Artificial Tears Market Size to Reach USD 4.30 Billion by 2027; Introduction of Alcon’s Systane Hydration Preservative-Free Eye Drops to Favor Market

The global artificial tears market size is reach USD 4.30 billion by 2027, exhibiting a CAGR of 5.9% during the forecast period. The rising R&D investment by major industry payers for the introduction of advanced and redefined artificial tears product will have an excellent impact on the market in the forthcoming years, mentioned in a report, titled “Artificial Tears Market Size, Share & COVID-19 Impact Analysis, By Type (Polyethylene Glycols (PEG) and Polypropylene Glycols (PPG), Cellulose, and Others), By Delivery (Eye Drops, and Ointments), By Application (Dry Eye Syndrome, Allergies & Infections, and Others), By Distribution Channel (Hospital Pharmacies, Drug Stores & Retail Pharmacies, and Online Pharmacies), and Regional Forecast, 2020-2027.” The market size stood at USD 2.64 billion in 2019 and is expected to exhibit a CAGR of 5.9% between 2020 to 2027.

Launch of Allergan’s New Lubricant Eye Drops to Aid Expansion

Allergan, an Irish-domiciled pharmaceutical company announced the launch of its latest tear formulation, Refresh Repair Lubricant Eye Drops. The new over-the-counter eye drop is the first only artificial tear in the U.S. formulated with carboxymethylcellulose (CMC), hyaluronic acid (HA, an inactive ingredient), and osmoprotectants. The introduction of Refresh Repair is the latest addition to its Refresh portfolio. The product is specifically designed to repair and protect the eyes from the harmful effects of dry eye and improve vision clarity. Furthermore, the increasing development of innovative products by major pharma companies will foster the healthy growth of the market. For instance, Alcon announced the introduction of its latest addition to the company’s artificial tear portfolio called the SYSTANE HYDRATION Preservative-Free Lubricant Eye Drops with HydroBoost Technology, indicated for sensitive, dry eyes.

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Rising Cases of Dry Eye Syndrome to Augment Growth

The growing cases of eye disorders are expected to spur demand for artificial tears in the forthcoming years. Dry eye syndrome can lead to major problems and sufferings for patients. Thus, the growing awareness about the disease can further improve business possibilities for the market. As per the research conducted by the journal BMC Ophthalmology in January 2020, the prevalence of dry eye syndrome has been estimated in many countries around the globe, ranging between 9.5–90%. The increasing patient population will escalate the demand of the market in the near future. The cognizance about deteriorated quality of life due to eye disorders will further boost opportunities for the market in the forthcoming years.

Focus on Enhanced Product Portfolio to Steer Competition

The market is currently dominated by the existing established companies in the Industry. Alcon and Allergan (AbbVie Inc.) have retained a position in the market with its robust artificial tears’ portfolio. The constant efforts to launch innovative products by the companies will influence the healthy growth of the market. Companies such as Santen Pharmaceutical Co., Ltd., Sun Pharmaceutical Industries Ltd., and Bausch & Lomb are focused on improving its products and distribution network to strengthen its standpoint in the market. The emerging players are also introducing new products, for instance, Eyevance Pharmaceuticals LLC introduced FRESHKOTE Preservative Free (PF) to establish its presence in the industry.

The Report Lists the Eminent Companies in the Artificial Tears Market:

• Allergan (AbbVie Inc.) (Dublin, Ireland)
• Santen Pharmaceutical Co., Ltd. (Osaka, Japan)
• Bausch & Lomb (Laval, Canada)
• Alcon (Geneva, Switzerland)
• Novartis AG (Basel, Switzerland)
• Akorn Inc. (Lake Forest, U.S.)
• Eyevance Pharmaceuticals LLC (Forth Worth, U.S.)
• Sun Pharmaceutical Industries Ltd. (Mumbai, India)
• Johnson & Johnson (New Brunswick, U.S.)
• Bayer AG (Leverkusen, Germany)
• Otsuka Pharmaceutical Co., Ltd. (Tokyo, Japan)
• Other Players

Further Report Findings:

• Regional Analysis: The market size in North America stood at USD 1.38 billion in 2019 and is expected to remain dominant during the forecast period. The increasing adoption of advanced products to boost the market in the region. The presence of major players will enable speedy expansion of the market.
• Leading Segment: The polyethylene glycols (PEG) and polypropylene glycols (PPG) are expected to account for the largest share in the global market during the forecast period owing to the availability of polyethylene glycols (PEG) and polypropylene glycols (PPG) type in artificial tear products.

The Market is Segmented into: