According to a recent report by Future Market Insights, the worldwide artificial tears market sales is anticipated to develop at a compound annual growth rate of 5.4% during the forecast period and reach a valuation of over US$ 3.4 billion in 2024.
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.
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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.
Key Takeaways:
Glycerine tears are the leading segment of artificial tears and will hold around 26.4% 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 29.2% 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 5.6% during the forecasted years with a market share of 55.2% in the year 2024. Dry eye syndrome holds a substantial share of 34.2% 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 4.6% during the forecast years, with a market share of 38.0% in 2024. North America is the leading region with a value share of 30.9% in 2024, owing to the high prevalence of ocular problems such as eye allergies.
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 Segments:
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)
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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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