Dublin, April 18, 2023 (GLOBE NEWSWIRE) -- The "Artificial Tears - Market Insights, Competitive Landscape, and Market Forecast - 2028" report has been added to ResearchAndMarkets.com's offering.
The global artificial tears market is estimated to grow at a CAGR of 5.1% during the forecast period from 2023 to 2028, owing to the increasing prevalence dry eyes syndrome and increasing availability of over the counter (otc) artificial tears.
The demand for artificial tears is primarily being boosted by the increasing figures of dry eye syndrome due to prolonged exposure to chronic conjunctivitis, regular air travel, digital layouts, poor eyelid, scars of eye injury, poor diet, malnutrition, the surge in level of pollution, dry weather spells, and drastic climatic changes.
Further, the increasing demand for preservative-free artificial tears, the growing requirement for advanced care for post-surgery dry eyes, technological advances, the mounting number of mobile and smartphone addicts, the escalating number of people wearing contact lenses, and the increasing product launches and approval among others are thereby contributing to the overall growth of the artificial tears market during 2023-2028.
Artificial Tears Market Dynamics:
The increase in the prevalence of dry eye syndrome. According to the latest data available, nearly 344 million people worldwide had dry eye disease (DED), and that number is growing in both young and old adults, making it imperative that clinicians figure out how best to treat it. Artificial tears provide moisture and lubrication to the dry eye and help to maintain moisture on the outer surface of the eyes, thereby managing dry eye disease.
Furthermore, increasing screen time will lead to a lack of moisture in the eyes, which can be managed by using artificial tears. The latest data provided by the Center for Disease Control and Prevention (CDC) stated that kids ages 8-18 spend, on average, spent a whopping 7.5 hours in front of a screen for entertainment each day, 4.5 of which are spent watching TV. Over a year, that adds up to 114 full days watching a screen for fun. Thus, increasing screen time will lead to a lack of moisture in the eyes and dry eyes which can be treated by lubricating eye drops or artificial tears.
The increasing awareness about dry eye syndrome and various other initiatives by government bodies will also generate significant opportunities for the artificial tear market. The increasing demand for contact lenses is also expected to propel the market of artificial tears as the over-usage of contact lenses may lead to the lack of moisture in the eyes and thereby leading to an increased demand for products such as artificial tears which are used as a lubricating agent for the eyes.
Lastly, the presence of a large of products in the pipeline will also create a lucrative opportunity for market growth during the upcoming years. For instance, in December 2023, Johnson & Johnson Vision Care, started a phase II clinical trial for the evaluation of multidose preservative-free lubricating eye drops contained in Novelia Eye Dropper in non-contact lens-wearing patients. The study is estimated to get completed by March 2023.
However, the risk of contamination and adverse reactions associated with preservatives present in the product, the availability of alternative treatment options, and others may restrict the artificial tears market growth.
North America is expected to dominate the overall Artificial Tears Market:
Among all the regions, North America is estimated to account for the largest share of the artificial tears market in the year 2022. Owing to the significance of key growth factors such as the rising prevalence of dry eye disease and eye infections will positively impact the North American artificial tears market.
In addition, the increasing exposure to blue light from digital displays, enhanced use of mobile phones, raised pollution levels, and dry weather spells will increase the demand for artificial tears during the forecast period. Furthermore, high disposable income, sophisticated healthcare infrastructure, regulatory approval for new devices, and high awareness about ophthalmic diseases also helped the market growth in this region.
As per the latest data available, between 16 million and 49 million Americans had dry eyes. This is between 5-15% of the total population. Also, twice as many women had been diagnosed as men. The increasing burden of dry eye disease will increase the demand for artificial tears as these eye drops will lubricate the eyes during the disease and will provide relief from dry eyes.
Additionally, the rising penetration of smartphones and tablets, demand for artificial tears during post-operative care, and technological advancements are some of the driving factors contributing to the market growth.
Coupled with the factors mentioned above, strategic activities such as product launches and approvals, mergers, acquisitions, partnerships, and others also help in boosting regional product demand.
Artificial Tears Market Key Players:
- Santen Pharmaceutical Co., Ltd.
- Bausch & Lomb
- AbbVie
- Johnson & Johnson Vision Care
- Abbott
- Medicom Healthcare Ltd.
- Similasan Corporation
- URSAPHARM INDIA Pvt. Ltd
- Alcon Inc.
- Sun Pharmaceutical Industries, Inc.
- AFT Pharmaceuticals
- Akorn Operating Company LLC
- Hilco Vision
- Entod Research Cell UK Ltd.
- OASIS Medical, Inc
Key Topics Covered:
1. Artificial Tears Market Report Introduction
2. Artificial Tears Market Executive Summary
2.1. Scope of the Study
2.2. Market at Glance
2.3. Competitive Assessment
3. Regulatory Analysis
3.1. The United States
3.2. Europe
3.3. Japan
3.4. China
4. Artificial Tears Market Key Factors Analysis
4.1. Artificial Tears Market Drivers
4.1.1. Rising prevalence of dry eyes and eye infections across the globe
4.1.2. Increasing availability of over-the-counter (OTC) products
4.1.3. Increased exposure to blue light from digital displays, enhanced use of mobile phones, raised pollution levels, and dry weather spells
4.2. Artificial Tears Market Restraints and Challenges
4.2.1. Risk of contamination and adverse reactions associated with preservatives present in the product
4.2.2. Availability of alternative treatment options
4.3. Artificial Tears Market Opportunities
4.3.1. Presence of a robust number of artificial tears in the pipeline
5. Artificial Tears Market Porter's Five Forces Analysis
5.1. Bargaining Power of Suppliers
5.2. Bargaining Power of Consumers
5.3. Threat of New Entrants
5.4. Threat of Substitutes
5.5. Competitive Rivalry
6. COVID-19 Impact Analysis on Artificial Tears Market
7. Artificial Tears Market Layout
7.1. By Product
7.1.1. Cellulose Derived Tears
7.1.2. Glycerin Derived Tears
7.1.3. Polyethylene Glycol and Propylene Glycol-Based Tears
7.1.4. Others
7.2. By Delivery Method
7.2.1. Eye Drops
7.2.2. Eye Ointments
7.3. By Application
7.3.1. Dry Eye Disease
7.3.2. Allergies and Infections
7.3.3. Others
7.4. By Geography
8. Artificial Tears Market Company and Product Profiles
8.1. Company Overview
8.2. Company Snapshot
8.3. Financial Overview
8.4. Product Listing
8.5. Entropy
For more information about this report visit https://www.researchandmarkets.com/r/asjte5
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