Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global artificial tears market. In addition, complete analysis of changes on the global artificial tears market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. In COVID-19 pandemic, the global artificial tears market has specifically been affected due to decreasing patient inflow in hospital for treatment, adding to that disruption in supply chain, restriction guidelines to follow pandemic norms, decreasing products demand has hampered the market growth. However, the market had constant new product launches, innovation ongoing in market.
The major factor contributing the market growth are surging older population, rising incidence of chronic eye disorders, rising penetration of smartphones and tablets, demand for artificial tears during post-operative care and technological advancements are some of key factor accelerating the demand for the market. For instance according to United Nations, World Population Aging 2019, had mentioned that globally there were 703 million older person aged 65 or over in 2019. Eastern and South Eastern Asia has more over the largest number of world older population (260 million) and North America (over 200 million). Over the next three decade the global number of older person is projected to double reaching 1.5 billion person in 2050. Thereby, the market is expected to find ample of new growth opportunities over the estimated time period.
New product launches in the market is the key factor which is expected to provide new growth opportunity for market. With the increasing rate of dry eyes diseases, demand for treatment has certainly accelerated the market demand to huge extend. For instance in, July 2021, Bausch + Lomb, a business of Bausch Health Companies Inc. had announced the U.S. launch of Biotrue Hydration Boost Lubricant Eye Drop and Biotrue Micellar Eyelid Cleaning wipes. Both the products are preservative free and uniquely formulated with naturally inspired ingredients to relieve the symptoms associated with irritated, dry eyes.
Certain safety concern for the artificial tears among the population is major restraining factors for the market growth. The different side effects like blurred vision, eye pain, foreign body sensation in eyes, eye irritation and eye redness is certainly creating hurdle for the market growth. Besides, certain limitation for the artificial tears is expected to restrain the market growth.
The key challenge faced by the market will be sizeable patient population having different eye diseases, dry eyes, is expected to be the major challenge for market. However, with the increasing dry eye patient the market can overcome these challenge.
The report provides in-depth analysis of global artificial tears market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various artificial tears market in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR of 5.3 % from 2022-2028.
The global artificial tears market comprises of different market segment like type, delivery mode, application and geography.
The different type studied in the global artificial tears market are cellulose derived tears, glycerin derived tears, oil-based emulsion tears, polyethylene glycol based tears, propylene glycol based tears and sodium hyaluronate based artificial tears. Polyethylene glycol based tears followed by propylene glycol based tears is expected to witness increasing demand for artificial tears market. Adding to that polyethylene glycol is a demulcent that forms a protective layers over the mucous membrane to relieve inflammation or irritation and to preserve the ocular surface microenvironment. Demulcents are high molecular weight polymers and protect and provides viscosity to eye drops. Besides, propylene glycol based tears also forms a protective layers over the mucous membrane to relieve inflammation and/or irritation and also increases the viscosity of the eye drop.
The artificial tears market by delivery mode includes various segment like eye drops and ointments. Eye drops delivery mode is expected to have increasing demand for the market over the forecast period. The artificial tears eyes drops are mostly used to lubricate dry eyes and help maintain moisture on the outer surface of eyes. The eyedrops may be used to treat dry eyes that result from aging, certain medications, a medical conditions, eye surgery or environment factors such as smoky or windy conditions. Besides, ointments is likely to witness increasing growth over the forecast period.
The global artificial tears market finds its major application in contact lenses moisture and dry eyes treatment. Dry eyes treatment is dominating the market for the artificial tears market. The dry eyes are mostly due to failure of the lacrimal glands to produce enough watery fluids to keep the eye adequately moistened and thereby the condition is called aqueous deficiency dry eye. Dry eye is ideally a chronic and typically progressive condition which often have increasing demand for dry eyes treatment which further propel the demand for the global artificial tears market. Likewise, contact lenses moisture is likely to contribute healthy growth in the market.
The global artificial tears market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). North America is expected to dominate the market for artificial tears over the estimated time period. The key factor contributing in the market are surging older population, rising incidence of chronic eye disorders, rising penetration of smartphones and tablets, demand for artificial tears during post-operative care and technological advancements are some of driving factor contributing the market growth. Besides, well developed presence of healthcare facilities is further boosting the demand for market. Likewise, constant innovation and development for artificial tears is driving the market. On the other hand, Asia Pacific is likely to have growth at rapid pace during the forecast period.
