The global OTC dry eye drops market size was estimated to be USD 3.67 billion in 2023 and is expected to reach at USD 8.40 billion by 2034 with a CAGR of 7.82% during the forecast period 2024-2034. Rising prevalence of dry eye syndrome, a significant increase in lifestyle changes, growing awareness regarding eye health, surge in number of cases of irreversible vision-threatening disorders, increasing geriatric population, escalation in screen time has led to a rise in the occurrence of dry eye symptoms, rising utilization of contact lenses, growing health consciousness, surge in regulatory approvals, and increasing launch of new dry eye drop products are some of the key factors boosting the market growth.
Increasing launch of new dry eye drop products is predicted to boost the market growth during the forecast period. With people devoting significantly more time to their digital devices, a detrimental impact was observed, resulting in an increase in ocular issues. This surge in screen time has, in turn, led to a rise in dry eye symptoms, consequently boosting the demand for over-the-counter (OTC) eye drops. For instance, in January 2022, Alcon, a prominent global leader in eye care with a commitment to enhancing vision, has unveiled its latest addition to its range of innovative dry eye products in Europe. This new offering is the Systane Complete Preservative-Free Lubricant Eye Drops, now available in a user-friendly multi-dose bottle.
By type, generics was the highest revenue-grossing segment in the global OTC dry eye drops market in 2023 owing to the affordability and cost-effectiveness of generic products. The convenience of buying generic products, as they are readily available for purchase without a prescription, ensuring easy access for consumers. Additionally, branded segment is predicted to grow at fastest CAGR during the forecast period. Branded products are associated with a strong track record and a high level of trust among consumers due to their established reputation for quality and effectiveness. Furthermore, these branded products often feature distinctive formulations and delivery methods that are safeguarded by patents. This exclusivity can provide these brands with a competitive advantage in the market until generics can replicate or enhance the patented elements. Market participants are introduction innovative products, which, in turn, are driving the overall expansion of the market. For instance, in June 2023, Théa Pharmaceuticals has introduced TheaLipid, the latest addition to their popular range of preservative-free products for managing dry eye conditions. TheaLipid® is backed by clinical evidence, demonstrating its efficacy in delivering long-lasting relief from symptoms associated with Dry Eye Disease.
By product, preservative was the highest revenue-grossing segment in the global OTC dry eye drops market in 2023. Dry eye drops that contain preservatives typically have a lengthier shelf life in contrast to their preservative-free counterparts. This extended shelf life can be appealing to both manufacturers and consumers since it diminishes the likelihood of product expiration and wastage. Additionally, preservatives serve to inhibit bacterial growth within the solution, enabling the product to be stored at room temperature. This storage convenience makes preservative-containing products more appealing to consumers, thus contributing to overall market growth. Additionally, preservative-free is predicted to grow at fastest CAGR during the forecast period owing to the surge in ingredient-consciousness among consumers, rising demand for preservative-free alternatives, growing awareness of the potential disadvantages associated with the use of preservatives in eye drops, including issues such as discomfort, dryness, & allergic reactions. Preservative-free eye drops are crafted without the inclusion of chemical preservatives, a notable benefit for individuals with sensitivities or allergies to preservatives. For instance, in August 2022, Novaliq GmbH has submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) seeking approval for CyclASol, a topical ophthalmic solution containing cyclosporine. CyclASol is designed as an anti-inflammatory and immunomodulating drug solution for the treatment of dry eye disease.
