.1 Research Process
2.2 Data Collection and Validation
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Models
2.3 Market Size Estimation
2.3.1 Bottom-Up Approach
2.3.2 Top-Down Approach
2.4 Assumptions of the Study
2.5 Limitations of the Study
3 Executive Summary
3.1 Introduction
3.2 Market Size, Segmentations, and Outlook
4 Market Dynamics
4.1 Impact Analysis
4.2 Drivers
4.2.1 Rising Geriatric Population and Diabetes and Nutritional Deficiencies
4.2.2 Increasing Prevalence of Dry Eye Syndrome (DES)
4.2.3 Increasing Utilization of Electronics
4.3 Restraints
4.3.1 Rising Concerns Associated with Eye Drops
4.4 Opportunities
4.4.1 Development of Novel Approach
4.4.2 Demand from Retail and E-commerce
4.5 Challenges
4.5.1 Side Effects of Drugs
5 Market Analysis
5.1 Regulatory Scenario
5.2 Porter’s Five Forces Analysis
5.3 PESTLE Analysis
5.4 Impact of COVID-19
5.5 Ansoff Matrix Analysis
6 Global OTC Artificial Tears Market, By Product
6.1 Introduction
6.2 Solution
6.3 Ointment
6.4 Emulsion
6.5 Gel
6.6 Spray Solution
6.7 Suspensions
7 Global OTC Artificial Tears Market, By Container Type
7.1 Introduction
7.2 Plastic Single-Dose Container
7.3 Plastic Multi-Dose Containers
7.4 Spray
8 Global OTC Artificial Tears Market, By Formulation
8.1 Introduction
8.2 Preservative Based
8.3 Non-Preservative Based
9 Global OTC Artificial Tears Market, By Distribution Channel
9.1 Introduction
9.2 Hospital Pharmacies
9.3 Drug Store & Retail Pharmacies
9.4 Online Pharmacies
10 Global OTC Artificial Tears Market, By Application
10.1 Introduction
10.2 Dry Eye Syndromes
10.3 Allergies & Infections
10.4 UV & Blue Light Protection
10.5 Contact Lens Moisture Retention
10.6 Others
11 Americas' OTC Artificial Tears Market
11.1 Introduction
11.2 Argentina
11.3 Brazil
11.4 Canada
11.5 Chile
11.6 Colombia
11.7 Mexico
11.8 Peru
11.9 United States
11.10 Rest of Americas
12 Europe's OTC Artificial Tears Market
12.1 Introduction
12.2 Austria
12.3 Belgium
12.4 Denmark
12.5 Finland
12.6 France
12.7 Germany
12.8 Ireland
12.9 Italy
12.10 Luxembourg
12.11 Netherlands
12.12 Norway
12.13 Poland
12.14 Russia
12.15 Spain
12.16 Sweden
12.17 Switzerland
12.18 United Kingdom
12.19 Rest of Europe
13 Middle East and Africa's OTC Artificial Tears Market
13.1 Introduction
13.2 Egypt
13.3 Israel
13.4 Qatar
13.5 Nigeria
13.6 Saudi Arabia
13.7 South Africa
13.8 United Arab Emirates
13.9 Rest of MEA
14 APAC's OTC Artificial Tears Market
14.1 Introduction
14.2 Australia
14.3 Bangladesh
14.4 China
14.5 India
14.6 Indonesia
14.7 Japan
14.8 Malaysia
14.9 Philippines
14.10 Singapore
14.11 South Korea
14.12 Sri Lanka
14.13 Thailand
14.14 Taiwan
14.15 Rest of Asia-Pacific
15 Competitive Landscape
15.1 Competitive Quadrant
15.2 Market Share Analysis
16 Company Profiles
16.1 Abbott Laboratories
16.1.1 Company Overview
16.1.2 Company Snapshot
16.1.3 Product Overview
16.1.4 Business Overview
16.1.5 SWOT Analysis
16.1.6 Recent Developments
16.2 Akorn Inc.
16.2.1 Company Overview
16.2.2 Company Snapshot
