New York, June 07, 2023 (GLOBE NEWSWIRE) -- The global artificial tears market is expected to witness significant growth at a remarkable CAGR of 5.2% during the forecast period of 2023-2030. The factors such as the increasing prevalence of dry eye syndrome, eye allergies, and others are accelerating the demand for artificial tears, which is benefiting the market growth. In addition, the rising development of a new range of artificial tears product categories will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the artificial tears market is poised for strong expansion and is expected to reach USD 3,916.83 Million by 2030. The market, which was valued at USD 2,626.46 Million in 2022, is predicted to grow at a compound annual growth rate of 5.2% during the period 2023-2030. The report highlights the increasing adoption of artificial tears for ensuring the reduction of inflammation, which is proliferating global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the artificial tears market.
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The utilization of artificial tears is increasing for the treatment of dry eye syndrome as the eye solution is ideal for maintaining an adequate amount of lubrication in the eyes. Furthermore, there is an increasing demand for preservative-free artificial tears to ensure less adverse impact on the eyes. Hence, the demand for artificial tears is increasing for the treatment of dry eyes, which, in turn, is accelerating market growth.
The recent technological innovations associated with artificial tears will boost the product offering for artificial tears in the upcoming years. This, in turn, will create a lucrative growth opportunity for the artificial tears market during the projected forecast period.
For illustration, in April 2022, Alcon Launched Systane Hydration Multi-Dose, a preservative-free artificial tear eye drop in the United States market for the treatment of dry eyes and other related concerns. Thus, the introduction of new products will accelerate the growth of the market in the upcoming years.
Global Artificial Tears Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | USD 3,916.83 Million |
| CAGR (2023-2030) | 5.2% |
| By Type | Glycerin Derived Tears, Cellulose Derived Tears, Oil-based Emulsion Tears, Polyethylene Glycol-based Tears, and Others |
| By Form | Eye Drop, Ointment, Spray, and Others |
| By Application | Dry Eye Syndrome, Allergies and Infections, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Allergen, Alcon, Johnson & Johnson, Nicox S.A., OASIS Medical, OCuSOFT Inc., Santen Pharmaceutical Co. Ltd., Similasan Corporation, Sun Pharmaceutical Industries Ltd., and URSAPHARM Arzneimittel GmbH |
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Global Artificial Tears Market Segmentation Details:
Based on Type, the glycerin derived tears segment contributed the largest shares to the market growth in 2022. Glycerin derived tears help in maintaining the eye moist, preventing the eye from injury & infection, minimize symptoms of dry eyes such as itching, burning, feeling, and others. Moreover, the increasing development and launches associated with glycerin derived tears is augmenting the growth of the artificial tears market.
Based on Form, the eye drop segment accounted for the largest market share in the year 2022. The artificial tear eye drop is primarily utilized for relieving dry eyes. Furthermore, eye drops protect and comfort the burning and irritation in dry eyes by keeping an adequate amount of lubrication of the eyes. Thus, the above benefits associated with eye drops are spurring the growth of the segment.
Based on Application, the dry eye syndrome segment is anticipated to offer substantial shares in the global artificial tears market growth during the forecast period, owing to the growth in dry eye syndrome patients. For instance, according to the National Library of Medicine 2022 survey, a total of 276 patients were studied for dry eye diseases, out of which 70.3% of the total patients had some symptoms indicative of dry eye diseases, and 42% were diagnosed with dry eye diseases. Thus, the increasing prevalence of dry eye syndrome is accelerating the adoption of eye drops, ointments, and other solutions to ensure efficient relief from eye dryness. This factor is fostering the market growth.
Based on region, in the year 2022, North America accounted for the largest share contribution to the market growth due to the presence of significant providers of dry eye treatment and the well-established presence of artificial tears companies. For illustration, in October 2022, Santen Canada Inc. announced the approval of Cationorm Plus, an artificial tears product to relieve the symptoms of dry eyes and ocular allergies. Henceforth, the recent approval related to the artificial tears product range in the North American region is boosting market growth.
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Competitive Landscape
As per the research, Allergen, Alcon, Johnson & Johnson, and Nicox S.A. are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of artificial tears. Further, the artificial tears market is expected to grow steadily due to rising demand for eye drops for the treatment of dry eye syndrome, especially in the regions such as Asia Pacific, North America, and Europe regions are estimated to boost the market statistics in the coming years. Additionally, the trend toward increasing strategic collaborations for artificial tears is anticipated to increase the competition in the market.
Recent Developments
- In January 2022, Alcon, a global player in the artificial tears market launched a new product range to its European dry eye products portfolio named Systane Complete Preservative-Free Lubricant Eye Drop. The major focus of Alcon was to increase its presence in the European market.
- In July 2021, Bausch + Lomb introduced Biotrue Hydration Boost Lubricant Eye Drops for application in dry eyes. The primary aim of Bausch + Lomb was to increase the product offering for artificial tears in the global market.
- In October 20219, Allergan plc, a leading pharmaceutical company, introduced three latest ranges of artificial tears, including REFRESH RELIEVA for contacts, REFRESH RELIEVA, and REFRESH RELIEVA PF multidose. The new product line of artificial tear forms is specially formulated to minimize discomfort owing to eye dryness and to protect from further irritation.
List of Major Global Artificial Tears Market:
- Allergen
- Alcon
- Johnson & Johnson
- Nicox S.A.
- OASIS Medical
- OCuSOFT Inc.
- Santen Pharmaceutical Co. Ltd.
- Similasan Corporation
- Sun Pharmaceutical Industries Ltd.
- URSAPHARM Arzneimittel GmbH
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Global Artificial Tears Market Segmentation:
- By Type
- Glycerin Derived Tears
- Cellulose Derived Tears
- Oil-based Emulsion Tears
- Polyethylene Glycol-based Tears
- Others
- By Form
- Eye Drop
- Ointment
- Spray
- Others
- By Application
- Dry Eye Syndrome
- Allergies and Infections
- Others
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Frequently Asked Questions in the Artificial Tears Market Report
- What was the market size of the artificial tears industry in 2022?
- In 2022, the market size of artificial tears was USD 2,626.46 million
- What will be the potential market valuation for the artificial tears industry by 2030?
- In 2030, the market size of artificial tears will be expected to reach USD 3,916.83 million.
- What are the key factors driving the growth of the artificial tears market?
- The increasing prevalence of dry eye syndrome is accelerating the demand for artificial tears, which, in turn, is fostering market growth.
- What is the dominating segment in the artificial tears market by type?
- In 2022, the glycerin derived tears segment accounted for the highest market share of 38.23% in the overall artificial tears market.
- Based on current market trends and future predictions, which geographical region will have the fastest impact on the artificial tears market's growth in the coming years?
- Asia Pacific is expected to be the fastest-growing region in the market during the forecast period.
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