By viscosity, low-viscosity was the highest revenue-grossing segment in the global OTC dry eye drops market in 2023 owing to the simplicity of application and swift relief. Eye drops with low viscosity, characterized by their thin and watery texture, are frequently more comfortable for users. This thin consistency makes them easier to apply, particularly for individuals who may encounter challenges with thicker or more viscous eye drop formulations. Additionally, low-viscosity eye drops tend to distribute rapidly across the eye's surface, delivering prompt relief for dry and irritated eyes. Furthermore, these eye drops with low viscosity are generally better tolerated and more user-friendly than gel-based eye drops or ointments. Additionally, high-viscosity is predicted to grow at fastest CAGR during the forecast period. High-viscosity eye drops have the advantage of offering a prolonged duration of effectiveness in comparison to low-viscosity alternatives. Moreover, high-viscosity eye drops can reduce friction, which might otherwise cause inflammation, and they also have the potential to minimize vision blurring, enhancing overall ocular comfort. The increasing emphasis by market participants on broadening their range of over-the-counter (OTC) products is contributing to market growth. For instance, in June 2022, Théa Pharma, Inc., has revealed that its line of over-the-counter (OTC) eye care products, iVIZIA, is now accessible in the United States. The iVIZIA OTC product range encompasses lubricating eye drops, lubricating eye gel, and three choices for the daily cleansing of sensitive eyelids.
By distribution channel, retail pharmacies was the highest revenue-grossing segment in the global OTC dry eye drops market in 2023 owing to the accessibility & convenience. Retail pharmacies, encompassing both chain pharmacies and independent drugstores, are ubiquitous and highly accessible to consumers. Furthermore, retail pharmacies offer a comprehensive selection of healthcare products, including OTC medications, supplements, personal care items, and more, creating a one-stop shopping experience for consumers. This level of convenience motivates consumers to make additional purchases from retail pharmacies. The continuous introduction of new products by market participants is propelling the growth of this segment. For instance, in January 2022, NovaBay Pharmaceuticals has introduced Avenova Lubricating Eye Drops as a solution for alleviating dry eye symptoms. Additionally, online pharmacies is anticipated to grow at fastest CAGR during the forecast period. Online pharmacies offer a time-saving advantage to consumers by obviating the necessity to visit a brick-and-mortar pharmacy. The increasing popularity of online pharmacies can be attributed to consumers' desire to reduce in-person interactions and minimize the risk of virus exposure during the pandemic.
North America region is anticipated for the highest revenue share during the forecast period owing to the surge in advanced healthcare infrastructure, increasing awareness regarding health products, expanding elderly population is at a higher risk of developing dry eye syndrome, and rising approval of ophthalmic solutions. For instance, in June 2023, Novaliq GmbH, a biopharmaceutical firm specializing in pioneering ocular therapeutics, has disclosed that the U.S. Food and Drug Administration (FDA) has granted approval for VEVYE (cyclosporine ophthalmic solution) 0.1%. This approval is for the treatment of both the signs and symptoms associated with dry eye disease. VEVYE is a groundbreaking cyclosporine solution, and it stands as the first and sole solution with this indication, demonstrating efficacy within just four weeks of treatment. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rising prevalence of dry eye, surge in purchasing power, and growing launch of new products. For instance, in January 2022, Sun Pharma Canada Inc., a subsidiary of the Mumbai-based company Sun Pharmaceutical Industries Limited, has introduced Cequa, which is a cyclosporine ophthalmic solution containing 0.09 percent w/v. Cequa is categorized as a calcineurin inhibitor immunomodulator.
Increasing launch of new dry eye drop products is predicted to boost the market growth during the forecast period. With people devoting significantly more time to their digital devices, a detrimental impact was observed, resulting in an increase in ocular issues. This surge in screen time has, in turn, led to a rise in dry eye symptoms, consequently boosting the demand for over-the-counter (OTC) eye drops. For instance, in January 2022, Alcon, a prominent global leader in eye care with a commitment to enhancing vision, has unveiled its latest addition to its range of innovative dry eye products in Europe. This new offering is the Systane Complete Preservative-Free Lubricant Eye Drops, now available in a user-friendly multi-dose bottle.
