Market Research Report
Asia Pacific Artificial Tears Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type ; Delivery Mode ; Application
|Asia Pacific Artificial Tears Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type ; Delivery Mode ; Application|
Published: July 6, 2021
The Insight Partners
Content info: 137 Pages
Delivery time: 1-2 business days
The artificial tears market in Asia Pacific is expected to grow from US$ 358.5 million in 2021 to US$ 549.5 million by 2028; it is estimated to grow at a CAGR of 6.3% from 2021 to 2028. The industry is witnessing a considerable number of business activities that are generating a very lucrative growth opportunity for the market. The players in the industry are focusing on brand establishments, as well as consolidation of supply chain distribution channels with an aim to leverage their presence in the global market. For instance, in March 2020, Grafton Optical launched I-DROP MGD Viscoadaptive Tears that provide the relief for severe chronic evaporative dry eye. I-DROP MGD is preservative-free, artificial tear that helps relieve symptoms associated with evaporative dry eye, for patients suffering from Meibomian Gland Dysfunction. It is the most advanced eye drop for hydrating and lubricating the cornea. In addition, the companies are working proactively to launch advanced products in the market. For instance, in March 2020, Alcon, the global leader in eye care introduced SYSTANE HYDRATION Preservative-Free (PF) Lubricant Eye Drops for dry eye. It is used to relieve dryness of the eye and as a protectant against further irritation. Further, in October 2019, Allergan launched a new product line called Refresh Relieva lubricant eye. The launch of the novel product has helped the company retain its position in the eye drop industry. Such strategic events are likely to offer lucrative growth opportunity for the artificial tears market during the forecast period.
The market for Artificial tears market is segmented into type, delivery mode, and application. Based on type, the artificial tears market is segmented into glycerin derived tears, cellulose derived tears, oil-based emulsion tears, polythylene glycol-based tears, sodium hyaluronate based artificial tears, and propylene glycol-based tears. In 2020, glycerin derived tears segment accounted for the largest share of the market owing to their easy availability and ability to keep eyes moist for long. Glycerin is a humectant, as well as a demulcent and lubricant. Glycerin also has the benefit of promoting epithelial cell growth and reducing the harmful effects of high osmolarity on the ocular surface. Povidone is a lipid that binds to the tear film's existing oil layer, thickening it and reducing evaporation.
Countries in the Asia Pacific are facing challenges due to increasing incidences of COVID-19. People are packing India's public Dry Eyes Treatment, as many are unable to afford private ones that generally uphold higher standards of care. The outbreak has severely affected the tourism industry and imposed supply chain disruptions; 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 disease transmission. In November 2020, NovaBay Pharmaceuticals, Inc., a pharmaceutical company focusing on commercializing Avenova for the eye care market, announced the signing of an agreement with Paragon Care Group Australia Pty Ltd for the exclusive distribution of Avenova in Australia. Paragon Care Group will begin distributing Avenova directly to consumers under its Designs for Vision brand beginning in early 2021. Avenova the best product to treat the chronic bacterial infections that affect approximately 85% of all dry eye sufferers. Thus, artificial tears market is moderately impacted due to COVID-19.
The overall Asia Pacific Artificial tears market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the Asia Pacific Artificial tears market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia Pacific Artificial tears market. Johnson and Johnson Services, Inc.; Alcon Inc.; OASIS Medical; AbbVie Inc.; Bayer AG; Prestige Consumer Healthcare Inc.; Santen Pharmaceutical Co., Ltd.; Bausch Health Companies Inc.; and Aurolab are among a few players operating in the Asia Pacific Artificial tears market.