The Global Market for Artificial Tears is Projected to Reach US$2.0 Billion by 2024

Rise in Incidence of Dry Eye Disease to Drive Growth in 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$2.0 billion by 2024, driven by the rise in prevalence and incidence of dry eye syndrome due to various physiological and external factors and growing adoption of artificial tears as the first line of treatment for dry eyes. 

Dry eye syndrome or keratoconjunctivitis sicca (KCA) is a common ophthalmic eye condition caused by insufficient tear production or tear film evaporation.  The condition is characterized by inflammation of the tear glands and the ocular surface. Typical management of mild dry eye symptoms wherein the damage of ocular surface is not severe, involves artificial tears. Artificial tears usually refer to over-the-counter (OTC) products formulated to function as ocular surface lubricants. With prevalence rates for dry eyes being high in senior population and postmenopausal women, steady expansion in these demographic segments is expected to drive future growth prospects for artificial tears market.  Proliferation of new mobile devices, increasing usage of social media, along with the emerging era of wearable electronic devices is further expected to magnify the incidence of dry eye syndrome, thus generating opportunities for artificial tears, In addition the growing number of contact lens wearers is expected to result in greater demand for artificial tears formulated for contact lenses. Management of dry eye following eye surgery such as LASIK or cataract surgery is another opportunity market given the increasing incidence of eye-related diseases worldwide. 

While conventional dosage eye drops remain the major formulation, changing needs arising due to various eye diseases have created the need to develop innovative delivery systems and formulations that are effective and achieve better therapeutic results. Artificial tear formulations have traversed over the years from the first generation of saline-based isotonic or hypotonic solutions containing preservatives to fourth-generation artificial tear that address the need for greater residence and spreading time on ocular surface to improve protection as well as restoration of healthy corneal epithelium and tear film. Ongoing improvement in the artificial tears space is expected to unfurl wider choices and more effective formulations compared to the previous generation offerings.

As stated by the new market research report on Artificial Tears, The United States represents the largest market worldwide while Asia-Pacific ranks as the fastest growing market with a CAGR of 6.1% over the analysis period. Growth in the market is driven by the huge population, low penetration levels and a relatively large untapped potential domestic customer base. 

Major players in the market include Abbott Medical Optics Inc., Allergan, Inc., Akorn, Inc., Bausch & Lomb Incorporated, Johnson & Johnson, Novartis International AG, Alcon, Inc., Santen Pharmaceuticals Co, Ltd., and 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.

For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.

To connect with us, visit our LinkedIn page.

Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.