The Global Market for Artificial Tears is Projected to Reach US$2.2 Billion by 2020
Rising Incidence of Dry Eye Syndrome Across the World
Drives the Global Artificial Tears Market, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive
analysis of industry segments, trends, growth drivers, market share, size and
demand forecasts on the global Artificial Tears market. The
global market for Artificial Tears is projected to reach US$2.2 billion by 2020,
driven by the rising incidence of dry eye syndrome and increasing demand for
artificial tears as the first line of treatment for dry eyes.
Dry eye syndrome (DES) is
a complex eye condition characterized by inflammation of the tear glands and
the ocular surface, caused by inadequate tear production or by the inability to
sustain an effective tear film. Artificial tears which are over-the-counter
(OTC) products designed to give temporary relief from DES symptoms, continue to
remain the first line of treatment for most dry eye patients, owing to their
low cost. As the risk of contracting dry eye syndrome increases with age, the
rapidly aging population represents a major growth driver in the market. The
market also stands to gain from the increasing incidence of DES as a result of
rising pollution levels, and other factors such as dry climate, frequent air
travel, poor dietary habits and malnutrition, poor lid closure, scarring from
injury to the eye, and chronic conjunctivitis, among others. Another risk
factor for DES is prolonged exposure to digital screens of devices such as
computers, smartphones and e-readers. Further, with increasing incidence of
refractive errors, the growing volume of correctional surgeries is generating
demand for artificial tears which is used in post-operative care.
Innovation in product
development is further expected to broaden market opportunities by bringing to
market wider choices and more effective formulations. While the OTC dry eye
products market is fragmented due to overcrowding of brands, the
prescription-based products market is highly concentrated and rather
monopolistic with high barriers to entry. A key trend in the market is the
growing preference for preservative-free artificial tears, owing to research
findings that link allergic reactions and ocular irritation to preservatives
used in ophthalmic
products. Most R&D projects in ophthalmic medicine are focused on drug
dosage and delivery, which are vital to achieve desired therapeutic results.
As stated by the new
market research report on Artificial
Tears, The United States represents the largest market with a 46% share of
the global market in 2015. Asia-Pacific ranks as the fastest growing market
with a CAGR of 4.5% over the analysis period, aided by a huge population base
and its high vulnerability to Xerophthalmia caused by vitamin A deficiency.
Major players covered in
the report include Abbott Medical Optics Inc., Allergan, Inc., Akorn, Inc.,
Bausch & Lomb Incorporated, Johnson & Johnson, Novartis International
AG (Alcon, Inc.), and Santen Pharmaceuticals Co, Ltd. (Novagali Pharma S.A.),
among others.
The research report titled
“Artificial Tears: A Global
Strategic Business Report” announced by Global Industry Analysts Inc.,
provides a comprehensive review of the market trends, market issues, growth
drivers, and strategic industry activity of global companies. The report provides market estimates and
projections for major geographic markets, including the US, Canada, Japan,
Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe),
Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America, and Rest
of World.
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