By type, generics was the highest revenue-grossing segment in the global OTC dry eye drops market in 2023 owing to the affordability and cost-effectiveness of generic products. The convenience of buying generic products, as they are readily available for purchase without a prescription, ensuring easy access for consumers. Additionally, branded segment is predicted to grow at fastest CAGR during the forecast period. Branded products are associated with a strong track record and a high level of trust among consumers due to their established reputation for quality and effectiveness. Furthermore, these branded products often feature distinctive formulations and delivery methods that are safeguarded by patents. This exclusivity can provide these brands with a competitive advantage in the market until generics can replicate or enhance the patented elements. Market participants are introduction innovative products, which, in turn, are driving the overall expansion of the market. For instance, in June 2023, Théa Pharmaceuticals has introduced TheaLipid, the latest addition to their popular range of preservative-free products for managing dry eye conditions. TheaLipid® is backed by clinical evidence, demonstrating its efficacy in delivering long-lasting relief from symptoms associated with Dry Eye Disease.
By product, preservative was the highest revenue-grossing segment in the global OTC dry eye drops market in 2023. Dry eye drops that contain preservatives typically have a lengthier shelf life in contrast to their preservative-free counterparts. This extended shelf life can be appealing to both manufacturers and consumers since it diminishes the likelihood of product expiration and wastage. Additionally, preservatives serve to inhibit bacterial growth within the solution, enabling the product to be stored at room temperature. This storage convenience makes preservative-containing products more appealing to consumers, thus contributing to overall market growth. Additionally, preservative-free is predicted to grow at fastest CAGR during the forecast period owing to the surge in ingredient-consciousness among consumers, rising demand for preservative-free alternatives, growing awareness of the potential disadvantages associated with the use of preservatives in eye drops, including issues such as discomfort, dryness, & allergic reactions. Preservative-free eye drops are crafted without the inclusion of chemical preservatives, a notable benefit for individuals with sensitivities or allergies to preservatives. For instance, in August 2022, Novaliq GmbH has submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) seeking approval for CyclASol, a topical ophthalmic solution containing cyclosporine. CyclASol is designed as an anti-inflammatory and immunomodulating drug solution for the treatment of dry eye disease.
By viscosity, low-viscosity was the highest revenue-grossing segment in the global OTC dry eye drops market in 2023 owing to the simplicity of application and swift relief. Eye drops with low viscosity, characterized by their thin and watery texture, are frequently more comfortable for users. This thin consistency makes them easier to apply, particularly for individuals who may encounter challenges with thicker or more viscous eye drop formulations. Additionally, low-viscosity eye drops tend to distribute rapidly across the eye's surface, delivering prompt relief for dry and irritated eyes. Furthermore, these eye drops with low viscosity are generally better tolerated and more user-friendly than gel-based eye drops or ointments. Additionally, high-viscosity is predicted to grow at fastest CAGR during the forecast period. High-viscosity eye drops have the advantage of offering a prolonged duration of effectiveness in comparison to low-viscosity alternatives. Moreover, high-viscosity eye drops can reduce friction, which might otherwise cause inflammation, and they also have the potential to minimize vision blurring, enhancing overall ocular comfort. The increasing emphasis by market participants on broadening their range of over-the-counter (OTC) products is contributing to market growth. For instance, in June 2022, Théa Pharma, Inc., has revealed that its line of over-the-counter (OTC) eye care products, iVIZIA, is now accessible in the United States. The iVIZIA OTC product range encompasses lubricating eye drops, lubricating eye gel, and three choices for the daily cleansing of sensitive eyelids.
