Artificial Tears Market Trends

The increasing demand for preservative-free artificial tears owing to the side effects of preservatives including eye irritation, especially for moderate or severe dry eyes is driving the artificial tears market. In addition, the increasing number of product launches by key players is augmenting product differentiation and thereby driving market growth. For instance, In January 2022, Alcon (Switzerland) launched Systane complete preservative-free lubricant eye drops in the European market. Likewise, in October 2019, Allergan, Inc. (Subsidiary of AbbVie, US) launched the Refresh Relieva lubricant eye drop product line, an expansion of the Refresh portfolio.

The product line included Refresh Relieva PF (preservative-free) multidose.

Furthermore, increasing product launches for preservative-free products is driving the artificial tears market. Moreover, advances in packaging design and delivery mechanisms for preservative-free eye drops to prevent contamination are further driving the market for artificial tears market. Thus, increasing preference for preservative-free products is driving the market growth.

Additionally, the World Bank Group reported that in 2021, the population of aged 65 and older (as a percentage of the total population) increased from 6.57 percent in 2020 to 6.78 percent in 2021. The growing geriatric population will be accompanied by an increase in eye problems, which will lead to an increase in the use of eye allergy-relieving eye drops. Consequently, it is anticipated to boost market growth.

The increasing incidence of dry eye disease globally is a primary driver for the Global Artificial Tears Market Industry. Factors such as environmental pollution, prolonged screen time, and aging populations contribute to this trend. It is estimated that by 2024, the market will reach approximately 3.5 USD Billion, reflecting the growing demand for artificial tears as a remedy for this condition. The prevalence of dry eye symptoms has been reported to affect around 20% of the global population, particularly in urban areas, thus creating a substantial market opportunity for artificial tear products.

The Artificial Tears Market is characterized by the presence of many global, regional, and local vendors. Developments in the healthcare industry and growing research and development make the artificial tears market lucrative. To expand their reach and optimize their operational costs, the major players focus on obtaining regulatory authorizations from government agencies for their products and emphasize acquisitions and product launches to gain a substantial market share. The market comprises tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach across the globe with diverse product portfolios.

Companies such as Alcon Plc (Switzerland), Johnson and Johnson Vision Care (US), Allergan plc (Ireland), and Bausch & Lomb Incorporated (Canada) dominate the Artificial Tears Market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are focused on investing in research and development. Furthermore, they adopt strategic growth initiatives, such as expansion, product launches, joint ventures, and partnerships, to strengthen their market position and capture a large customer base.

One of the primary business strategies adopted by manufacturers in the global artificial tears industry to benefit clients and expand the artificial tears market sector is to manufacture locally to reduce operating costs.

Alcon Plc (Switzerland) is a Swiss manufacturer of supplements, contact lenses & solutions, eye drops, and other products for surgical and vision care areas, such as cataracts, glaucoma, retinal diseases, and refractive errors. The company has a presence in over 70 countries and serves patients in more than 140 countries. Also, it has active collaborations with various service providers. For instance, the company has a partnership with SightLife, the Eye Donation Counselor program established in hospitals in India, enabling cornea transplant surgeries that might not have been possible otherwise.

Alcon comprises a strong pipeline for the future, constituting non-Rx dry eye drops, contact lens care solutions, ocular vitamins, non-Rx allergy drops, and non-Rx red eye drops in ocular health. For instance, in April 2021, Alcon launches Systane Hydration Multi-Dose Preservative-Free Lubricant Eye Drops in the US.

Also, Johnson and Johnson Vision (JJV)(US) manufacture intraocular lenses, phacoemulsification systems, eye drops, laser vision correction systems, viscoelastic, microkeratomes, and related products used in cataract and refractive surgery. The company operates in two divisions, Johnson & Johnson Surgical Vision, and Johnson & Johnson Vision Care (Contact Lens). JJV is a subsidiary of Johnson & Johnson and has operations in 24 countries. The company markets its products across 60 countries globally.