OTC Dry Eye Drops Market Size To Reach $6.09 Billion By 2030

OTC Dry Eye Drops Market Growth & Trends

The global OTC dry eye drops market size is expected to reach USD 6.09 billion by 2030, expanding at a CAGR of 7.70% from 2023 to 2030, according to a new report by Grand View Research, Inc. Key factors that drive the market growth are the rising prevalence of dry eye disease, increasing eyesight strain due to the widespread use of digital devices such as smartphones and computers, and the increasing aging population globally.

Growing health consciousness and awareness of ocular health are expected to drive product demand. Over 750 million people worldwide have both symptoms and clinical signs of dry eyesight, whereas over 600 million are at risk of developing dry eye disease (DED) since they have clinical signs but do not have symptoms, making up a sizeable population of about 1.4 billion people who suffer from symptoms but not clinical signs of DED, thereby driving the demand for OTC dry eye drops in the marketplace.

Furthermore, urbanization and modern lifestyles further contribute to the high prevalence of dry ocular syndrome. Prolonged screen time associated with urban living can lead to reduced blinking frequency and disruption of the tear film, while environmental pollutants in urban areas can irritate eyesight. Moreover, long commutes and various stressors of urban life, including irregular sleep patterns, can negatively impact tear production and overall ocular comfort, fueling the market growth for OTC dry eye drops.

Key participants are engaged in strategies such as agreements, mergers & acquisitions, partnerships, and launches, among others, to expand their global footprint and product portfolio. For instance, in January 2022, Alcon launched the Systane Complete Preservative-Free Lubricant Eye Drops in Europe, with an aim to expand its footprint in the large and fast-growingpreservative-free category of eye drops. Furthermore, in July 2023, TheaLipid was launched by Théa Pharmaceuticals for the treatment of DED, supporting its expansion plans.

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OTC Dry Eye Drops Market Report Highlights

• In terms of type, the generics segment held the largest revenue share in the market in 2022 and is anticipated to grow at the fastest rate over the forecast period, owing to the cost-effectiveness of generic products

• Based on product type, with preservatives segment held the largest market revenue share in 2022. Longer shelf life and easier storage play a vital role in contributing to segment growth

• With regards to viscosity, the low-viscosity segment dominated the market in 2022.Ease of application and rapid relief are projected to boost the segment's growth in the coming years

• Based on the distribution channel, the retail pharmacies segment led the market in 2022 due to their accessibility and convenience, making it easy for consumers to purchase OTC products such as dry eye drops

• North America held the largest revenue share in 2022. The presence of well-established market players, a large and diverse patient pool, and the rising geriatric population with increased dry eye susceptibility fuel regional growth

OTC Dry Eye Drops Market Segmentation

Grand View Research has segmented the global OTC dry eye drops market based on type, product type, viscosity, distribution channel, and region:

OTC Dry Eye Drops Type Outlook (Revenue, USD Million, 2018 - 2030)

• Branded

• Generics

OTC Dry Eye Drops Product Type Outlook (Revenue, USD Million, 2018 - 2030)

• With Preservatives

• Preservatives Free

OTC Dry Eye Drops Viscosity Outlook (Revenue, USD Million, 2018 - 2030)

• Low Viscosity

• High Viscosity

OTC Dry Eye Drops Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

• Drugstores and Supermarkets

• Online Pharmacies

• Retail Pharmacies

• Others

OTC Dry Eye Drops Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • South Korea

  • Thailand

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East and Africa

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players in the OTC Dry Eye Drops Market

• Rohto Pharmaceutical Co., Ltd.

• AbbVie, Inc.

• Johnson & Johnson

• Santen Pharmaceutical Co. Ltd.

• Novartis AG

• Prestige Consumer Healthcare Inc.

• Altaire Pharmaceutical Inc.

• Sentiss Pharma Private Limited

• Medicom Healthcare Pvt Ltd