PUBLISHER: The Business Research Company | PRODUCT CODE: 1458610
PUBLISHER: The Business Research Company | PRODUCT CODE: 1458610
Artificial tears are solutions, gels, or ointments designed to alleviate dryness and discomfort of the eye surface. They are commonly utilized in managing dry eye syndrome, a condition triggered by reduced tear production or increased tear evaporation.
The primary types of artificial tears include glycerin tears, cellulose tears, oil-based emulsion tears, polyethylene glycol-based tears, sodium hyaluronate-based artificial tears, and propylene glycol-based tears. Glycerin is a component found in some artificial tears, aiding in relieving dry and irritated eyes. These artificial tears are available in various formulations such as suspensions, solutions, ointments, emulsions, gels, and sprays, catering to different patient needs. Indications for using artificial tears encompass dry eye syndrome, allergies, infections, UV and blue light protection, and retaining moisture for contact lens wearers, among others. They are distributed through various channels, including retail pharmacies, hospital pharmacies, online pharmacies, and ophthalmic stores, ensuring accessibility to consumers in need of ocular surface relief.
The artificial tears market research report is one of a series of new reports from The Business Research Company that provides artificial tears market statistics, including artificial years industry global market size, regional shares, competitors with an artificial tears market share, detailed artificial tears market segments, market trends and opportunities, and any further data you may need to thrive in the artificial years industry. This artificial tears market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The artificial tears market size has grown strongly in recent years. It will grow from $3.32 billion in 2023 to $3.55 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth observed in the historical period can be attributed to several factors, including the aging population, prolonged screen time leading to increased instances of dry eye syndrome, healthcare expenditure on ocular health, a shift from prescription-based treatments to over-the-counter (OTC) options, and regulatory changes impacting the availability and accessibility of artificial tears and related products.
The artificial tears market size is expected to see strong growth in the next few years. It will grow to $4.55 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing prevalence of dry eye syndrome, a rise in contact lens usage, global urbanization leading to environmental factors such as pollution, and the growth of e-commerce. Major trends expected in the forecast period encompass technological advancements in artificial tear formulations, integration of AI and technology in eye care solutions, partnerships with healthcare providers to enhance distribution and awareness, incorporation of natural ingredients in product formulations, advancements in drug delivery systems for eye care, and a growing emphasis on sustainable and eco-friendly product offerings. These trends collectively contribute to the continued evolution and expansion of the artificial tears market.
The escalating prevalence of dry eye disease is poised to fuel the expansion of the artificial tear market in the foreseeable future. Dry eye disease, characterized by insufficient tear production or poor tear quality, results in discomfort and irritation. Artificial tears serve as a vital solution by supplementing natural tear production, offering lubrication and relief for dry eyes. For instance, a survey conducted by Macquarie University in March 2022 revealed that among individuals aged 50 and above, 13% exhibited clinical signs of dry eye disease (DED), with varying severity levels. Additionally, data from Eyes On Eyecare indicated a notable increase in the utilization of prescription and in-office treatments for dry eye disease, underscoring the growing recognition and management of this condition. Consequently, the mounting prevalence of dry eye disease acts as a key driver propelling the growth of the artificial tear market.
Key players in the artificial tears market are innovating products integrated with advanced technologies such as HydroBoost and PureFlow bottle technology to enhance their market competitiveness and profitability. HydroBoost and PureFlow bottle technology represent specialized formulations and dispensing mechanisms aimed at augmenting hydration and sterility in eye lubrication products. For example, Alcon introduced Systane Hydration Multi-Dose Preservative-Free Lubricant Eye Drops in April 2021, featuring HydroBoost Technology for heightened hydration and comfort in sensitive, dry eyes. The preservative-free formulation minimizes irritation, while the innovative PureFlow bottle ensures sterile, multi-dose usage convenience. These eye drops provide a comprehensive solution for managing dry eye symptoms, catering to aqueous dry eye sufferers, frequent users, and post-surgical patients alike.
In July 2023, Bausch + Lomb, a prominent eye health products company headquartered in Canada, completed the acquisition of Johnson & Johnson's Blink product line for $106.5 million. This strategic acquisition is aimed at strengthening Bausch + Lomb's presence in the over-the-counter (OTC) eye care market segment, enabling the company to provide consumers with enhanced convenience and a wider array of eye care solutions. The Blink product line, originating from a US-based pharmaceutical company, specializes in tears lubricating eye drops.
Major companies operating in the artificial tears market report are Pfizer Inc., Johnson & Johnson, AbbVie Inc., Novartis AG, Abbott Laboratories, Otsuka Pharmaceutical Co. Ltd., Alcon, Bausch Health Companies Inc., Sun Pharmaceutical Industries Ltd., Dr Reddy's Laboratories, Santen Pharmaceutical Co. Ltd., Lupin Limited, Rohto Pharmaceutical Co. Ltd., Prestige Consumer Healthcare Inc., Thea Pharma Inc., OPTIMA pharma GmbH, Sentiss Pharma Pvt. Ltd., VISUfarma B.V., OASIS Medical Inc., Hilco Vision, Similasan Corporation, Eyevance Pharmaceuticals LLC, Nicox S.A., I-MED Pharma Inc., Velocity Pharma LLC
North America was the largest region in the artificial tears market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial tears market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the artificial tears market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The artificial tears market consists of sales of blink tears, soothe XP, genteal tears, and visine tears. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Artificial Tears Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on artificial tears market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for artificial tears? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The artificial tears market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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