Market Research Report
Artificial Tears Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Delivery Mode, and Application
|Artificial Tears Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Delivery Mode, and Application|
Published: May 31, 2021
The Insight Partners
Content info: 170 Pages
Delivery time: 1-2 business days
The artificial tears market was valued at US$ 2,612.91 million in 2020 and is projected to reach US$ 3,961.63 million by 2028; it is expected to grow at a CAGR of 5.34% during 2020-2028. The factors such as rising dry eye incidence and surging older population fuel the market growth. Moreover, increasing number of industrial developments is expected to foster the market growth during the forecast period. However, the poor accessibility to eye care services in low-income countries hinders the growth of the artificial tears market.
APAC countries are witnessing drop in the demand for artificial tears products. The COVID-19 outbreak has disrupted supply chain. Moreover, low-income countries face additional challenges due to the shortage of healthcare infrastructure. Restrictive measures have been put forth in South Korea, Malaysia, Singapore, the Philippines, and India to prevent the transmission of novel coronavirus that causes COVID-19. The market is witnessing demand in artificial tear drops owing to increasing use of electronic devices.
The global artificial tears market is segmented on the bases of type, delivery mode, and application. Based on type, the market is segmented into cellulose derived tears, glycerin derived tears, oil-based emulsion tears, polythylene glycol-based tears, propylene glycol-based tears, and sodium hyaluronate based artificial tears. The glycerin derived tears segment held the largest share of the market in 2020 and is anticipated to register the highest CAGR during 2021-2028. By delivery mode, the market is bifurcated into eye drops and ointments. The eye drops segment held a larger market share in 2020, and the same segment is estimated to register a higher CAGR during the forecast period. The artificial tears market, based on application, is bifurcated into dry eyes treatment and contact lenses moisture. The dry eyes treatment segment held a larger share of the market in 2020 and is estimated to register a higher CAGR from 2021 to 2028.
The World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), and the Canadian Dry Eye Summit are among the primary and secondary sources referred to while preparing the report on the artificial tears market.
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the artificial tears market.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the global artificial tears market, thereby allowing players across the value chain to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.