Artificial Tears Market to Reach USD 4.30 Billion by 2027 Driven By Key Players - Allergan, Santen Pharmaceutical Co., Ltd., Bausch & Lomb, Alcon, Novartis AG
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The global artificial tears market size is expected to reach USD 4.30 billion by 2028, exhibiting a CAGR of 5.9% during the forecast period. The growing incidence of ocular diseases can be a vital factor amplifying the growth of the global market, states Fortune Business Insights, in a report, titled “Artificial Tears Market Size, Share & COVID-19 Impact Analysis, By Type (Polyethylene Glycols (PEG) and Polypropylene 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, 2021-2028.” The market size stood at USD 2.64 billion in 2020.
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The coronavirus has majorly disturbed businesses working across various sectors. The restriction on transportation has limited the supply of products. Moreover, the government of several countries has initiated lockdown to prevent the spread of this infectious disease. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
The Report Lists the Main Companies in the Artificial Tears Market:
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)
Introduction of Technologically Advanced Products to Bolster Growth
The constant efforts of eminent players to launch advanced and sophisticated products 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 Eye Drops, Systane® Ultra Lubricant Eye Drops, Systane® Preservative-Free Lubricant Eye Drops, Systane® Nighttime Ointment, Systane® Day & Night Lubricant Eye Drop and others. The increasing awareness among the patient population will contribute positively to the growth of the market during the forecast period. The rising cases of dry eye syndrome and conjunctivitis will spur the demand for artificial tears, which, in turn, will boost the market.
Ease on OTC Products to Offer Impetus to Market During COVID-19
The coronavirus pandemic has severely affected various industries across the globe. The implementation of lockdown by governments has to lead to the disruption of the supply chain. However, the facility for non-essential medical products will improve the prospects of the market during the pandemic. The ease on over the counter (OTC) products such as artificial tears can further aid the speedy expansion of the market. The demand for teardrops in online pharmacies will subsequently propel the growth of the market.
Presence of Eminent Players to Promote Business in North America
The market size in North America stood at USD 1.38 billion in 2019. The growth in North America is attributed to the robust healthcare infrastructure. The growing demand for sophisticated artificial tears will enable the growth of the market. The presence of key market players will influence growth in the region. The increasing prevalence of dry eye syndrome and other ocular diseases such as eye allergies will create lucrative business opportunities for the market. As per the survey conducted by National Health and Wellness in 2013, it was estimated that up to 6.8% of the population in the U.S. was to be affected by dry eye syndrome. The large patient population is likely to accelerate revenue in North America. The market in Asia Pacific is expected to witness a rapid growth rate during the forecast period due to the growing awareness about ocular diseases. The increasing patient population and healthcare expenditure will foster the healthy growth of the market in the region. The Middle and East and Africa are predicted to account for a significant share in the global market due to the enriching economic conditions and improved healthcare systems.
October 2019: Allergan released a new product line called Refresh Relieva lubricant eye. The launch of the novel product will help the company retain its position in the eye drop industry.
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List of Key Players Covered in this Market Report:
MD (CA, USA)
PENTAX Medical (Tokyo, Japan)
Richard Wolf GmbH. (Illinois, United States)
Stryker (Michigan, United States)
Elmed Electronics & Medical Industry & Trade Inc. (Ankara, Turkey)
KARL STORZ (Tuttlingen, Germany)
Olympus Corporation (Tokyo, Japan)
Continued. . .
NOTE: Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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