Global Market for Artificial Tears to Exceed US$2.0 Billion by 2018, According to New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global report on Artificial Tears markets. Propelled by growth drivers such as aging population, prevalence of auto-immune diseases, pollution and low pricing, the market for Artificial Tears is projected to cross US$2.0 billion by 2018. With dry eye syndrome emerging as one of the most common ocular diseases in recent times, the easy availability of economical and effective OTC products such as Artificial Tears will continue to foster rapid growth in the market. Despite product innovations, heightened research activity and growing consumer awareness, the specter of threat from alternate dry eye treatment products looms large over the long-term market prospects.

Artificial Tears: A Global Strategic Business Report

Follow us on LinkedIn – The global market for artificial tears is highly diversified and varies from country to country, primarily depending on aging populace, percentage of women in the overall population, prevalence of auto-immune diseases, pollution levels and increased usage of computers and TVs - all factors that play a vital role in the enhancing the incidence of the disease and consequently in driving sales of such products. Consumer demographic and economic status also play a major role in the choice of products as consumers with low income tend to prefer the cheaper priced artificial tears over other costly alternatives. Therefore most of regions in the developing world such as Asia-Pacific and Latin America are high potential markets for such products, where a wide range of artificial tears are available over-the-counter (OTC).

While the market witnessed a strong growth rate during the period prior to the global economic meltdown in 2008-09, the pace of expansion gradually slowed down thereafter, signaling a relative decline in demand for such products across various geographic markets. The emergence of new and advanced methods of therapy such as immunomodulatory/anti-inflammatory treatments that address the underlying cause of the disease and also treat ocular tissue damage, are reducing the dependence on artificial tears and providing a more effective means of treating the prevailing dry eye condition. From using temporary solutions including artificial tears as a first-line therapy, marker preference is shifting to more complex prescription-based products to gain long-term advantages, particularly for chronic dry eye conditions. Consumers are also increasingly opting for preservative-free products, as many physicians advocate them as safer options.

Huge untapped potential exists in the developing and underdeveloped countries, given the fact that these countries continue to lack the technology and treatment techniques for common ophthalmic conditions. The poor state of technological know-how provides ample opportunities for cross border technology transfers. Investment opportunities also exist in several critical spheres of treatment. Moreover, improper care, and lack of widespread awareness about common ophthalmic conditions have resulted in higher number of individuals experiencing eye disorders such as dry eye, glaucoma, cataract and AMD in these countries. This translates into increased market opportunities for ophthalmic drugs for the aforementioned ailments.

Over the years, Dry Eye Syndrome has transformed into one of the most prevalent ocular surface diseases, with an estimated 20-30% of the world population is suffering from the condition. Among the treatment options available, artificial tears are usually considered the first line of therapy as they provide a lubricating coating to the eye to protect it from injury and are used alongside other supplementary treatments in cases of moderate to severe dry eye conditions. Currently, the prevalence of the disease across the world is far greater than previously considered, with the US alone recording incidence of about 25- 35 million dry eye cases. While aging, hormonal and menopausal changes categorize older population and women as major consumer groups for artificial tear products, increased usage of computers and contact lens are making the younger populace too vulnerable to such eye conditions, thereby transforming them into potential end users. While artificial tears are considered a blessing as they are easily available to customers at an affordable rate, they are also frequently regarded as risky due to the presence of preservatives, side effects and majority products not enjoying regulatory approvals.

The ophthalmic pharmaceuticals industry in the United States is well entrenched with growing prevalence of dry eye incidence, aging populace, product developments and favorable regulatory reviews, making it an undisputed market leader in terms of sheer size. The United States represents a major market for dry eye solutions, commanding a sizeable share of the global artificial tears market, as stated by the new research report on Artificial Tears. In terms of market potential, the Asian market is primed to grow at a robust CAGR of about 14% through 2018. Sales of OTC ophthalmic products are witnessing an aggressive increase in developing Asian market, with its huge population base, rising income levels and under-penetrated market potential, positioning the region as an attractive manufacturing hub.

Key players profiled in the report include Abbott Medical Optics Inc., Allergan Inc., Bausch & Lomb, Novagali Pharma S.A., Novartis International AG, Alcon, Inc., and Santen Pharmaceuticals Co., Ltd., among others.

The research report titled “Artificial Tears: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., offers a broad coverage of industry overview, dry eye market, growth drivers, major trends, product launches and profiles of major/niche global as well as regional market participants. The report provides annual sales estimates and projections for the years 2010 through 2018 for the following geographic markets, US, Canada, Japan, Europe, Asia Pacific, Latin America and Rest of World. The historical perspective covering the period 2004 through 2009 traces the evolution of the industry in the recent term.

For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Artificial_Tears_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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