Artificial Tears Market Size, Trends and Growth Analysis by 2027

The artificial tears market was valued at approximately US$ 2,612.91 million in 2020 and is anticipated to grow to US$ 3,961.63 million by 2028, reflecting a compound annual growth rate (CAGR) of 5.5% from 2021 to 2028.

Several factors contribute to the expansion of this market, including the increasing prevalence of dry eye conditions and a growing elderly population. Additionally, the rise in industrial advancements is expected to further stimulate market growth throughout the forecast period. However, challenges such as limited access to eye care services in low-income nations pose significant barriers to the artificial tears market's development.

In the Asia-Pacific (APAC) region, there has been a noticeable decline in the demand for artificial tears products. The COVID-19 pandemic has severely disrupted supply chains, exacerbating the situation. Furthermore, low-income countries are grappling with inadequate healthcare infrastructure, which complicates access to necessary treatments. To mitigate the spread of the novel coronavirus, countries like South Korea, Malaysia, Singapore, the Philippines, and India have implemented strict measures. Despite these challenges, there is a growing demand for artificial tear drops, largely driven by the increased use of electronic devices, which can lead to eye strain and dryness.

The global artificial tears market is categorized based on type, delivery method, and application. In terms of type, the market is divided into several segments: cellulose-derived tears, glycerin-derived tears, oil-based emulsion tears, polyethylene glycol-based tears, propylene glycol-based tears, and sodium hyaluronate-based artificial tears. Notably, the glycerin-derived tears segment accounted for the largest market share in 2020 and is projected to experience the highest CAGR during the period from 2021 to 2028.

When examining delivery methods, the market is split into eye drops and ointments. The eye drops segment dominated the market in 2020 and is expected to maintain a higher growth rate throughout the forecast period. Furthermore, the artificial tears market is also segmented by application into two main categories: treatment for dry eyes and moisture for contact lenses. The dry eyes treatment segment held a significant share of the market in 2020 and is forecasted to achieve a higher CAGR from 2021 to 2028.

To compile the report on the artificial tears market, various primary and secondary sources were utilized, including reputable organizations such as the World Health Organization (WHO), the Centers for Disease Control and Prevention (CDC), and the Canadian Dry Eye Summit.

In summary, the artificial tears market is poised for substantial growth, driven by demographic trends and technological advancements, despite facing challenges in certain regions. The ongoing demand for effective solutions to combat dry eye symptoms, particularly in the context of increased screen time, underscores the importance of this market in the healthcare landscape.