Theglobal 'artificial tearsmarket' size is expected to reach USD 4.30 billion by 2027, exhibiting aCAGR of 5.9% during the forecast period. The growing incidence of ocular diseasescan be a vital factor amplifying the growth of the global market, statesFortune Business Insights, in a report, titled “Artificial Tears Market Size,Share & COVID-19 Impact Analysis, By Type (Polyethylene Glycols (PEG) andPolypropylene Glycols (PPG), Cellulose, and Others), By Delivery (Eye Drops,and Ointments), By Application (Dry Eye Syndrome, Allergies & Infections,and Others), By Distribution Channel (Hospital Pharmacies, Drug Stores &Retail Pharmacies, and Online Pharmacies), and Regional Forecast, 2020-2027.”The market size stood at USD 2.64 billion in 2019.
Frequently Ask Question :
1) How much is the artificial tears market worth?
Fortune Business Insightssays that the global artificial tears market size was USD 2.64 billion in 2019and is projected to reach USD 4.30 billion by 2027.
2) What was the value of the market in North America in 2019?
In 2019, the North Americamarket value stood at USD 1.38 billion.
3) At what CAGR is the market projected to grow in the forecast period(2020-2027)?
Growing at a CAGR of 5.9%, the marketwill exhibit steady growth in the forecast period (2020-2027).
An Overview of the Impact of COVID-19 on this Market :
Theemergence of COVID-19 has brought the world to a standstill. We understand thatthis health crisis has brought an unprecedented impact on businesses acrossindustries. However, this too shall pass. Rising support from governments andseveral companies can help in the fight against this highly contagious disease.There are some industries that are struggling and some are thriving. Overall,almost every sector is anticipated to be impacted by the pandemic.
Weare taking continuous efforts to help your business sustain and grow duringCOVID-19 pandemics. Based on our experience and expertise, we will offer you animpact analysis of corona virus outbreak across industries to help you preparefor the future.
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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
Market Driver:
Introduction of Technologically Advanced Products to BolsterGrowth
Theconstant efforts of eminent players to launch advanced and sophisticatedproducts 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 EyeDrops, Systane® Ultra Lubricant Eye Drops, Systane® Preservative-FreeLubricant Eye Drops, Systane® Nighttime Ointment, Systane® Day &Night Lubricant Eye Drop and others. The increasing awareness among the patientpopulation will contribute positively to the growth of the market during theforecast period. The rising cases of dry eye syndrome and conjunctivitis willspur the demand for artificial tears, which, in turn, will boost the market.
Ease on OTC Products to Offer Impetus to Market DuringCOVID-19
Thecoronavirus pandemic has severely affected various industries across the globe.The implementation of lockdown by governments has to lead to the disruption ofthe supply chain. However, the facility for non-essential medical products willimprove the prospects of the market during the pandemic. The ease on over thecounter (OTC) products such as artificial tears can further aid the speedyexpansion of the market. The demand for teardrops in online pharmacies willsubsequently propel the growth of the market.
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Segments Covered in the Report
By Type
- Polyethylene Glycols (PEG) and Polypropylene Glycols (PPG)
- Cellulose
- Others
By Delivery
- Eye Drops
- Ointments
By Application
- Dry Eye Syndrome
- Allergies & Infections
- Others
By Distribution Channel
- Hospital Pharmacies
- Drug Stores & Retail Pharmacies
- Online Pharmacies
By Geography
- North America
- By Type
- By Delivery
- By Application
- By Distribution Channel
- By Country
Regional Analysis:
Presence of Eminent Players to Promote Business in North America
Themarket size in North America stood at USD 1.38 billion in 2019. The growth inNorth America is attributed to the robust healthcare infrastructure. Thegrowing demand for sophisticated artificial tears will enable the growth of themarket. The presence of key market players will influence growth in the region.The increasing prevalence of dry eye syndrome and other ocular diseases such aseye allergies will create lucrative business opportunities for the market. Asper the survey conducted by National Health and Wellness in 2013, it wasestimated that up to 6.8% of the population in the U.S. was to be affected bydry eye syndrome. The large patient population is likely to accelerate revenuein North America. The market in Asia Pacific is expected to witness a rapidgrowth rate during the forecast period due to the growing awareness aboutocular diseases. The increasing patient population and healthcare expenditurewill foster the healthy growth of the market in the region. The Middle and Eastand Africa are predicted to account for a significant share in the globalmarket due to the enriching economic conditions and improved healthcaresystems.
Notable Development:
October 2019: Allergan released a new productline called Refresh Relieva lubricant eye. The launch of the novel product willhelp the company retain its position in the eye drop industry.
The Report Lists the Main Companies in the Artificial TearsMarket:
- 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
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