The global artificial tears market is set to experience robust growth in the coming years, with a projected valuation of USD 3.4 billion in 2024, expanding at a compound annual growth rate (CAGR) of 5.4% to reach an impressive USD 5.8 billion by 2034, according to a recent report by Future Market Insights.
The healthcare industry is experiencing significant changes to develop a robust system to improve eye care. Nanomicellular technology is a strong system used in artificial tears production. These are utilized as pharmaceutical carriers for dissolving hydrophobic medications.
Substances like povidone simulate mucin’s function, tears’ adhesion to the ocular surface, and the component of the inner tear. Due to prolonged exposure to blue light emitted from digital screens, higher use of mobile phones, rising pollution levels, and dry weather spells, there has been a significant increase in dry eye symptoms among persons in their teens and 20s during the past five years.
“Increasing strategic activities among key players and rising focus toward developing new artificial tears are expected to witness an advancement over the forecast period.”, says an analyst of FMI.
Key Takeaways from the Market Study:
- Glycerine tears are the leading segment of artificial tears and will hold around 4% market value share in 2024; glycerine eyes reduce the burning, itching, and feeling that something is in the eyes associated with dry eyes.
- The solution is set to lead in terms of the dosage form of artificial tears with a projected market value share of around 2% by 2034.
- By formulation, non-preservative-based is leading in the global artificial tears market and is expected to continue to do so with a projected CAGR of 6% during the forecasted years with a market share of 55.2% in the year 2024.
- Dry eye syndrome holds a substantial share of 2% in the artificial tears market, with a CAGR of 5.4% during the forecast period. Dry eye syndrome is a multifactorial ocular surface disease brought on by a breakdown in the tear film’s equilibrium.
- Retail pharmacies as a distribution channel are leading in the global artificial tears market. They are expected to continue to do so with a projected CAGR rate of 6% during the forecast years, with a market share of 38.0% in 2024.
- North America is the leading region with a value share of 9% in 2024, owing to the high prevalence of ocular problems such as eye allergies.
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Market Competition:
The market for artificial tears is fragmented, and several local, upcoming, and established players exist within the market. Key players have initiated marketing initiatives to educate the elderly population about the benefits of artificial tears while also attempting to improve the drugs with different specifications.
- On 7 October 2019, Allergan plc announced three new over-the-counter (OTC) products: REFRESH RELIEVA, REFRESH RELIEVA PF (preservative-free) multidose, and REFRESH RELIEVA, respectively. This new line of artificial tear formulations is intended for contact lens wearers and was developed to reduce discomfort caused by eye dryness and to stop irritation.
- On 5 November 2022, I-MED Pharma announced the launch of an innovative dry eye product portfolio in the United States. A company that offers a wide range of products, such as I-DROP artificial tears and I-LID ‘N LASH ocular hygiene cleaners.
Key Players in the Artificial Tears Market:
- AbbVie, Inc.
- Akorn, Inc.
- Alcon
- Bausch & Lomb
- Johnson & Johnson
- Eyevance Pharmaceuticals LLC
- Ocusoft
- I- MED PHARMA
- Santen Pharmaceutical Co. Ltd
- Similasan Corporation
- Sun Pharmaceutical Industries Ltd
- Ursapharm Arzneimittel GmbH
- Novartis International AG
- AFT Pharmaceuticals
Key Segments Covered in Artificial Tears Market:
By Product Type:
- Glycerine Tears
- Cellulose Tears
- Oil-based Emulsion Tears
- Polyethylene Glycol-based Tears
- Sodium Hyaluronate Based Artificial Tears
- Propylene Glycol-based Tears
By Dosage Form:
- Solution
- Ointment
- Emulsion
- Gel
- Spray
- Suspensions
By Formulation:
- Preservative Based
- Non-Preservative Based
By Indication:
- Dry Eye Syndrome
- Allergies
- Infections
- UV & Blue Light Protection
- Contact Lens Moisture Retention
- Others
By Distribution channel:
- Retail Pharmacies
- Hospital Pharmacies
- Online Pharmacies
- Ophthalmic Stores
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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