Artificial Tears Market Overview, Key Findings, and Trends 2031
The artificial tears market size is projected to reach US$ 4.85 billion by 2031 from US$ 2.98 billion in 2023. The market is expected to register a CAGR of 7.2% during 2023–2031. Lifestyle changes will likely remain a key trend in the market.
Artificial Tears Market Analysis
The rising incidence of dry eye and the growing older population are the key driving factors behind the market development. Furthermore, the increasing number of industrial developments is a crucial opportunity for the artificial tears market players.
Artificial Tears Market Overview
The incidence of dry eye is rising among the population, especially in developed nations. Dry eye is caused by multiple factors that result in discomfort, irritation, and visual disturbance. For instance, according to a study “National Health and Wellness Survey” conducted in the US in April 2020, ~16.4 million people were diagnosed with dry eye. The data also stated that the prevalence has increased by 2.7% among people aged 18−34 years. Additionally, the prevalence was 18.6% among older people. Based on sex, the prevalence percentage was higher in women; it accounted for 8.8% than in men with 4.5%. The dry eye incidence is higher among the European and Asia Pacific populations. Thus, the increasing prevalence of dry eye is expected to drive the artificial tears market.
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Artificial Tears Market: Strategic Insights
Market Size Value in US$ 2,612.91 Million in 2020 Market Size Value by US$ 3,961.63 Million by 2028 Growth rate CAGR of 5.5% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Artificial Tears Market: Strategic Insights
| Market Size Value in | US$ 2,612.91 Million in 2020 |
| Market Size Value by | US$ 3,961.63 Million by 2028 |
| Growth rate | CAGR of 5.5% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Artificial Tears Market Drivers and Opportunities
Growing Older Population
The incidence of dry eye is commonly seen in people aged 65 and above. The geriatric population is increasing rapidly worldwide. According to the 2019 revision of World Population Prospects, by 2050, one in six people will be over age 65, an increase from one in eleven in 2019. Furthermore, according to the same study, one in four people in Europe and North America is estimated to be over 65 by 2050. Moreover, people over 80 will reach 426 million by 2050, from 143 million in 2019. Aging is one of the prominent factors which weakens eye vision. Various healthcare companies design their products by focusing on the geriatric population. Older people's degeneration process is much faster, so they are highly prone to eye conditions. Therefore, the high prevalence of dry eye among the older population will likely encourage manufacturers to introduce new eye products, which, in turn, will contribute to the market's growth. Also, the development in the healthcare industry has increased life expectancy. Countries worldwide are adopting new techniques to treat older people safely and effectively. Therefore, the increased quality of life is decreasing the death rates, and the older population is significantly growing worldwide. This is expected to boost the growth of the market.
Increasing Number of Industrial Developments
The industry is witnessing many business activities that are generating a very lucrative growth opportunity for the market. The players in the industry are focusing on brand establishments and consolidating supply chain distribution channels to leverage their presence in the global market. For instance, in March 2020, Grafton Optical launched I-DROP MGD Viscoadaptive Tears that relieve severe chronic evaporative dry eye. I-DROP MGD is a preservative-free, artificial tear that helps relieve symptoms associated with evaporative dry eye for patients suffering from Meibomian Gland Dysfunction. It is the most advanced eye drop for hydrating and lubricating the cornea. In addition, the companies are working proactively to launch advanced products in the market. For instance, in March 2020, Alcon, the global leader in eye care, introduced SYSTANE HYDRATION Preservative-Free (PF) Lubricant Eye Drops for dry eye. It is used to relieve eye dryness and protect against further irritation.
Further, in October 2019, Allergan launched a new product line called Refresh Relieva lubricant eye. Launching the novel product has helped the company retain its position in the eye drop industry. Such strategic events will likely offer lucrative growth opportunities for the artificial tears market during the forecast period.
Artificial Tears Market Report Segmentation Analysis
Key segments that contributed to the derivation of the artificial tears market analysis are type, delivery, and application.
- Based on type, the artificial tears market is segmented into cellulose derived tears, glycerin derived tears, oil-based emulsion tears, polythylene glycol based tears, propylene glycol based tears, sodium hyaluronate based artificial tears. The glycerin derived tears segment held a most significant market share in 2023.
- Based on delivery mode, the artificial tears market is segmented into eye drops, ointments. The glycerin derived tears segment held a most significant market share in 2023.
- Based on application, the artificial tears market is segmented by dry eyes treatment, contact lenses moisture. The dry eyes treatment segment held a largest market share in 2023.
Artificial Tears Market Share Analysis by Geography
The geographic scope of the artificial tears market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
In North America, the US artificial tears market holds the region's largest share. The US is the largest and fastest-growing country in the North American region for the artificial tears market. The market is expected to grow due to increasing incidences of dry eye conditions or diseases. The country has various companies that offer multiple types of eye drops and lenses to treat dry eye conditions. Also, rising healthcare expenditure is influencing the growth of the country's market. According to the American Academy of Ophthalmology data for 2019, in 2012, the prevalence of dry eye conditions increased by 5.28% in all age groups. The percentage for females increased by 7.78%; in males, it increased by 2.96%.
Owing to the increasing percentage of people with dry eye, there is an expected increase in demand for artificial tears products. In addition, healthcare spending on dry eye treatment is rising in the country. For instance, an article published in JAMA Internal Medicine states that the government spends more than US$ 2 billion yearly to treat dry eye conditions.
Artificial Tears Market Report Scope
Artificial Tears Market News and Recent Developments
The Artificial Tears Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the artificial tears market are listed below:
- Sun Pharma launched its specialty ophthalmology therapy CEQUA in India to treat patients with dry eye disease (DED). (Source: Sun Pharma., Company Website, April 2023)
Artificial Tears Market Report Coverage and Deliverables
The “Artificial Tears Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
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- Parenteral nutrition market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Parenteral nutrition market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the artificial tears market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type , Delivery Mode , and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The market is expected to register a CAGR of 7.2% during 2023–2031.
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.
Changes in Lifestyle will likely remain a key trend in the market.
Key factors driving market growth are rising incidence of dry eye and the growing older population. However, poor accessibility to eye care services in low-income countries hamper the market growth.
North America dominated the artificial tears market in 2023
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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