Artificial Tears Market Trends: Insights and Forecast to 2033 - Understanding Market Dynamics

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The Business Research Company presents an extensive market research report on the Artificial Tears Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The artificial tears market size has grown strongly in recent years. It will grow from $3.32 billion in 2023 to $3.55 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to aging population, prolonged screen time, healthcare expenditure, shift from prescription to OTC, regulatory changes.

The artificial tears market size is expected to see strong growth in the next few years. It will grow to $4.55 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to increasing prevalence of dry eye syndrome, growth in contact lens usage, global urbanization, increasing pollution, e-commerce growth. Major trends in the forecast period include technological advancements, AI and tech integration, partnerships with healthcare providers, integration of natural ingredients, advancements in product formulation, advanced drug delivery systems, sustainable and eco-friendly products.

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Key Market Players:

Major companies operating in the artificial tears market report are Pfizer Inc., Johnson & Johnson, AbbVie Inc., Novartis AG, Abbott Laboratories, Otsuka Pharmaceutical Co. Ltd., Alcon, Bausch Health Companies Inc., Sun Pharmaceutical Industries Ltd., Dr Reddy's Laboratories, Santen Pharmaceutical Co. Ltd., Lupin Limited, Rohto Pharmaceutical Co. Ltd., Prestige Consumer Healthcare Inc., Thea Pharma Inc., OPTIMA pharma GmbH, Sentiss Pharma Pvt. Ltd., VISUfarma B.V., OASIS Medical Inc., Hilco Vision, Similasan Corporation, Eyevance Pharmaceuticals LLC, Nicox S.A., I-MED Pharma Inc., Velocity Pharma LLC

Market Drivers:

The rising prevalence of dry eye disease is expected to propel the growth of the artificial tear market going forward. Dry eye disease is a condition where the eyes do not produce enough tears, or the tears are of poor quality, leading to irritation and discomfort. Artificial tears supplement natural tear production, providing lubrication and relief for dry eyes. For instance, in March 2022, according to a survey of 5,000 respondents by Macquarie University, an Australia-based public research university, among individuals aged 50 and above, 13% (15 out of 120) showed clinical signs of dry eye disease (DED), categorized as 8.2% mild, 2.5% moderate, and 1.6% severe. Additionally, in March 2022, according to Eyes On Eyecare, a US-based digital ophthalmology news provider, the use of prescription and in-office treatments for dry eye disease increased from 5.8% in 2021 to 7.56% in 2022, with prescription treatments like topical steroids rising significantly from 0.9% to 9.1% during the same period. Therefore, the rising prevalence of dry eye disease is driving the growth of the artificial tear market.

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The artificial tears market covered in this report is segmented -
1) By Type: Glycerin Tears, Cellulose Tears, Oil-Based Emulsion Tears, Polyethylene Glycol-based Tears, Sodium Hyaluronate Based Artificial Tears, Propylene Glycol-based Tears
2) By Dosage: Suspensions, Solution, Ointment, Emulsion, Gel, Spray
3) By Indication: Dry Eye Syndrome, Allergies, Infections, UV And Blue Light Protection, Contact Lens Moisture Retention, Other Indications
4) By Distribution: Retail Pharmacies, Hospital Pharmacies, Online Pharmacies, Ophthalmic Stores

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