Artificial Tears Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Artificial Tears Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Artificial Tears Market

The artificial tears market size was valued at USD 2.64 billion in 2019, and the market is now projected to grow from USD 2.64 billion in 2019 to USD 4.30 billion by 2027, exhibiting a CAGR of 5.9% during the forecast period of 2019-2027.

Pandemic is expected to have dual influences on markets. Governments have carried out strict lockdowns to limit virus spread, however the healthcare industry has confronted challenges. Non-important clinical tactics and consultations had been postponed or canceled, whilst over the counter (OTC) products have visible a positive impact due to on line pharmacies providing those products without restrictions. As an end result, the 2019-20 pandemic is predicted to have a fantastic effect on the worldwide marketplace.

The global market is driven by the growing occurrence of dry eye syndrome, which isn't always existence-threatening but can appreciably impact sufferers' fine of existence. The incidence stages from 9.5-90%, with big patient populations becoming greater privy to this disorder. Despite now not causing tremendous imaginative and prescient problems, dry eye syndrome can substantially lessen a patient's high-quality of existence. This trend is predicted to further increase the market growth throughout the forecast period, as sufferers are getting greater aware about the condition and its potential effect on their fine of lifestyles.

The international artificial tears market growth is experiencing a surge in customer focus of ocular diseases, along with dry eye syndrome, which could negatively impact patients' great of existence. This focus is fueled by means of agencies concerned in manufacturing and governmental organizations, which includes the National Institutes of Health (NIH) within the U.S., which celebrates the month of July as 'National Dry Eye Awareness Month'. These initiative goal to elevate focus about the disease and put into effect powerful measures to alleviate it. These developments are predicted to noticeably boost marketplace sales in the course of the forecast duration.

Comprehensive Analysis of Artificial Tears Market

The artificial tears market in 2019 is divided into three segments: PEG, PPG, and cellulose. The PEG and PPG segment is dominant, with products like Refresh Optive and GenTeal Tears in this segment. The cellulose segment is projected to be the second-largest, with products like Refresh Optive and GenTeal Tears in this segment. The lipid-based artificial tears segment is expected to have a lower market share and growth rate due to lack of prominent product launches. The delivery segment is divided into eye drops and ointments, with eye drops dominating due to numerous product offerings. The application section is divided into dry eye syndrome, allergies and infections, and others. The distribution channel for synthetic tears is segmented into sanatorium pharmacies, drug stores and retail pharmacies, and on line pharmacies.

The North America region lead the artificial tears market share by benefitting a market size of USD 1.38 billion in 2019 due to strong healthcare expenditure, contemporary product adoption, key marketplace players, and prevalence of dry eye syndrome and eye allergies. The 2013 National Health and Wellness Survey expected that up to 6.8% of the United States population turned into tormented by dry eye syndrome, with about 22.4 million sufferers in 2019. This high occurrence is predicted to power the marketplace inside the area, contributing to its international dominance.

The listing of key market players is as follows: Allergam (AbbVie Inc.), Santen Pharmaceutical Co., Ltd., Bausch and Lomb, Alcon, Novartis AG, Akorn Inc., Eyevance Pharmaceuticals LLC, Sun Pharmaceutical Industries Ltd., Johnson and Johnson, Bayer AG, and Otsuka Pharmaceutical Co., Ltd. Other players also are mentioned.

Bausch Lomb, has launched Biotrue Hydration Boost Lubricant Eye Drops and Biotrue Micellar Eyelids Cleansing Wipes.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2016-2027

Base Year 2019

Forecast Period 2020-2027

Historical Period 2016-2018

Unit Value (USD Billion)

SegmentationType, Delivery, Application, Distribution Channel, and Geography

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 GeographyNorth America (The U.S.,Canada)

Europe (UK, Germany, France, Italy, Spain, Scandinavia,Rest of Europe)

Asia Pacific (Japan, China, India, Australia, Southeast Asia, Rest of Asia Pacific)

Latin America (Brazil, Mexico,Rest of South America)

Middle East & Africa (South Africa, GCC Countries,Rest of Middle East & Africa)


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