Artificial Tears Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
The artificial tears market has been projected to reach US$ 4.30 billion during the forecast period from 2020 to 2030. Furthermore, the artificial tears market is likely to exhibit a CAGR of 5.9% in the years to come.
The revenue generation opportunities in the artificial tears market are attributed to the increasing prevalence of the dry eye syndrome around the world. In addition to this, there has been a rapid increase in the launch of products with superior quality that is predicted to contribute to the revenue generation opportunities in the artificial tears market in the forthcoming years.
In recent years, there has been a rapid increase in the population that is suffering from ocular diseases, for example, dry eye syndrome and conjunctivitis around the world. These increasing cases further create demand for effective treatment solutions and thus bolster sales opportunities in the artificial tears market.
On the flip side, there are certain limitations related to treatment options that are projected to restrict the expansion avenues in the artificial tears market. For instance, safety concerns related to industry products are likely to limit the demand opportunities in the artificial tears market. Further, the risk of contamination and some adverse effects of the products are also likely to limit artificial tears market growth.
The rapidly growing global geriatric population is playing an instrumental role in the growth of the global artificial tears market. Since aging results in weaker eyes, aged people are more susceptible to ophthalmic disorders such as dry eye syndrome. This is, therefore, resulting in greater uptake of artificial tears. Moreover, the market is likely to benefit with the increasing pool of people undergoing eye surgeries. The management of dry eye, which is a general condition post eye surgery, is spurring the demand. Besides their conventional application, they are also used for animals as a part of the topical therapy for keratoconjunctivitis sicca.
Some of the different types of artificial tears, on the basis of their raw materials, are cellulose-derived tears, glycerin-based tears, oil-based emulsion tears, and polyethylene glycol and propylene glycol-based tears. Glycerin-based tears are likely to exhibit high demand, owing to their easy availability and ability to keep eyes moist for long. However, a shift towards cellulose-derived tears is likely to be observed in the near future due to the increasing end user inclination towards natural products. Based on delivery, ointments and artificial tears are two common dry eye relief methods.
Artificial tears manufacturers are likely to capitalize on the immense potential offered by emerging countries in Asia Pacific and Latin America. Players are involved in producing products that are advanced and in line with requirements of end users, which is helping them in enhancing their visibility. Key artificial tears market participants are paying high attention to research and development activities to diversify their product portfolio.
Artificial tears are eye drops that are used to lubricate dry eyes and they help to preserve moisture on the outer surface of the eyes. Artificial tears are used to treat dry eyes, a condition resulting due to certain medications, aging, and surgery or environmental conditions. Artificial tears are essential for treating dry eye symptoms and are available commercially without prescription.
Artificial tears are manufactured to imitate real tears and for treating various eye problems. These artificial tears are manufactured using salts, water, and polymers. However, artificial tears do not possess the protein that are present in natural tears. In recent years, artificial tears have emerged as an effective solution serving the need of individuals who have extremely dry eyes and need to moisten them every few hours.
The research report is an all-important tool to comprehend trends, opportunities, and competitive hierarchy of the global artificial tears market until the end of the forecast period in 2025. The report is presented after collecting data from industry-centric databases and scrutinizing the data using standard analytical tools.
The research report divides the artificial tears market on the basis of product and geography. Included in the report is an elaborate executive summary, which provides details of the various segments and sub-segments of the market.
The increasing incidence of dry eye syndrome (DES) is one of the major factors driving the artificial tears market. Dry eye syndrome is triggered due to prolonged exposure to digital displays, poor eyelid, regular air travels, malnutrition, dry weather spells, chronic conjunctivitis, scars of eye injury, poor diet, and severe climatic changes. The economic condition of consumers in developing countries is also propelling this market; the low per capita income in developing countries compared to developed countries will result in increased utilization of low-priced artificial tear products.
The increasing use of preservative-free artificial tears, an increasing demand for advanced products for post-surgery care for dry eyes, technological advances, an increasing number of individuals wearing contact lens, and the surging number of mobile and smartphone users are some other factors driving the growth of global artificial tears market.
However, the growth of the artificial tears market is impeded due to certain factors. The excessive use of artificial tears can have side effects such as redness in the eyes, vision changes, irritation, and eye pain. Nevertheless, the use of advanced eye care products has addressed these issues to some extent.
The global artificial tears market is divided into North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific is expected to display attractive growth opportunities due to an increasing aging population and rising incidence of DES patients in the region.
The report presents the vendor landscape of the global artificial tears market with a detailed competitive profile of major companies operating in this market. These are Allergan Inc., Advanced Vision Research Inc., AbbottMedical Optics Inc., Novartis International AG, Santen Pharmaceuticals, McNEIL-PPC, Bausch & Lomb, and Alcon Inc.
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