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COVID-19 Impact on Global Artificial Tears Market by Type(Cellulose Derived Tears, Glycerin Derived Tears, Oil based Emulsion Tears and Polyethylene Glycol and Propylene Glycol Based Tears); By Deliver Method (Ointments and Eye Drops) and Region -Analysis of Market Size, Share and Trends for 2014 - 2019 and Forecasts to 2030
Artificial tears act as eye drops with lubricants used to treat discomfort and dryness in dry eyes or keratoconjunctivitis sicca associated with the deficiency in tear development. Artificial tears are used to moisten contact lenses and during eye checkups and tests. This substance is used for the treatment of problems caused by irritation and dryness. Salts, water, and polymers are used to make these artificial tears. These artificial tears, however, do not inherit proteins that are found in genuine tears. It can be bought at any pharmacy or in any medical facility.
Global Artificial Tears Market size was registered at USD 2.7 billion in 2020 and is estimated to reach USD XX billion by 2030, registering a CAGR of 4.73% from 2020 to 2030. The primary driver of the global demand for artificial tears is the rising number of dry eye syndrome (DES) cases. This syndrome is ultimately caused by forces such as excessive digital display exposure, chronic conjunctivitis, poor eyelid, eye injury scars, daily air travel, poor diet, malnutrition, increasing pollution levels, dry weather spells, and extreme climatic changes. The increasing prevalence of free artificial tears, technical advancements, the increasing demand for advanced treatment for dry eyes after surgery, the increasing number of mobile and smartphone addicts, and the growing number of people wearing contact lenses.
Global Artificial Tears Market Opportunity Analysis
Source: Fatpos Global
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Global Artificial Tears Market is segmented based on type, delivery method, and region.
By Type (in %), Artificial Tears Market, 2019
By type the market can be segmented into Cellulose Derived Tears, Glycerin Derived Tears, Oil-based Emulsion Tears, and Polyethylene Glycol and Propylene Glycol based tears.
By Delivery Method (in %), Artificial Tears Market, 2019
The delivery method segment can be classified into Eye Drops and Ointments.
Growing adoption of process automation and industrial robots to increase the market growth
The primary driver of the global demand for artificial tears is the rising number of dry eye syndrome (DES) cases. This syndrome is ultimately caused by forces such as excessive digital display exposure, chronic conjunctivitis, poor eyelid, eye injury scars, daily air travel, poor diet, malnutrition, increasing pollution levels, dry weather spells, and extreme climatic changes. The economic role of consumers in developing regions is another factor expected to drive the growth of the global demand for artificial tears. As the per capita consumption of artificial tear products in several developing countries is low compared to that of developed countries, consumption of meagerly priced artificial tear products among them is expected to increase. The increasing prevalence of free artificial tears, technical advancements, the increasing demand for advanced treatment for dry eyes after surgery, the increasing number of mobile and smartphone addicts, and the growing number of people wearing contact lenses.
High cost of industrial automation systems and privacy concerns to hinder the market growth
The use of artificial tears is associated with many side effects such as blurred vision, long-term discomfort, and so on, which poses a major challenge for the artificial tears industry. Some preservatives, which have many adverse effects on eye health, are used in artificial tears. The production of different medicines capable of minimizing the discomfort caused by dry eye syndrome also restricts the growth of the market for artificial tears.
In terms of value and volume, APAC accounted for XX% of total market volume share in 2019
As a result of the low-income status of APAC and Latin American consumers and the availability of a wide variety of artificial tear products and varieties, the markets in these regions are likely to display potential growth in the coming years. APAC is positioned to rise at a higher pace compared with North America and Europe. This rise can be due to the increasing number of people aged and the increasing occurrence of DES patients in these regions.
The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA.
Source: Fatpos Global
Global Artificial Tears Market is further segmented by region into:
Global Artificial Tears Market: Impact of COVID-19
Global pandemic COVID-19 has become global stress, not just for human lives, but also for industries across different industry verticals. The COVID-19 disease has infected several million people globally, with an increasing number of active cases daily, the duration of the pandemic is still difficult to predict. The coronavirus pandemic has significantly affected diverse industries worldwide. Governments enforcing lockdowns would lead to supply chain disruption. However, during the pandemic, the facility for non-essential medicinal items would boost business prospects. The ease of over-the-counter (OTC) products such as artificial tears will further assist the speedy market expansion. Subsequently, the demand for teardrops in online pharmacies would propel market development.
Artificial Tears Market: Competitive landscape
New technological advancements in the Artificial Tears Market, as well as large production output of the product by key players, are likely to increase the market growth. Moreover, the economic role of consumers is also expected to drive demand.
Global Artificial Tears Market: Key players
Hoya Corporation
Other prominent players
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