The competitive landscape analysis of artificial tears market is certainly based range of market players operating in the healthcare market with increasing demand for production of artificial tears market. Besides, number of market players offered wide range of products for different application in various geographic locations. The market has major competitive analysis based on new product launches as well as other developments.
The key players studied in market are AbbVie Inc., Advanced Vision Research, Inc., Akorn, Incorporated, Alcon Inc., Allegan Inc., Aurolab, Bausch & Lomb, Bausch Health Companies Inc., Bayer AG, Carl Zeiss AG, Eyevance Pharmaceuticals LLC, Johnson and Johnson Services, Inc., McNEIL-PPC, Inc., Novartis International AG, OASIS Medical, Otsuka Pharmaceutical Co., Ltd., Prestige Consumer Healthcare Inc., Santen Pharmaceutical Co., Ltd. and Sun Pharmaceutical Industries Ltd. among others.
January 2022: Stuart Therapeutics, Inc. had announced the topline results of the first in human Phase 2 clinical trial for its lead drug candidate, ST-100 in patients with dry eye diseases. The clinical trial had been conducted between June and October 2021, and was multi-center, randomized, controlled, double masked clinical trial to evaluate the acute and chronic efficacy of topical ST-100 eye drops on the signs and symptoms of dry eye disease. Adding to that one hundred and sixty patient were enrolled and received twice daily dosing of either 20 mg/ml, or 50 mg/ml of ST-100 or placebo.
November 2021: I-MED Pharma USA had announced launch of its most innovative dry eye product portfolio to the U.S. market. The ir uniquely formulated line of ocular surface disorder products given dry eye patients the long lasting relief they have been searching for. The company will sell directly to eye care professionals throughout the United States offering a broad range product portfolio which includes I-Drop artificial tears, I-LID’N LASH ocular hygiene cleansers, I-DEFENCE night time dry eye ointment, I-VU OMEGA-3 nutritional supplements, I-RELIEF therapeutic mask, and the E>Eye IRPL device specifically designed to treat evaporative dry eye due to meibomian gland dysfunction.
July 2021: OmniActive Health Technologies had announced the unveiling of Integrative Actives, a platform which facilitates the delivery of multiple actives into concentrated smaller doses. The first product developed using the integrative active is OmniActive’s newest clinically studied offering, Nutritears, a unique patent pending combination of ingredients (lutein and zeaxathin isomers, curcuminoids and vitamins D3), which delivers benefits that consumer demand. It is the clinically studied formulation to address the occasional dry eyes.
Artificial tears are ideally the eye lubricant or artificial tears used to relieve dry eyes. Dry eyes can happen specifically to not enough tears are made to keep the eye lubricated. It helps to soothe the irritation and burning seen in dry eyes by maintaining proper lubrication of the eyes. Besides, artificial tears helps to maintain moisture on the outer surface of eyes. These eye drops may be used to treat dry eyes that results from aging, certain medication, a medical condition, eye surgery or environmental factors such as smoky or windy conditions. Thereby the market is likely to have increasing demand for the market over the forecast time period.
The global artificial tears market comprises of different market segment like type, delivery mode, application and geography. The different type studied in the global artificial tears market are cellulose derived tears, glycerin derived tears, oil-based emulsion tears, polyethylene glycol based tears, propylene glycol based tears and sodium hyaluronate based artificial tears. Polyethylene glycol based tears followed by propylene glycol based tears is expected to witness increasing demand for artificial tears market. The artificial tears market by delivery mode includes various segment like eye drops and ointments. Eye drops delivery mode is expected to have increasing demand for the market over the forecast period. The market finds its major application in contact lenses moisture and dry eyes treatment. Dry eyes treatment is dominating the market for the artificial tears market. The global artificial tears market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW).
1) What are the drivers for artificial tears market?
The key driving factors of the market are surging older population, rising incidence of chronic eye disorders, rising penetration of smartphones and tablets, demand for artificial tears during post-operative care and technological advancements are propelling the market growth.
2) Which type is expected to dominate in the market?
Polyethylene glycol based tears followed by propylene glycol based tears is expected to witness increasing demand for artificial tears market.
3) Which is the leading application segment for artificial tears market?
Dry eyes treatment has accounted the major market share, and is expected to witness the growth at highest pace during the forecast period.
4) Which region is gaining majority of market share during the forecast period (2021-2028)?
North America is expected to gain major market share during the forecast period (2021-2028).
