OTC Artificial Tears Market Size to Reach $6.39 Billion Globally at 4.94% CAGR by 2028
18 Aug 2021
Increase in prevalence of eye diseases such as dry eye syndrome and allergic conjunctivitis drives the growth of the global OTC artificial tears market,
Increase in prevalence of eye diseases such as dry eye syndrome and allergic conjunctivitis, rise in demand for artificial tears products, and surge in investment in R&D activities by various healthcare companies drive the growth of the global OTC artificial tears market. The supply chain disrupted due to lockdown imposed by governments of various countries. This led to shortage of some medical products for distribution.
Global OTC Artificial Tears Market garnered $4.37 billion in 2020, and is estimated to reach $6.39 billion by 2028, witnessing a CAGR of 4.9% from 2021 to 2028. The report offers an extensive analysis of changing market trends, top segments, major investment pockets, regional scenarios, value chain, and competitive landscape.
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Covid-19 Scenario:-
The supply chain disrupted due to lockdown imposed by governments of various countries. This led to shortage of some medical products for distribution. However, governments provided relaxation for medical products during the pandemic, which in turn, is expected to improve the prospects of the market.
The availability of over the counter (OTC) products such as artificial tears further helped in speedy expansion. In addition, the online pharmacies further catered to the demand during the pandemic.
The report offers detailed segmentation of the global OTC artificial tears market based on product type, container type, formulation, application, distribution channel, and region.
Based on product type, the solution segment held the highest market share, accounting for around two-fifths of the total share in 2020, and is projected to maintain its lead position during the forecast period. However, the gel segment is estimated to register the highest CAGR of 5.4% from 2021 to 2028.
Based on container type, the plastic multi-dose container segment accounted for the largest market share in 2020, contributing to more than two-fifths of the global OTC artificial tears market, and is estimated to continue its leadership status during the forecast period. Moreover, this segment is projected to witness the largest CAGR of 5.2% from 2021 to 2028.
Based on region, North America contributed to the largest market share in 2019, holding more than one-third of the total share, and is expected to maintain its dominant share in terms of revenue by 2028. However, Asia-Pacific is estimated to portray the highest CAGR of 6.0% during the forecast period.
Leading Market Players:-
AbbVie, Inc.,
Alcon,
Akorn, Inc.,
Johnson & Johnson,
Bausch & Lomb,
Santen Pharmaceutical Co. Ltd.,
Ocusoft,
Sun Pharmaceutical Industries Limited,
Similasan Corporation,
Ursapharm Arzneimittel GmbH.
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