The Insight Partners Latest Research on “Artificial Tears Market Forecast to 2028″ Includes COVID-19 Impact and Global Analysis By Type (Cellulose Derived Tears, Glycerin Derived Tears, Oil-Based Emulsion Tears, Polythylene Glycol Based Tears, Propylene Glycol Based Tears, and Sodium Hyaluronate Based Artificial Tears), Delivery Mode (Eye Drops and Ointments), and Application (Dry Eyes Treatment and Contact Lenses Moisture)
“Artificial Tears Market was valued at US$ 2,612.91 million in 2020 and is projected to reach US$ 3,961.63 million by 2028; it is expected to grow at a CAGR of 5.5% from 2021 to 2028. The report highlights the key factors driving the market growth and prominent players with their developments in the market.
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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.
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, and sodium hyaluronate based artificial tears. The glycerin derived tears segment held the largest share of the market in 2020 owing to their easy availability and ability to keep eyes moist for long time. Glycerin is a humectant, as well as a demulcent and lubricant. It also promotes the growth of epithelial cell and reduces the harmful effects of high osmolarity on the ocular surface. Povidone is a lipid that binds to the tear film’s existing oil layer, thickening it and reducing evaporation. Further, the glycerin derived tears segment is expected to register the highest CAGR during 2021–2028.
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Based on delivery mode, the artificial tears market is bifurcated into eye drops and ointments. The eye drops segment held a larger share of the market in 2020 and is estimated to register a higher CAGR in the market during the forecast period. The market growth for this segment is majorly attributed to the availability of wide range of products, and easy application.
The factors that are driving growth of the market are rising incidence of dry eye and growing older population. Also, industrial developments are accelerating the growth of the market.
Top Companies are:
- 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
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