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Jan 22, 2021 (The Expresswire) —
The global “Artificial Tears Market Industry” is expected to reach USD 4.30 billion by 2027, exhibiting a CAGR of 5.9% during the forecast period. The growing incidence of ocular diseases can be a vital factor amplifying the growth of the global market, states Fortune Business Insights, in a report, titled “Artificial Tears Market Size, Share and COVID-19 Impact Analysis, By Type (Polyethylene Glycols (PEG) and Polypropylene Glycols (PPG), Cellulose, and Others), By Delivery (Eye Drops, and Ointments), By Application (Dry Eye Syndrome, Allergies and Infections, and Others), By Distribution Channel (Hospital Pharmacies, Drug Stores and Retail Pharmacies, and Online Pharmacies), and Regional Forecast, 2020-2027.” The market size stood at USD 2.64 billion in 2019.
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What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers the different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves leading companies and adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
An Overview of the Impact of COVID-19 on this Market :
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Introduction of Technologically Advanced Products to Bolster Growth
The constant efforts of eminent players to launch advanced and sophisticated products are expected to have a tremendous effect on the market. For instance, SYSTANE released a variety of products such as Systane®Complete, Systane®Ultra Lubricant Eye Drops, Systane®Balance Lubricant Eye Drops, Systane®Ultra Lubricant Eye Drops, Systane®Preservative-Free Lubricant Eye Drops, Systane®Nighttime Ointment, Systane®Day and Night Lubricant Eye Drop and others. The increasing awareness among the patient population will contribute positively to the growth of the market during the forecast period. The rising cases of dry eye syndrome and conjunctivitis will spur the demand for artificial tears, which, in turn, will boost the market.
Ease onOTC Products to Offer Impetus to Market During COVID-19
The coronavirus pandemic has severely affected various industries across the globe. The implementation of lockdown by governments has to lead to the disruption of the supply chain. However, the facility for non-essential medical products will improve the prospects of the market during the pandemic. The ease on over the counter (OTC) products such as artificial tears can further aid the speedy expansion of the market. The demand for teardrops in online pharmacies will subsequently propel the growth of the market.
The artificial tears market encompasses:
- Wide-ranging analysis of the market
- Valuable insights into the regions
- Key market trends and drivers
- Severe impact of COVID on the industry
- High-end data about prominent players
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Table Of Content :
- Executive Summary
- Market Dynamics
- Key Insights
Presence of Eminent Players to Promote Business in North America
The market size in North America stood at USD 1.38 billion in 2019. The growth in North America is attributed to the robust healthcare infrastructure. The growing demand for sophisticated artificial tears will enable the growth of the market. The presence of key market players will influence growth in the region. The increasing prevalence of dry eye syndrome and other ocular diseases such as eye allergies will create lucrative business opportunities for the market. As per the survey conducted by National Health and Wellness in 2013, it was estimated that up to 6.8% of the population in the U.S. was to be affected by dry eye syndrome. The large patient population is likely to accelerate revenue in North America. The market in Asia Pacific is expected to witness a rapid growth rate during the forecast period due to the growing awareness about ocular diseases. The increasing patient population and healthcare expenditure will foster the healthy growth of the market in the region. The Middle and East and Africa are predicted to account for a significant share in the global market due to the enriching economic conditions and improved healthcare systems.
October 2019:Allergan released a new product line called Refresh Relieva lubricant eye. The launch of the novel product will help the company retain its position in the eye drop industry.
The Report Lists the Main Companies in the Artificial Tears Market:
- Allergan (AbbVie Inc.) (Dublin, Ireland)
- Santen Pharmaceutical Co., Ltd. (Osaka, Japan)
- Bausch and Lomb (Laval, Canada)
- Alcon (Geneva, Switzerland)
- Novartis AG (Basel, Switzerland)
- Akorn Inc. (Lake Forest, U.S.)
- Eyevance Pharmaceuticals LLC (Forth Worth, U.S.)
- Sun Pharmaceutical Industries Ltd. (Mumbai, India)
- Johnson and Johnson (New Brunswick, U.S.)
- Bayer AG (Leverkusen, Germany)
- Otsuka Pharmaceutical Co., Ltd. (Tokyo, Japan)
- Other Players
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Segments Covered in the Report
- Polyethylene Glycols (PEG) and Polypropylene Glycols (PPG)
- Dry Eye Syndrome
- Allergies and Infections
By Distribution Channel
- Hospital Pharmacies
- Drug Stores and Retail Pharmacies
- Online Pharmacies
SECONDARY DATA SOURCES THAT WE REFER TO:
- Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market
- Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control and Prevention, Ministry of Health, Labour and Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.
- Website, reports, and press releases of end user facilities Hospitals, Ambulatory Surgery Centres, Clinics
- Industry journals and paid databases
SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product and their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus Drivers, restraints, trends, and opportunities
- Market and technological trends, new product developments, product pipeline.
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Artificial Tears Market Overview And Geographical Forecast Till 2026 | Fortune Business Insights
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