Global OTC Artificial Tears Market Growth Supplemented by Geriatric Population’s Susceptibility to Eye Diseases
Inkwood Research estimates that the Global OTC Artificial Tears Market is set to grow with a CAGR of 5.12% in terms of revenue during the forecasting years of 2021-2028.
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Artificial tears entail lubricant eye drops, used for the treatment of irritation and dryness typically caused by the deficiency of tear production. Artificial tears are formulated for initiating natural tears and treating numerous eye disorders like allergy and infection, in addition to offering protection from blue light and UV. It is also used for moisturizing contact lenses.
Geriatric Population’s Susceptibility to Eye Diseases to Fuel Market Growth
An increase in the geriatric population is set to fuel the growth of the global OTC artificial tears market. The elderly are highly susceptible to eye diseases like dry eye, age-related macular degeneration, glaucoma, cataract, and presbyopia. Moreover, owing to the process of aging, the muscles and the nerves surrounding the eyes become weak, and the lacrimal gland’s dysfunction causes decreased tear production. In this regard, according to the data published in the United Nations, in 2019, nearly 703 million people were reported to be aged over 65. Globally, the percentage of the senior population above the age of 65 years increased from 6% to 9% between 1990 to 2019. Besides, the incidence of dry eye in the elderly is about 5% to 30%. Hence, the rise of the geriatric population augments the growth of the global market.
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Gel is the Leading Product
A gel is a semisolid system formulated through the interaction with colloidal particles as well as liquid vehicles. Ophthalmic gels are available in a refreshing and silky texture, used to offer temporary relief from the burning sensation and irritation of the eye. As a result, the rising demand for eye gels, in addition to the increasing number of key companies for manufacturing combinational semisolid ophthalmic drugs, are anticipated to reinforce the market growth.
Asia-Pacific to be the Fastest-Growing Region by 2028
The market in the Asia-Pacific is anticipated to register significant growth over the forecast period owing to the rising number of cataract and glaucoma surgeries, the growing geriatric population, and the elevated levels of environmental pollution. Moreover, the increasing number of patients diagnosed with dry eye disease and the high number of awareness programs for preventing and managing ocular disease are set to provide lucrative opportunities for manufacturers.
Sustainable competitive advantages by means of innovation are predicted to enhance the competition among firms operating in the global market. Therefore, powerful competitive strategies are anticipated to heighten the industrial rivalry across the studied market.
Top players in the market are Sun Pharmaceutical Industries Ltd, Bausch Health Companies Inc, Allergan PLC (Acquired by Abbvie), etc.
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