PUBLISHER: Grand View Research | PRODUCT CODE: 1363098
PUBLISHER: Grand View Research | PRODUCT CODE: 1363098
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 Thea Pharmaceuticals for the treatment of DED, supporting its expansion plans.