Dublin, Feb. 05, 2024 (GLOBE NEWSWIRE) -- The "Global OTC Dry Eye Drops Market Analysis & Forecast to 2024-2034" report has been added to ResearchAndMarkets.com's offering.
With dry eye syndrome becoming a growing concern globally, the OTC Dry Eye Drops market is experiencing a significant upswing.
According to the latest market analysis, the sector is projected to witness a commendable Compound Annual Growth Rate (CAGR) of 7.82% during the forecast period from 2024 to 2034, with the market size anticipated to escalate from USD 3.67 billion in 2023 to USD 8.40 billion by 2034.
An examination of market dynamics shows the proliferation of dry eye symptoms is closely linked to increased screen time and lifestyle modifications. Technological advancements in product formulations alongside a notable shift towards generics and branded offerings are crucial factors energizing the market.
Market Segmentation Highlights
The market analysis has segmented the OTC Dry Eye Drops market into various categories:
- Type: Generics continue to captivate the market due to their cost-effectiveness, while branded segments are on a trajectory for rapid growth, supported by consumer trust and product innovation.
- Product: The demand for preservative-free eye drops is gaining momentum due to increased consumer awareness concerning the adverse effects associated with preservatives.
- Viscosity: Low-viscosity segment leads revenue due to user comfort and quick action, whereas high-viscosity drops are noted for their elongated relief and are expected to see a swift CAGR in the upcoming years.
- Distribution Channel: Retail pharmacies dominate distribution channels because of their accessibility. In contrast, online pharmacies are projected to grow exponentially, propelled by the convenience and safety of e-commerce.
Regional insights reveal that North America retains the largest market share, underpinned by an advanced healthcare framework and heightened consumer awareness. Conversely, Asia Pacific regions are poised to deliver the fastest growth rate, driven by an increase in dry eye prevalence and enhancement in purchasing power.
Innovations and Approvals Driving Market Growth
Market participants are incessantly innovating and receiving regulatory nods for new product introductions across the globe. Notable entries such as Alcon's Systane Complete Preservative-Free Lubricant Eye Drops and Théa Pharma's TheaLipid for dry eye conditions, along with Novaliq GmbH's VEVYE and Sun Pharma's Cequa in North America, are indicative of the robust activity within the sector. Such advancements are a testimony to the market's vitality and the sustained efforts to cater to the growing need for effective dry eye solutions.
The comprehensive study offers in-depth analysis and projection for the Over-The-Counter Dry Eye Drops market by type, product, viscosity, distribution channel, and geographic regions. The research provides an extensive understanding of the landscape, aiding stakeholders and participants in making informed strategic decisions.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value (USD) in 2023 | $3.67 Billion |
| Forecasted Market Value (USD) by 2034 | $8.4 Billion |
| Compound Annual Growth Rate | 7.8% |
| Regions Covered | Global |
Companies Profiled
- 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.
For more information about this report visit https://www.researchandmarkets.com/r/9szx7v
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