Artificial tears are lubricant eye drops used for treating the irritation and dryness associated with the deficiency in tear production in dry eyes or keratoconjunctivitis sicca. These are also used for moistening contact lenses and during eye checkups and examinations. The rapidly growing aging population is primarily contributing in the growth of the artificial tears market. Aging makes people more susceptible to eye conditions such as dry eye, resulting in high demand for artificial tears. Also, increasing number of eye surgeries and post eye surgery management is further boosting the growth of the artificial tears market.
AbbVie Inc., and Bayer AG – Notable Market Players in Artificial Tears Market
Market leaders operating in the market have undertaken various organic growth strategies in the Artificial Tears market. The artificial tears market majorly consists of the players Johnson and Johnson Services, Inc., Alcon Inc., OASIS Medical, AbbVie Inc., Bayer AG, Prestige Consumer Healthcare Inc., Santen Pharmaceutical Co., Ltd., Bausch Health Companies Inc., Akorn, Incorporated, Aurolab. The companies have been implementing various strategies that have helped the growth of the company and in turn have brought about various changes in the market. The companies have utilized organic strategies such as launches, expansion, and product approvals. Moreover, the companies have utilized inorganic strategies including mergers & acquisitions, partnership, and collaborations.
Below is the list of the growth strategies done by the players operating in the artificial tears market:
|
Year |
News |
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Apr-2021 |
Alcon launched its newest addition to its innovative portfolio of dry eye products – Systane Hydration Multi-Dose Preservative-Free (MDPF) Lubricant Eye Drops in the U.S. |
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Feb-2021 |
Bausch + Lomb launched Alaway® Preservative Free (ketotifen fumarate ophthalmic solution 0.035%) antihistamine eye drops, the first and only over the counter (OTC) preservative-free antihistamine eye itch relief drop approved by the U.S. Food and Drug Administration. |
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Jan-2020 |
Santen Pharmaceutical Co., Ltd announced the construction of the second plant in China Expansion. |
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Oct-2019 |
AbbVie, Inc. released a new product line called Refresh Relieva lubricant eye. The launch of the novel product helped the company retain its position in the eye drop industry. |