By distribution channel, retail pharmacies was the highest revenue-grossing segment in the global OTC dry eye drops market in 2023 owing to the accessibility & convenience. Retail pharmacies, encompassing both chain pharmacies and independent drugstores, are ubiquitous and highly accessible to consumers. Furthermore, retail pharmacies offer a comprehensive selection of healthcare products, including OTC medications, supplements, personal care items, and more, creating a one-stop shopping experience for consumers. This level of convenience motivates consumers to make additional purchases from retail pharmacies. The continuous introduction of new products by market participants is propelling the growth of this segment. For instance, in January 2022, NovaBay Pharmaceuticals has introduced Avenova Lubricating Eye Drops as a solution for alleviating dry eye symptoms. Additionally, online pharmacies is anticipated to grow at fastest CAGR during the forecast period. Online pharmacies offer a time-saving advantage to consumers by obviating the necessity to visit a brick-and-mortar pharmacy. The increasing popularity of online pharmacies can be attributed to consumers' desire to reduce in-person interactions and minimize the risk of virus exposure during the pandemic.
North America region is anticipated for the highest revenue share during the forecast period owing to the surge in advanced healthcare infrastructure, increasing awareness regarding health products, expanding elderly population is at a higher risk of developing dry eye syndrome, and rising approval of ophthalmic solutions. For instance, in June 2023, Novaliq GmbH, a biopharmaceutical firm specializing in pioneering ocular therapeutics, has disclosed that the U.S. Food and Drug Administration (FDA) has granted approval for VEVYE (cyclosporine ophthalmic solution) 0.1%. This approval is for the treatment of both the signs and symptoms associated with dry eye disease. VEVYE is a groundbreaking cyclosporine solution, and it stands as the first and sole solution with this indication, demonstrating efficacy within just four weeks of treatment. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rising prevalence of dry eye, surge in purchasing power, and growing launch of new products. For instance, in January 2022, Sun Pharma Canada Inc., a subsidiary of the Mumbai-based company Sun Pharmaceutical Industries Limited, has introduced Cequa, which is a cyclosporine ophthalmic solution containing 0.09 percent w/v. Cequa is categorized as a calcineurin inhibitor immunomodulator.
Segmentation: OTC Dry Eye Drops Market Report 2023 - 2034
OTC Dry Eye Drops Market Analysis & Forecast by Type 2023 - 2034 (Revenue USD Bn)
- Generics
- Branded
OTC Dry Eye Drops Market Analysis & Forecast by Product 2023 - 2034 (Revenue USD Bn)
- Preservatives Free
- With Preservatives
OTC Dry Eye Drops Market Analysis & Forecast by Viscosity 2023 - 2034 (Revenue USD Bn)
- High Viscosity
- Low Viscosity
OTC Dry Eye Drops Market Analysis & Forecast by Distribution Channel 2023 - 2034 (Revenue USD Bn)
- Online Pharmacies
- Drugstores & Supermarkets
- Retail Pharmacies
- Others
OTC Dry Eye Drops Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. OTC Dry Eye Drops Market: Type Estimates & Trend Analysis
8. OTC Dry Eye Drops Market: Product Estimates & Trend Analysis
9. OTC Dry Eye Drops Market: Viscosity Estimates & Trend Analysis
10. OTC Dry Eye Drops Market: Distribution Channel Estimates & Trend Analysis
11. Regional Market Analysis
12. North America OTC Dry Eye Drops Market
13. Europe Global OTC Dry Eye Drops Market
14. Asia Pacific Global OTC Dry Eye Drops Market
15. Latin America Global OTC Dry Eye Drops Market
16. MEA Global OTC Dry Eye Drops Market
17. Competitor Analysis
18. Company Profiles
Companies Mentioned
- Alcon
- AbbVie Inc.
- Altaire Pharmaceuticals Inc.
- Johnson & Johnson Services Inc.
- Théa Pharmaceuticals
- Santen Pharmaceutical Co. Ltd.
- Medicom Healthcare Ltd.
- Novartis AG
- Rohto Pharmaceutical Co. Ltd.
- Sentiss Pharma Private Limited
- Prestige Consumer Healthcare Inc.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | January 2024 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 3.67 Billion |
| Forecasted Market Value ( USD | $ 8.4 Billion |
| Compound Annual Growth Rate | 7.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
