The preservative-free eye drops market size is expected to grow from US$ 1.129 billion in 2022 to US$ 1.587 billion by 2030; it is projected to register a CAGR of 4.3% during 2022-2030.

In eye drops, preservatives are typically added to prevent bacterial contamination. However, some people may be sensitive or allergic to these preservatives. The most common preservative used in eye drops is called benzalkonium chloride (BAK). Overuse of BAK can irritate the eyes and worsen dry eye conditions. Preservative-free eye drops do not contain preservatives, such as BAK. Preservative-free eye drops are often recommended to people with sensitivities or those who need to use eye drops frequently. The growth of the preservative-free eye drops market is attributed to the growing awareness regarding potential side effects associated with preservatives and rising eye-related issues among the aging population. However, increasing product recalls may hinder the growing preservative-free eye drops market size.

Companies operating in the preservative-free eye drops market constantly focus on strategic developments such as collaborations, expansions, agreements, partnerships, and new product launches, which help them improve their sales, expand their geographic reach, and enhance their capacities to cater to a greater than existing customer base. A few of the noteworthy developments that favor the market growth are mentioned below:

- In September 2023, Alcon expanded its range of preservative-free eye drops by adding Systane Hydration multi-dose preservative-free lubricant eye drops. According to the company, its new therapy uses Systane's Intelligent Delivery system of HP-Guar and borate along with 0.15% hyaluronic acid for long-lasting dry eye relief. The bottle features Alcon's patented PureFlow technology to reduce the need for preservatives.

- In July 2023, Bausch + Lomb acquired the Blink product line of eye and contact lens drops from Johnson & Johnson Vision for US$106 million. The Blink range of products that are part of the acquisition include Blink Tears preservative-free lubricating eye drops, Blink Tears lubricating eye drops, and others. The company also announced a separate bid to purchase the Xiidra prescription dry eye drug from Novartis and declared it as the latest example of its strategy to focus on over-the-counter consumer eyecare products.

- In June 2023, Senju Pharmaceutical Co., Ltd. and Novaliq GmbH closed a license agreement on Japan rights to develop, manufacture, and commercialize NOV03 (perfluorohexyloctane ophthalmic solution), which is a treatment for dry eye disease that directly targets tear evaporation. NOV03 is a first-in-class, preservative-free treatment for signs and symptoms of dry eye disease.

- In April 2023, Sun Pharmaceutical Industries Limited's wholly owned subsidiaries launched a novel ophthalmology treatment, CEQUA, for patients in India with dry eye disease along with inflammation. It is a novel clear preservative-free aqueous nano micellar solution, which improves the penetration of the active ingredient cyclosporine in ocular tissues.

- In March 2023, NovaBay Pharmaceuticals, Inc. partnered with Eyeganics to sell its over-the-counter Organic Tears through its website and physician-dispensed channel. Organic Tears is the only USDA-certified lubricant eye drop that is 100% organic, chemical-free, and preservative-free. The eye drops feature a novel technology that dispenses preservative-free formulations in a multidose system with microbiological safety.

- In February 2023, Santen Pharmaceutical Co., Ltd. received the National Medical Products Administration of China marketing authorization for STN1011101, a preservative-free combination eye drop of tafluprost 0.0015% and timolol 0.5%.

- In March 2022, Anjac Health & Beauty acquired Pillar5 Pharma Inc. in order to strengthen its pharmaceutical activities and presence in North America. Pillar5 is a main North American contract development manufacturing organization (CDMO) for producing sterile ophthalmic solutions and solid dose manufacturing. It is the first CDMO to offer multi-dose preservative-free capabilities on the North American market.

- In February 2022, AFT Pharmaceuticals introduced a preservative-free product called Ocuzo for bacterial eye infections. It is approved for treating ocular bacterial infections caused by organisms susceptible to chloramphenicol. The antibiotic eye drop is available in a 10mL multidose bottle.

- In January 2022, Alcon launched its innovative portfolio of dry eye products in Europe, called Systane Complete preservative-free lubricant eye drops. With the launch of Systane, the company now offers a complete portfolio of preservative-free artificial tears in multi-dose bottles, which has helped the company expand its footprint in the large and fast-growing artificial tears category.

- In February 2021, Bausch + Lomb launched Alaway Preservative Free antihistamine eye drops in the US. It is the first over-the-counter preservative-free antihistamine eye itch relief drop approved by the US Food and Drug Administration.

Therefore, introducing new products and strategic moves such as expansions and acquisitions allow companies in the preservative-free eye drops market to create new or improved products and new businesses to remain competitive in the market. Thus, such strategic growth initiatives create significant growth opportunities for expanding the preservative-free eye drops market in the coming years.

Application-Based Insights

Based on application, the preservative-free eye drops market is categorized into dry eye disease, eye allergy/infection, glaucoma, retinal disorders, and other indications. The dry eye disease segment held a significant preservative-free eye drops market share in 2022. The segment is estimated to record the highest CAGR during 2022-2030.

Distribution Channel-Based Insights

Based on distribution channel, the preservative-free eye drops market is segmented into hospital pharmacies, drug stores and retail pharmacies, and online pharmacies. The hospital pharmacies segment held the largest preservative-free eye drops market share in 2022. In addition, the online pharmacies segment is expected to register the highest CAGR from 2022 to 2030.

The World Health Organization, United Nations Global Population Prospects, Centers for Disease Control and Prevention, and China Dry Eye Expert Consensus are among the primary and secondary sources referred to while preparing the preservative-free eye drops market report.