Portland, OR, June 23, 2021 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the 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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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. However, side effects such as blurred vision, redness around the eye, and skin rashes hinder the market growth. On the other hand, rise in number of eye surgeries, surge in awareness regarding management of dry eye syndrome, and initiatives by the government for the development & production of different novel OTC artificial tears present new opportunities in the coming years.
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.
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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 players of the global OTC artificial tears market analyzed in the research include AbbVie, Inc., Alcon, Akorn, Inc., Johnson & Johnson, Bausch & Lomb, Santen Pharmaceutical Co. Ltd., Ocusoft, Sun Pharmaceutical Industries Limited, Similasan Corporation, and Ursapharm Arzneimittel GmbH.
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
