With 5.9% CAGR, Artificial Tears Market Size to Surpass Around USD 4.30 Billion by 2027
According to Fortune Business Insights, Artificial Tears Market to Reach USD 4.30 Billion by 2027; Introduction of Systane’s Eye Drop Range to Bode Well for the Market
Pune, India, Oct. 12, 2022 (GLOBE NEWSWIRE) — The global artificial tears market size is expected to capacity USD 4.30 billion by 2027, exhibiting a CAGR of 5.9% during the forecast period. The growing incidence of ocular diseases can be a vital factor amplifying the hike of the global market, the market size stood at USD 2.64 billion in 2019.
Artificial tears are a type of medical device that are often used to treat eye diseases and injuries. They are made from a mixture of water and a type of artificial eye fluid, which is often made from a type of synthetic oil. They are often used to replace the natural tears that are produced in the eye.
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Industry Development
- July 2021 – Bausch+Lomb, a subsidiary of Bausch health Companies Inc. announced the launch of Biotrue Hydration Boost Lubricant Eye Drops and Biotrue Micellar Eyelids Cleansing Wipes in the U.S. region. These products are developed for patients suffering with irritated, dry eyes.
- April 2021 – Alcon, announced that they have launched Systane Hydration Multi-Dose Preservative-Free Lubricant eye drops in the U.S. region. This product is a new addition to their existing portfolio of dry eye products. These new eye drops are preservative free and provides moisture to patients with sensitive dry eyes.
Report Scope
| Report Coverage | Details |
| Forecast Period | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR | 5.9% |
| 2027 Value Projection | USD 4.30 Billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 2.64 Billion |
| Historical Data for | 2016 to 2018 |
| No. of Pages | 135 |
Regional Analysis:
Presence of Eminent Players to Promote Business in North America
The market size in North America stood at USD 1.38 billion in 2019. The growth in North America is attributed to the robust healthcare infrastructure. The growing demand for sophisticated artificial tears will enable the growth of the market. The presence of key market players will influence growth in the region. The increasing prevalence of dry eye syndrome and other ocular diseases such as eye allergies will create lucrative business opportunities for the market.
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As per the survey conducted by National Health and Wellness in 2013, it was estimated that up to 6.8% of the population in the U.S. was to be affected by dry eye syndrome. The large patient population is likely to accelerate revenue in North America. The market in Asia Pacific is expected to witness a rapid growth rate during the forecast period due to the growing awareness about ocular diseases. The increasing patient population and healthcare expenditure will foster the healthy growth of the market in the region. The Middle and East and Africa are predicted to account for a significant share in the global market due to the enriching economic conditions and improved healthcare systems.
Market Driver:
Introduction of Technologically Advanced Products to Bolster Growth
The constant efforts of eminent players to launch advanced and sophisticated products are expected to have a tremendous effect on the market. For instance, SYSTANE released a variety of products such as Systane® Complete, Systane® Ultra Lubricant Eye Drops, Systane® Balance Lubricant Eye Drops, Systane® Ultra Lubricant Eye Drops, Systane® Preservative-Free Lubricant Eye Drops, Systane® Nighttime Ointment, Systane® Day & Night Lubricant Eye Drop and others. The increasing awareness among the patient population will contribute positively to the growth of the market during the forecast period. The rising cases of dry eye syndrome and conjunctivitis will spur the demand for artificial tears, which, in turn, will boost the market.
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The artificial tears market encompasses:
- Wide-ranging analysis of the market
- Valuable insights into the regions
- Key market trends and drivers
- Severe impact of COVID on the industry
- High-end data about prominent players
Ease on OTC Products to Offer Impetus to Market During COVID-19
The coronavirus pandemic has severely affected various industries across the globe. The implementation of lockdown by governments has to lead to the disruption of the supply chain. However, the facility for non-essential medical products will improve the prospects of the market during the pandemic. The ease on over the counter (OTC) products such as artificial tears can further aid the speedy expansion of the market. The demand for teardrops in online pharmacies will subsequently propel the growth of the market.
The coronavirus has majorly disturbed businesses working across various sectors. The restriction on transportation has limited the supply of products. Moreover, the government of several countries has initiated lockdown to prevent the spread of this infectious disease. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
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Market Segmentation:
| Segmentation | By Type
|
By Delivery
| |
By Distribution Channel
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The Report Lists the Main Companies in the Artificial Tears Market:
- Allergan (AbbVie Inc.) (Dublin, Ireland)
- Santen Pharmaceutical Co., Ltd. (Osaka, Japan)
- Bausch & Lomb (Laval, Canada)
- Alcon (Geneva, Switzerland)
- Novartis AG (Basel, Switzerland)
- Akorn Inc. (Lake Forest, U.S.)
- Eyevance Pharmaceuticals LLC (Forth Worth, U.S.)
- Sun Pharmaceutical Industries Ltd. (Mumbai, India)
- Johnson & Johnson (New Brunswick, U.S.)
- Bayer AG (Leverkusen, Germany)
- Otsuka Pharmaceutical Co., Ltd. (Tokyo, Japan)
- Other Players
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Dry Eye Disease – By Key Countries
- Prevalence of Conjunctivitis – By Key Countries
- Pipeline Analysis
- Key Industry Developments
- New Product Launches
- Regulatory Scenario – By Key Countries
- Reimbursement Scenario – By Key Countries
- R&D Advancements in Artificial Tears
- Global Artificial Tears Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Polyethylene Glycols (PEG) and Polypropylene Glycols (PPG)
- Cellulose
- Others
- Market Analysis, Insights and Forecast – By Delivery
- Eye Drops
- Ointments
- 5.4 Market Analysis, Insights and Forecast – By Application
- Dry Eye Syndrome
- Allergies & Infections
- Others
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital Pharmacies
- Drug Stores & Retail Pharmacies
- Online Pharmacies
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Artificial Tears Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis – By Type
- Polyethylene Glycols (PEG) and Polypropylene Glycols (PPG)
- Cellulose
- Others
- Market Analysis – By Delivery
- Eye Drops
- Ointments
- Market Analysis – By Application
- Dry Eye Syndrome
- Allergies & Infections
- Others
- Market Analysis – By Distribution Channel
- Hospital Pharmacies
- Drug Stores & Retail Pharmacies
- Online Pharmacies
- Market Analysis – By Country
- U.S.
- Canada
TOC Continued…
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