The global “Artificial Tears” Market 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 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 Infections, and Others), By Distribution Channel (Hospital Pharmacies, Drug Stores 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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COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. The outbreak of COVID-19 has brought effects on many aspects, like flight cancellations travel bans and quarantines restaurants closed all indoor events restricted over forty countries state of emergency declared massive slowing of the IT Spending market volatility falling business confidence, growing panic among the population, and uncertainty about future.
Out research methodology is robust and includes data triangulation based on bottom-up and top-down approaches. We validated the approximate market number with the help of primary research. Secondary research was conducted to find out detailed information about mergers acquisitions, collaborations, joint ventures, and agreements. At the same time, we have derived significant information about the market dynamics associated with growth drivers, trends, and obstacles.
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.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of corona virus outbreak across industries to help you prepare for the future.
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Market Driver:
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 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 on OTC 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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Regional Analysis:
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.
