Artificial Tears Market

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.

By Region, the study segments the market into North America, Europe, Asia-Pacific, and the Rest of the World. The North America artificial tears market accounted for the largest market share in 2022. This is due to the high prevalence of dry eye disease, the presence of market key players, and the growing demand for contact lenses in the region Dry eye disease is very widespread in the United States, affecting a large percentage of the population, particularly those over the age of 50.

According to the National Health and Wellness Survey, 6.8 percent of the adult population in the United States (approximately 16.4 million people) will have dry eye disease by 2020. Moreover. The regional market witnesses the presence of many key market players such as Johnson and Johnson Vision Care (US) and Bausch + Lomb (Canada). Thus, the presence of key market players in the region fuels the growth of the artificial tears market in the region.

Further, the major countries studied are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: ARTIFICIAL TEARS MARKET SIZE, BY REGION 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

Europe artificial tears market accounts for the second-largest market share due to the high prevalence of ophthalmic disorders, increasing use of advanced eye drops, and a rapidly surging aging population. further, UK artificial tears market was attributed to hold the largest market share, and the France artificial tears market is expected to fastest-growing market in the European region.

The Asia-Pacific artificial tears market is expected to grow at a significant share from 2023 to 2032. This is due to the strong potential patient population, rising awareness of ocular diseases, and increasing healthcare expenditure in the Asia-Pacific region. Moreover, China artificial tears market is expected to hold the largest market share, and India artificial tears market is expected fastest-growing market in the Asia-Pacific region.

Furthermore, according to the World Bank, China's population in 2020 will be around 140.21 crore people. WHO reports that China's population is growing older quickly, which is contributing to the country's health care needs. By 2040, China's population of people aged 60 and over is expected to grow by 28%. Furthermore, the increasing population and aging people are creating a strong potential patient population in the region for the players involved in the artificial tears market, these factors are likely to have considerable growth for the artificial tears market.

The Rest of the World is segmented into the Middle East, Africa, and Latin America. Artificial tears market in the above-mentioned regions is likely to witness growth due to improving healthcare infrastructure and increasing government initiatives. Moreover, low healthcare expenditure and unstable political situations are also affecting the market's growth to some extent in the Middle East.

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.