The Total Addressable Market (TAM) for artificial tears size was valued at USD 2.74 billion in 2022. It is projected to reach USD 4.40 billion by 2031, growing at a CAGR of 5.40% during the forecast period (2023-2031).
Artificial tears solution is primarily used to lubricate dry eyes that are caused due to reduced tear production, increased tear evaporation, or imbalance in tear composition. The solution helps in protecting the eyes from injury and ensures moisture retention. Growing urbanization, along with the rising number of desk jobs, is boosting market growth. For instance, the world's population living in urban areas is projected to increase from 55% in 2018 to 68% in 2050. This is further supported by the rising prevalence of dry eye disease coupled with rising demand for lubricant eye drops. Artificial tears are especially important as an ophthalmic treatment because a sizable portion of the world's population suffers from dry eye syndrome and other ocular conditions like allergies to eyes. Because a sizable portion is available over the counter, it can be self-administered, which further lowers the financial burden on the healthcare system. As a result, more businesses are participating in R&D projects for these products, which has led to the introduction of more advanced eye drop versions and supported the expansion of the global market over the forecast period.
|Market Size||4.40 billion|
|Fastest Growing Market||Asia-Pacific|
|Largest Market||North America|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
Rising Prevalence of Dry Eye Disease
The rising incidence of dry eye syndrome, which is anticipated to increase demand for the market, is one of the main factors driving the global market. Despite the fact that dry eye syndrome is not a disorder that poses a life-threatening risk, it does affect the quality of life for those who have it. In many nations around the world, the prevalence of dry eye syndrome has been estimated, with the prevalence ranging between 9.5 and 90%, according to a report published in the research journal BMC Ophthalmology in January 2020. Such trends and statistical data have shown that there are many current and potential patients worldwide who are becoming more aware of this disorder. Even though this condition may not have a serious impact on the patient's vision, it frequently leads to a markedly reduced quality of life for the patient. This is anticipated to further accelerate market growth over the course of the projection period.
Increasing Internet Penetration
The increasing incidence of cataracts among the rapidly aging population globally is also positively impacting market growth. According to a recent clinical study in 2019 by the World Health Organization, cataracts are the most common reason for blindness and eye surgeries, accounting for about 47.8% of all blindness worldwide. Around 17.7 million people worldwide have had cataracts diagnosed. It is usual for patients to experience symptoms of dry eye syndrome after a few months following the cataract surgery. Thus, the demand for artificial tears is expected to increase among patients after cataract surgery.
Side Effects of Artificial tears
Some of the most important restrictions include product safety issues, which force users to use them with caution. Risks of contamination and unfavorable reactions from the product's preservatives are just a couple of the safety issues related to teardrops. Due to these safety concerns, usage is constrained, and the various ocular conditions may result in decreased productivity, which has a negative impact on quality of life. These restrictions are anticipated to reduce the demand for these goods, which can limit the market's expansion throughout the forecast period.
Increasing Technological Advancements
Consistent releases of cutting-edge and ground-breaking products from top businesses will also play a significant role in driving the global market during the forecast period. Such frequent releases of cutting-edge products have consistently raised patient population awareness. Sturdy demand for these products has resulted from this. The market's potential may be further increased by cutting-edge therapies and products for a variety of ocular conditions like dry eye syndrome and conjunctivitis. Recent launches from the SYSTANE family, like SYSTANE HYDRATION PF, and the Refresh family of artificial tears, like REFRESH RELIEVA, are two examples of recent launches that are anticipated to spur market growth during the forecast period.
The global artificial tears market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.
North America region is the highest contributor to the market and is expected to grow at a healthy CAGR during the forecast period. This can be attributed to the high adoption of treatment therapies and the presence of a favorable reimbursement framework. Dry eye disease is one of the most prevalent conditions in the U.S., as nearly 30% of the U.S. population suffers from dry eye disease. This is further supported by increasing demand for LASIK and refractive surgeries and the high adoption of contact lenses. For instance, per CDC estimates, an estimated 45 million people wear contact lenses in the country, representing high demand for artificial tears. According to a report, there are roughly 16 million diagnosed cases of dry eye diseases in the United States, or 6.8% of the adult population. Compared to men, females are more likely to experience it. Because of dry eye disease, almost 60% of patients visit eye care professionals. It is anticipated that the prevalence of risk factors, such as systemic diseases (diabetes), high digital device usage, and an aging population, will continue to rise in the U.S.A.
