At 5.5% CAGR Artificial Tears Market Surpass US$ 3,961.63 million by 2028 COVID-19 Impact and Global Analysis By Geography
According to our latest study on “Artificial Tears Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Delivery Mode, and Application,” the market was valued at US$ 2,612.91 million in 2020 and is projected to reach US$ 3,961.63 million by 2028; it is expected to grow at a CAGR of 5.5% from 2021 to 2028. The report highlights the key factors driving the market growth and prominent players with their developments in the market.
Europe is recording an exponential growth in the number of COVID-19 confirmed cases. Spain, Germany, France, Italy, and the UK are the most affected countries in the region. Amid pandemic, people in European countries are spending more time indoors by keeping the central heating and staring at an electronic screen for long time. Therefore, the incidence of dry eye syndrome in increasing in the pandemic. According to studies, one in every four persons in the UK (about 13 million adults) suffers from dry eye, a condition that causes red, itchy, and fatigued eyes. Eye strain, another eye issue that has become more widespread in line with an increase in time spent staring at screens, can exacerbate these symptoms.
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Artificial Tears Market: Competition Landscape and Key Developments
The growth of the artificial tears market is primarily attributed to the key driving factors such as rising dry eye incidence and surging older population. However, poor accessibility to eye care services in low-income countries hinders the market growth. Johnson and Johnson Services, Inc.; Alcon Inc.; OASIS Medical; AbbVie Inc.; Bayer AG; Prestige Consumer Healthcare Inc.; Santen Pharmaceutical Co., Ltd.; Bausch Health Companies Inc.; Akorn, Incorporated; and Aurolab are among the leading companies operating in the market.
The major factors driving to the growth of the market are rising dry eye incidence and surging older population. However, poor accessibility to eye care services in low-income countries restrains the market growth. Artificial tears are lubricant eye drops used for treating the irritation and dryness associated with the deficiency in tear production in dry eyes or keratoconjunctivitis sicca. These are also used for moistening contact lenses and during eye checkups and examinations. Aging makes people more susceptible to eye conditions, such as dry eye, which propels the demand for artificial tears. Thus, the rapidly surging aging population is primarily contributing in the growth of the artificial tears market. Also, the increasing number of eye surgeries and post eye surgery management is boosting the market growth.
Rising Incidence of Dry Eye
The incidence of dry eye is rising among population, especially in developed nations. Dry eye is caused by multiple factors that result in discomfort, irritation, and visual disturbance. For instance, according to a study “National Health and Wellness Survey” conducted in the US in April 2020, ~16.4 million people were diagnosed with dry eye. The data also stated that the prevalence has gone up by 2.7% among the people of age 18−34 years. Additionally, the prevalence was 18.6% among older people. Based on sex, the percentage of prevalence was higher in women; it accounted for 8.8% than men with 4.5%. The dry eye incidence is higher among the population in the European and Asia Pacific regions. The Middle East & Africa also has an increasing prevalence of dry eye due surging aging population and environmental conditions.
According to an article published in 2019 by the Department of Research, King Khaled Eye Specialist Hospital, Riyadh, Saudi Arabia, the incidence of dry eye is high among women. The increasing incidence of dry eye is leading to the rise in direct cost of treatment. According to Ocular Surgery News, the annual direct cost for mild dry eye symptom treatment was US$ 678, for moderate dry eye symptom was US$ 771, and for the severe dry eye symptom was US$ 1,267. Artificial tears drop provide moisture and relief for dry eyes. Thus, the increasing prevalence of dry eye is expected to drive the artificial tears market during the forecast period.
Artificial Tears Market: Segmental Overview
Based on type, the artificial tears market is segmented into cellulose derived tears, glycerin derived tears, oil-based emulsion tears, polythylene glycol-based tears, propylene glycol-based tears, and sodium hyaluronate based artificial tears. The glycerin derived tears segment held the largest share of the market in 2020. The market growth for this segment is attributed to the easy availability and ability of glycerin derived tears to keep eyes moist for long time. Glycerin is a humectant, as well as a demulcent and lubricant. It also promotes the growth of epithelial cell and reduces the harmful effects of high osmolarity on the ocular surface. Povidone is a lipid that binds to the tear film's existing oil layer, thickening it and reducing evaporation. Further, the glycerin derived tears segment is expected to register the highest CAGR during 2021–2028.
Based on application, the artificial tears market is bifurcated into dry eyes treatment and contact lenses moisture. The dry eyes treatment segment held a larger share of the market in 2020 and is estimated to register a higher CAGR in the market during the forecast period. The market growth for this segment is majorly attributed to the increasing use of electronic devices and rising product launches by market players.
Artificial Tears Market– by Geography
- North America
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of APAC
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of MEA
- South and Central America (SCAM)
- Rest of SCAM
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