Does the end-user need to have Oculus runtime installed on their computer in order for them to be able to run my Oculus Rift compatible title?

Yes, as a requirement to launch content on an Oculus Rift, the Oculus Software package (runtime, drivers, etc...) will need to be installed on the customers’ PC. Since this integration utilizes OpenVR to target Oculus’ hardware, customers will also need to have a recent version of SteamVR installed as well.