16.2.3 Product Overview
16.2.4 Business Overview
16.2.5 SWOT Analysis
16.2.6 Recent Developments
16.3 Alcon
16.3.1 Company Overview
16.3.2 Company Snapshot
16.3.3 Product Overview
16.3.4 Business Overview
16.3.5 SWOT Analysis
16.3.6 Recent Developments
16.4 Allergan (AbbVie Inc.)
16.4.1 Company Overview
16.4.2 Company Snapshot
16.4.3 Product Overview
16.4.4 Business Overview
16.4.5 SWOT Analysis
16.4.6 Recent Developments
16.5 Bausch & Lomb
16.5.1 Company Overview
16.5.2 Company Snapshot
16.5.3 Product Overview
16.5.4 Business Overview
16.5.5 SWOT Analysis
16.5.6 Recent Developments
16.6 Bayer AG
16.6.1 Company Overview
16.6.2 Company Snapshot
16.6.3 Product Overview
16.6.4 Business Overview
16.6.5 SWOT Analysis
16.6.6 Recent Developments
16.7 Eyevance Pharmaceuticals LLC
16.7.1 Company Overview
16.7.2 Company Snapshot
16.7.3 Product Overview
16.7.4 Business Overview
16.7.5 SWOT Analysis
16.7.6 Recent Developments
16.8 I-MED Pharma Inc.
16.8.1 Company Overview
16.8.2 Company Snapshot
16.8.3 Product Overview
16.8.4 Business Overview
16.8.5 SWOT Analysis
16.8.6 Recent Developments
16.9 Johnson & Johnson
16.9.1 Company Overview
16.9.2 Company Snapshot
16.9.3 Product Overview
16.9.4 Business Overview
16.9.5 SWOT Analysis
16.9.6 Recent Developments
16.10 Novartis AG
16.10.1 Company Overview
16.10.2 Company Snapshot
16.10.3 Product Overview
16.10.4 Business Overview
16.10.5 SWOT Analysis
16.10.6 Recent Developments
16.11 Ocusoft
16.11.1 Company Overview
16.11.2 Company Snapshot
16.11.3 Product Overview
16.11.4 Business Overview
16.11.5 SWOT Analysis
16.11.6 Recent Developments
16.12 Otsuka Pharmaceutical Co., Ltd.
16.12.1 Company Overview
16.12.2 Company Snapshot
16.12.3 Product Overview
16.12.4 Business Overview
16.12.5 SWOT Analysis
16.12.6 Recent Developments
16.13 Santen Pharmaceutical Co., Ltd.
16.13.1 Company Overview
16.13.2 Company Snapshot
16.13.3 Product Overview
16.13.4 Business Overview
16.13.5 SWOT Analysis
16.13.6 Recent Developments
16.14 Similasan Corporation
16.14.1 Company Overview
16.14.2 Company Snapshot
16.14.3 Product Overview
16.14.4 Business Overview
16.14.5 SWOT Analysis
16.14.6 Recent Developments
16.15 Sun Pharmaceutical Industries Ltd.
16.15.1 Company Overview
16.15.2 Company Snapshot
16.15.3 Product Overview
16.15.4 Business Overview
16.15.5 SWOT Analysis
16.15.6 Recent Developments
16.16 Ursapharm Arzneimittel GmbH
16.16.1 Company Overview
16.16.2 Company Snapshot
16.16.3 Product Overview
16.16.4 Business Overview
16.16.5 SWOT Analysis
16.16.6 Recent Developments
17 Appendix
17.1 Self-Assessment Form

Companies Mentioned

  • Abbott Laboratories
  • Akorn Inc.
  • Alcon
  • Allergan (AbbVie Inc.)
  • Bausch & Lomb
  • Bayer Ag
  • Eyevance Pharmaceuticals LLC
  • I-MED Pharma Inc.
  • Johnson & Johnson
  • Novartis Ag
  • Ocusoft
  • Otsuka Pharmaceutical Co., Ltd.
  • Santen Pharmaceutical Co., Ltd.
  • Similasan Corp.
  • Sun Pharmaceutical Industries Ltd.
  • Ursapharm Arzneimittel GmbH

Table Information