Press release
Artificial Tears Market Industry Size, Demand, Share, Business Growth, Top Key Players Update, Business Statistics and Research methodology by Forecast to 2028
The Artificial Tears 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 factors such as rising dry eye incidence and surging older population fuel the market growth. Moreover, increasing number of industrial developments is expected to foster the market growth during the forecast period. However, the poor accessibility to eye care services in low-income countries hinders the growth of the artificial tears market.
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Analysis of the Top Market Players:
1. Johnson and Johnson Services, Inc.
2. Alcon Inc.
3. OASIS Medical
4. AbbVie Inc.
5. Bayer AG
6. Prestige Consumer Healthcare Inc.
7. Santen Pharmaceutical Co., Ltd.
8. Bausch Health Companies Inc.
9. Akorn, Incorporated
10. Aurolab
In this report, the market has been segmented on the basis of:
Type (Cellulose Derived Tears, Glycerin Derived Tears, Oil-Based Emulsion Tears, Polythylene Glycol Based Tears, Propylene Glycol Based Tears, and Sodium Hyaluronate Based Artificial Tears)
Delivery Mode (Eye Drops and Ointments)
Application (Dry Eyes Treatment and Contact Lenses Moisture)
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APAC countries are witnessing drop in the demand for artificial tears products. The COVID-19 outbreak has disrupted supply chain. Moreover, low-income countries face additional challenges due to the shortage of healthcare infrastructure. Restrictive measures have been put forth in South Korea, Malaysia, Singapore, the Philippines, and India to prevent the transmission of novel coronavirus that causes COVID-19. The market is witnessing demand in artificial tear drops owing to increasing use of electronic devices.
The global artificial tears market is segmented on the bases of type, delivery mode, and application. Based on type, the 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 and is anticipated to register the highest CAGR during 2021-2028. By delivery mode, the market is bifurcated into eye drops and ointments. The eye drops segment held a larger market share in 2020, and the same segment is estimated to register a higher CAGR during the forecast period. The artificial tears market, based on application, 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 from 2021 to 2028.
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