OTC Dry Eye Drops Market Size, Trends, Share Analysis, Size And Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global OTC Dry Eye Drops Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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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Market Drivers and Trends:

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.

Major companies operating in the OTC dry eye drops market focus on introducing innovative products, such as preservative-free lubricant eye drops, to sustain their position in the market. Preservative-free lubricant eye drops refer to a type of over-the-counter (OTC) eye drops designed to provide relief for dry, irritated eyes without the use of preservatives. For instance, in January 2022, Alcon Inc., a Switzerland-based medical device company specializing in eye care products, launched Systane Complete Preservative-Free Lubricant Eye Drops in Europe. Its innovative moisture and lipid delivery system ensures even dispersion across the eye surface, tackling dryness effectively. The formula uses advanced nanodroplet technology for fast-acting hydration, tear evaporation protection, and long-lasting relief. It comes in an easy-to-use, multi-dose bottle enabled by patented PureFlow technology, which has a one-way valve to prevent contamination and eliminate the need for preservatives.

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Major Key Players of the Market:

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.

OTC Dry Eye Drops Market 2024 Key Insights:

• 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%.
• Increased Digital Device Usage Fueling Growth In The OTC Dry Eye Drops Market
• Innovative Preservative-Free Lubricant Eye Drops For Rapid Relief And Lasting Hydration
• North America was the largest region in the OTC dry eye drops market in 2023

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