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/EIN News/ -- New York, United States, Aug. 18, 2022 (GLOBE NEWSWIRE) -- The application of artificial tears protects and hydrates mucous membranes and alleviates dryness and irritation of the eyes. Artificial Tears is a specially formulated ocular lubricant. These eye drops can treat dry eyes brought on by aging, specific medications, a medical condition, eye surgery, or environmental factors such as wind and smog. Artificial tears alleviate the discomfort, irritation, and burning caused by dry eyes. Over-the-counter (OTC) artificial tears are sold directly to consumers without a prescription. In addition to lubricating the eyes, some artificial tears promote eye healing, while others reduce tear evaporation. Artificial tears may also contain thickening agents that prolong the solution's contact with the eye's surface.
The global market for over-the-counter (OTC) artificial tears is primarily driven by an increase in the geriatric population, an alarming rise in the prevalence of dry eye syndrome (DES), and an increase in eye surgeries, which increases the demand for artificial tear drops for post-surgery management. In addition, changes in lifestyle habits, such as prolonged exposure to digital displays and an increase in smartphone addiction, cause dry eye syndrome, which increases the demand for artificial tears and drives the market growth. In addition, as the number of eye surgeries increases, so does the requirement for artificial tear drops for post-operative care.
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Growing Prevalence of DES and Allergic Conjunctivitis and Growth in Geriatric Population to Drive the Global OTC Artificial Tears Market
The availability of various dosage forms of over-the-counter artificial tears for the prevention, diagnosis, and treatment of dry eye syndrome is one of the key factors driving the market growth. In 2019, the American Academy of Ophthalmology (AAO) reported that dry eye syndrome affected approximately 3.2 million women and 1.68 million men. Dry eye syndrome can result in infection, blurred vision, and sensitivity if left untreated for an extended period. In addition, it is estimated that the incidence rate of distance vision impairment is four times higher in low- and middle-income countries than in high-income countries.
Eye drops, solutions, gels, suspension, and ointments are among the many formulations of artificial tears available over-the-counter for treating dry eye syndrome. Patients' medications are distributed by the distribution channel, including hospitals, online pharmacies, and drug stores. Furthermore, allergic conjunctivitis is one of the most common causes of eye inflammation. 40% of the global population was diagnosed with allergic conjunctivitis in 2021, according to StartPearls. Due to the rapid spread of allergic conjunctivitis and dry eye syndrome, the market for over-the-counter artificial tears is expanding.
The aging global population drives the expansion of the global market for OTC artificial tears. The elderly have the highest prevalence of eye diseases such as dry eye, glaucoma, age-related macular degeneration, cataract, and presbyopia. According to data published by the United Nations, there were approximately 703 million individuals aged 65 and older in 2019. Globally, the proportion of the over-65 geriatric population increased from 6% in 1990 to 9% in 2019. Between 5% and 30% of the elderly suffer from dry eyes. An increase in the elderly population drives the expansion of the market for over-the-counter artificial tears.
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North America is most likely to hold the largest market share during the forecast period growing at a CAGR of 4.57%. Due to the increasing prevalence of geriatrics, the expansion of health care infrastructure, the introduction of sophisticated products, and the presence of market leaders, North America will continue to dominate the market in terms of revenue during the forecast period. The increasing prevalence of dry eye syndrome and advances in ophthalmology R&D are expected to fuel market expansion.
In addition, it is anticipated that the increase in the number of eye surgeries will contribute to the region's dominance during the study period. For instance, the Centers for Disease Control and Prevention (CDC) reported that over 4,2 million Americans aged 40 and older had legal blindness or low vision. In the United States, cataracts and glaucoma are the leading causes of blindness.
Europe will have the second-largest market share of USD 2,008 million, growing at a CAGR of 5.25% by 2030. The rise in the number of cataract surgeries, the presence of key market players, technological advancements in the healthcare industry, and the adoption of contact lenses are viewed as the primary growth drivers of the market. Europe's increasing technological advancement in ophthalmology is the primary market driver. Due to the rapid adoption of artificial tears in Europe, the over-the-counter market for artificial tears is expanding rapidly. As cataract surgery becomes more prevalent in Europe, demand for over-the-counter (OTC) artificial tears to alleviate itching, irritation, redness, and burning sensations increases.
Asia-Pacific will grow at the highest CAGR during the forecast period. Due to a rise in the elderly population, the number of cataract and glaucoma surgeries, and environmental pollution, the Asia-Pacific market is anticipated to experience substantial growth during the forecast period. Many patients in China and India suffer from dry eye, making them highly attractive investment markets. Additionally, the increase in the number of patients diagnosed with dry eye syndrome and the rise in awareness programs for the prevention and management of the ocular disease is anticipated to provide growth opportunities for the manufacturer of novel artificial tear products and boost the expansion of the global market for over-the-counter artificial tears.
Increment in the geriatric population, increase in cataract and glaucoma surgeries and advances in R&D drive market growth. Environmental pollution is one of the leading causes of ocular disease, which in turn causes irritation and dry eye syndrome. In addition, China's pollution index of 81.12 indicates an increase in environmental pollution. Those who reside in areas with a high risk of air pollution are more likely to suffer from dry eye disease.
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Competitive Players in the Market
Global OTC Artificial Tears Market: Segmentation By Product Type
Table of Content and Figure @ https://straitsresearch.com/report/otc-artificial-tears-market/toc
Dry Eye Syndrome Market: Europe is expected to witness strong growth for dry eye syndrome market during the forecast period
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