PUBLISHER: The Insight Partners | PRODUCT CODE: 1873988
PUBLISHER: The Insight Partners | PRODUCT CODE: 1873988
The artificial tears market is anticipated to grow from US$ 3.19 billion in 2024 to US$ 4.85 billion by 2031, reflecting a compound annual growth rate (CAGR) of 7.2% during the period from 2031 to 2031. Changes in lifestyle are expected to be a significant trend influencing the market.
Analysis of the Artificial Tears Market
The increasing prevalence of dry eye syndrome and the expanding elderly population are primary factors driving market growth. Additionally, the rise in industrial advancements presents significant opportunities for stakeholders in the artificial tears market.
Overview of the Artificial Tears Market
The occurrence of dry eye is on the rise, particularly in developed countries. This condition can lead to discomfort, irritation, and visual disturbances due to various causes. For example, a study from the "National Health and Wellness Survey" in the US, conducted in April 2020, revealed that approximately 16.4 million individuals were diagnosed with dry eye, with a 2.7% increase in prevalence among those aged 18 to 34. The prevalence among older adults was reported at 18.6%. Furthermore, the condition is more common in women (8.8%) compared to men (4.5%). The incidence of dry eye is notably higher in populations across Europe and the Asia Pacific region, indicating that the growing prevalence of this condition will likely propel the artificial tears market forward.
Strategic Insights
Drivers and Opportunities in the Artificial Tears Market
Growing Elderly Population
Dry eye syndrome is frequently observed in individuals aged 65 and older, and the global geriatric population is rapidly increasing. According to the 2024 revision of World Population Prospects, by 2050, one in six individuals will be over 65, up from one in eleven in 2024. The same report estimates that one in four people in Europe and North America will be over 65 by 2050, with the number of individuals over 80 projected to rise to 426 million from 143 million in 2024. Aging significantly impacts vision health, leading to a higher susceptibility to eye conditions. Consequently, many healthcare companies are tailoring their products to meet the needs of the elderly. The accelerated degeneration process in older adults makes them more vulnerable to dry eye, prompting manufacturers to innovate and introduce new eye care products, thereby fostering market growth. Additionally, advancements in healthcare are enhancing life expectancy, as countries implement new methods for the safe and effective treatment of older individuals. This improvement in quality of life is contributing to lower mortality rates and a significant increase in the elderly population, which is expected to further stimulate market growth.
Rising Industrial Developments
The industry is experiencing a surge in business activities, creating lucrative growth opportunities. Companies are focusing on establishing their brands and strengthening supply chain distribution channels to enhance their global market presence. For instance, in March 2020, Grafton Optical introduced I-DROP MGD Viscoadaptive Tears, designed to alleviate severe chronic evaporative dry eye. This preservative-free artificial tear product addresses symptoms associated with evaporative dry eye in patients with Meibomian Gland Dysfunction, representing a significant advancement in eye drop technology for corneal hydration and lubrication. Additionally, companies are actively launching innovative products; for example, Alcon, a leader in eye care, released SYSTANE HYDRATION Preservative-Free Lubricant Eye Drops in March 2020 to relieve dryness and protect against irritation. Furthermore, in October 2024, Allergan launched the Refresh Relieva lubricant eye product line, which has helped the company maintain its competitive edge in the eye drop market. Such strategic initiatives are expected to provide substantial growth opportunities for the artificial tears market in the coming years.
Segmentation Analysis of the Artificial Tears Market
The artificial tears market analysis is segmented by type, delivery method, and application.
Geographical Analysis of the Artificial Tears Market
The geographical scope of the artificial tears market report is divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
In North America, the US holds the largest share of the artificial tears market, being the fastest-growing country in the region. The market is expected to expand due to the rising incidence of dry eye conditions. The US is home to numerous companies offering a variety of eye drops and lenses for dry eye treatment. Additionally, increasing healthcare expenditures are contributing to market growth. According to data from the American Academy of Ophthalmology, the prevalence of dry eye conditions rose by 5.28% across all age groups from 2012 to 2024, with a 7.78% increase among females and a 2.96% increase among males. As the number of individuals with dry eye continues to rise, demand for artificial tears products is expected to increase. Moreover, healthcare spending on dry eye treatment is on the rise, with an article in JAMA Internal Medicine noting that the government allocates over US$ 2 billion annually for dry eye treatment.
Scope of the Artificial Tears Market Report
Recent Developments in the Artificial Tears Market
The Artificial Tears Market is assessed through qualitative and quantitative data collected from primary and secondary research, including significant corporate publications, association data, and databases. Some recent developments in the artificial tears market include:
Coverage and Deliverables of the Artificial Tears Market Report
The report titled "Artificial Tears Market Size and Forecast (2021-2031)" provides a comprehensive analysis of the market, covering the following areas: