The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

According to The Business Research Company’s Artificial Tears Global Market Report 2024, the artificial tears market is expected to show promising growth in the forecast period.

The artificial tears market has shown significant growth and is poised for further expansion in the coming years. Here’s an in-depth look at the key factors driving this growth, major trends, and notable industry developments.

Market Growth Overview

Strong Historic Growth

• Market size in 2023: $3.32 billion
• Projected market size in 2024: $3.55 billion
• CAGR: 6.7%

Factors driving growth:

• Aging population
• Prolonged screen time
• Increased healthcare expenditure
• Shift from prescription to over-the-counter (OTC) products
• Regulatory changes

Future Market Projections

Continued Expansion

• Projected market size in 2028: $4.55 billion
• CAGR: 6.4%

Growth drivers:

• Increasing prevalence of dry eye syndrome
• Growth in contact lens usage
• Global urbanization
• Rising pollution levels
• E-commerce growth

Major trends:

• Technological advancements
• AI and tech integration
• Partnerships with healthcare providers
• Use of natural ingredients
• Advances in product formulation
• Advanced drug delivery systems
• Sustainable and eco-friendly products

View More On The Artificial Tears Market Report 2024 – https://www.thebusinessresearchcompany.com/report/artificial-tears-global-market-report

Impact of Dry Eye Disease Prevalence

Increasing Dry Eye Cases

• Dry eye disease is becoming more common, necessitating the use of artificial tears.
• Dry eye disease causes discomfort due to insufficient or poor-quality tear production.
• Artificial tears help alleviate symptoms by supplementing natural tear production.

Survey Insights:

• In a 2022 survey by Macquarie University, 13% of individuals aged 50+ showed clinical signs of dry eye disease.
• Eyes On Eyecare reported a rise in prescription treatments for dry eye from 5.8% in 2021 to 7.56% in 2022.

Key Players in the Market

Major Companies

• Pfizer Inc.
• Johnson & Johnson
• AbbVie Inc.
• Novartis AG
• Abbott Laboratories
• Otsuka Pharmaceutical Co. Ltd.
• Alcon
• Bausch Health Companies Inc.
• Sun Pharmaceutical Industries Ltd.
• Reddy’s Laboratories
• Santen Pharmaceutical Co. Ltd.
• Lupin Limited
• Rohto Pharmaceutical Co. Ltd.
• Prestige Consumer Healthcare Inc.
• Thea Pharma Inc.
• OPTIMA pharma GmbH
• Velocity Pharma LLC

Technological Innovations

HydroBoost and PureFlow Bottle Technology

• Companies are incorporating technologies like HydroBoost and PureFlow to enhance product efficacy and user convenience.
• Example:In April 2021, Alcon launched Systane Hydration Multi-Dose Preservative-Free Lubricant Eye Drops with HydroBoost Technology and PureFlow bottle for better hydration and sterility.

Strategic Acquisitions

Bausch + Lomb’s Acquisition of Blink

• In July 2023, Bausch + Lomb acquired Blink products from Johnson & Johnson for $106.5 million.
• This acquisition aims to expand Bausch + Lomb’s OTC eye care portfolio, providing consumers with more comprehensive eye care solutions.

Market Segmentation

Types of Artificial Tears

• Glycerin Tears
• Cellulose Tears
• Oil-Based Emulsion Tears
• Polyethylene Glycol-based Tears
• Sodium Hyaluronate Based Artificial Tears
• Propylene Glycol-based Tears

Dosage Forms

• Suspensions
• Solution
• Ointment
• Emulsion
• Gel
• Spray

Indications

• Dry Eye Syndrome
• Allergies
• Infections
• UV and Blue Light Protection
• Contact Lens Moisture Retention
• Other Indications

Distribution Channels

• Retail Pharmacies
• Hospital Pharmacies
• Online Pharmacies
• Ophthalmic Stores

Regional Insights

Geographic Trends

• North America was the largest region in the artificial tears market in 2023.
• Asia-Pacific is expected to be the fastest-growing region during the forecast period.

With the increasing prevalence of dry eye syndrome and ongoing technological advancements, the artificial tears market is set to witness robust growth, offering improved solutions for those suffering from dry eye conditions.

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