Europe is likely to emerge as the second-largest market globally. This can be attributed to the increasing prevalence of age-related ophthalmic disorders and dry eye diseases. In Europe, 11% to 30% of people have dry eye disease. The population is aging and growing older, and younger people are being diagnosed due to increased screen time, especially in light of the COVID-19 pandemic with the rise in online classes and work-from-home scenarios. As per the European Society of Retina Specialists (EURETINA), age-related macular degeneration (AMD) affects nearly 34 million people in European Union every year. This number is expected to rise by 25% by 2050. Similarly, the prevalence of diabetic eye disease is also high in the region. Nearly 4 million European people suffer from diabetic eye diseases, and about 25% of diabetic eye disease cases require surgical intervention, which is expected to increase the demand for artificial tears in postoperative care. In Europe, an association of dry eye specialists was formed in 2020 with the objective of starting a foundation for a task force to be formed at the European level to continue advancing knowledge in the broad field of dry eye and promoting education through congresses, webinars, and newsletters.
Asia Pacific is likely to emerge as the fastest-growing region for artificial tears as a result of increasing demand for contact lenses, rising disposable income, and economic development in countries such as China and India. The rising geriatric population, coupled with increasing incidences of eye-related diseases, also represents a significant opportunity for market growth. For instance, the geriatric population in Japan is expected to increase from 27.7% in 2015 to over 40% by 2050. Artificial tears contribute the majority of the revenue to the regional dry eye treatment market. According to Central Drugs Standard Control Organization plans for India in 2022, artificial tears will be accessible for people to purchase over-the-counter without a prescription.
The LAMEA region is anticipated to grow at a moderate rate. Visual impairment is one of the major health concerns in Africa. Cataracts, glaucoma, and uncorrected refractive errors are the leading health concerns in Africa. However, the adoption of surgical interventions is significantly low in African countries. The awareness regarding ophthalmic conditions and treatment therapies is low in both the Middle East and Africa. However, with the changing dynamics in the healthcare sector in the Middle East, this trend is expected to change in the coming years.
The global artificial tears market is segmented by type, delivery method, and application.
Based on type, the global market is bifurcated into cellulose-derived tears, glycerin-derived tears, oil-based emulsion tears, and polyethylene glycol.
The cellulose-derived artificial segment is the highest contributor to the market and is expected to grow at a healthy CAGR during the forecast period because this segment contains significant products like GenTeal Tears and Refresh Optive. Over the last few decades, carboxymethyl cellulose has remained to be the most used cellulose-derived artificial tear solution. As per a study involving 484 artificial tears prescriptions, 256 were prescribed for carboxymethyl cellulose, and 186 were for hydroxypropyl cellulose.
The glycerin-derived artificial tears segment is expected to witness a higher CAGR. This can be attributed to their ability to retain eye moisture for a longer period. In addition to this, the product is cheaper than other types, which is further driving demand for the product. Oasis Tears (Oasis Medical Inc), Refresh Optive and Refresh Optive Advanced (Allergan), and Tears Naturale Forte (Alcon) are some of the readily sold glycerin-based artificial tears.
Based on the delivery method, the global market is bifurcated into eye drops and ointments.
The eye drops segment is the highest contributor to the market and is expected to grow at a healthy CAGR during the forecast period, owing to its commercial availability in the form of eye drops. The product is considered the mainstream treatment and the first line of therapy for dry eye syndrome. Furthermore, it reduces the need for ointment-based artificial tears.
The ointment segment is expected to grow at a significant rate. Ointments are generally more effective than eye drops at treating symptoms. When applied to the eyes, ointments can cause temporary blurred vision, so most people only use them before bedtime. Eye ointments are greasy, semisolid medications that utilize your body heat to melt. Once an ointment is applied to the eye, it breaks down into tiny drops that collect between the eyeball and eyelid.
Based on application, the global market is bifurcated into dry eye treatment and contact lens moisture.
The dry eye treatment segment is the highest contributor to the market and is expected to grow at a healthy CAGR during the forecast period. Due to the substantial proportion of the population affected by the disease, using artificial tears is the most important treatment. Artificial tears are prescribed to lubricate dry eyes and assist in maintaining moisture on the eye's outer surface. They are also used to treat dry eyes brought on by aging, some medications, a medical condition, eye surgery, or external factors like windy or smoky weather.
The contact lens moisture segment is expected to grow at a significant rate on account of its increasing adoption across the globe. As per our analysis, more than 125 million people use contact lenses globally. The eye care industry is extensively targeting the millennials as they are the major adopters of contact lenses. However, the demand for single-use contact lenses is also rising in developed economies, which may have some impact on market growth.