Artificial Tears Market Growth Analysis | 2023-2028

Market Insights

The artificial tears market was estimated at USD 3.07 billion in 2023 and is likely to grow at a CAGR of 5.48% during 2023-2028 to reach USD 4.01 billion in 2028.

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What are Artificial Tears?

Artificial tears are eye drops used to relieve dryness and irritation of the ocular surface by lubricating them. It retains moisture on the outer surface of the eyes. Artificial tears can be categorized as cellulose-derived tears, glycerine-derived tears, oil-based emulsion tears, polyethylene glycol-based tears, propylene glycol-based tears, and sodium hyaluronate-based artificial tears.

COVID-19 Impact on Global Artificial Tears Market

Covid-19 outbreak impacted the growth of the artificial tears market negatively. The spread of coronavirus led to the enforcement of lockdown to curb the spread of the virus. This led to travel restrictions and supply chain disruptions, which affected the product supply and demand.

Key Players

Key players operating in the global artificial tears market are-

• Johnson and Johnson Services, Inc. (The U.S),
• Alcon Inc. (Switzerland),
• OASIS Medical (The U.S),
• AbbVie Inc. (The U.S),
• Bayer AG (Germany),
• Prestige Consumer Healthcare Inc. (The U.S),
• Santen Pharmaceutical Co., Ltd. (Japan),
• Bausch Health Companies Inc. (Canada),
• Akorn Inc. (The U.S), and
• Aurolab (India).

Market Dynamics

The growth of the global artificial tears market is primarily driven by an increasing number of people having eye-related health issues due to dryness and irritation. Prolonged exposure to digital displays, poor eyelids, chronic conjunctivitis, and malnutrition among others has resulted in increasing cases of dry eye syndrome (DES) is likely to propel the market growth at a significant rate during the review period. In addition to this, increasing demand for technological advancement in artificial tears is likely to create lucrative opportunities for the players operating in the global market in the coming years.

Trend

The global artificial tear market is experiencing a surge in consumer awareness of ocular diseases like dry eye syndrome, driven by companies and governmental agencies. The U.S.'s National Dry Eye Awareness Month in July promotes awareness and effective measures to alleviate the disease, which is expected to significantly boost market sales during the forecast period.

Restraining factors

Increasing Concerns Associated with Eye Drops to Restrict the Market Growth. The global market growth for artificial tears is hindered by safety concerns, including contamination risks and adverse reactions from preservatives. This has led to restricted usage and reduced productivity, negatively impacting quality of life. Despite a large patient population suffering from ocular diseases like conjunctivitis and dry eye syndrome, these limitations are expected to result in reduced demand and market growth during the forecast period.

Which key factor is causing the market for artificial tears to slow down?

Teardrops face safety restrictions due to contamination risks and adverse reactions from preservatives. These restrictions limit usage and can lead to decreased productivity and quality of life. The anticipated reduction in demand for these products may limit market expansion during the forecast period.

What are the opportunities for the Artificial Tears Market?

Surge in Technological Advancements. The global market is expected to be driven by the consistent release of innovative products from top businesses, which will raise patient awareness and result in strong demand. Recent launches from the SYSTANE family and the Refresh family of artificial tears are expected to further boost market growth.

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Segments' Analysis

Type Trend

By type, the market is segmented as cellulose derived tears, glycerin derived tears, oil-based emulsion tears, polythylene glycol based tears, propylene glycol based tears, sodium hyaluronate based artificial tears. The glycerin-derived tears segment dominated the market due to its long-lasting moisturizing properties. Glycerin promotes epithelial cell growth and reduces ocular surface osmolarity. The segment is expected to grow at the highest CAGR from the forecast period. The cellulose segment, with products like Refresh Optive and GenTeal Tears, is projected to be the second-largest.

Application Trend

By application, the market is segmented as dry eyes treatment, contact lenses moisture. The dry eye treatment segment is the largest contributor to the market and is expected to grow at a healthy CAGR. Artificial tears are crucial for lubricating and maintaining moisture on the eye's outer surface, treating aging, medications, medical conditions, and external factors.

Delivery Mode Trends

By delivery mode, the artificial tears market has been bifurcated into eye drops and ointments. The eye drops segment accounted for the largest market share in 2022 and is projected to register significant growth during the review period. The segment growth can be attributed to high preference for drops over ointments among the consumers.

Regional Analysis

By region, the market in North America accounted for the largest market share in 2022 and is projected to grow at a significant CAGR during the assessment period.

• The regional growth can be attributed to expanding geriatric populace and the presence of key market players such as Johnson and Johnson Services, Inc. (US) and OASIS Medical (US).
• The market in Asia-Pacific is expected to be driven by increased spending on healthcare coupled with rising per capita disposable income of the consumers particularly in China and India.

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Critical Questions Answered in the Report

• What are the key trends in the global Artificial Tears market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the global Artificial Tears market?
• What are the key strategies adopted by the major vendors to lead in the global Artificial Tears market?
• What is the market share of the top vendors?

Target Audience

The following is a list of the customers that the Artificial Tears market aims to convert the most:

• Artificial tears distributors
• Artificial tears suppliers
• Artificial tears manufacturers
• Logistics organizations
• Government bodies

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Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the global market.

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