The North American artificial tears market is estimated to grow modestly at a CAGR of around 3.9% during the forecast period. North America has a considerable market share in the artificial tears market due to its ability of the region to develop advanced technology through integrated research and innovation in the production of solutions for dry eye syndrome. Moreover, increasing demand for contact lenses is also primarily boosting the market growth in the region. An increase in consumer awareness about the product and cases of dry eye syndrome in these regions supports the market growth.
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The North American market for artificial tears is analyzed based on countries such as the US and Canada. The growth in the North American region is further attributed to the rising demand for contact lens among different age group people leads the adoption of artificial tears and enabling the market to grow further in the region. For instance, according to the Centers for Disease Control & Prevention (CDC), in 2016, an estimated 45 million Americans used contact lenses, of which 14.5% of adolescents were 17 years or younger wore contact lenses. In 2016, an estimated 3.6 million (14.5%) adolescents and 7.5 million (24.4%) young adults aged 18-24 wore contact lenses.
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The companies which are contributing to the growth of the North American artificial tears market include Johnson & Johnson Services Inc., Akorn, Inc., Alcon, Inc., Bausch & Lomb Inc., and CooperVision, Inc. The market players are considerably contributing to the market growth by the adoption of various strategies including new product launch, merger, and acquisition, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market. For instance, in May 2018, Teva Canada Ltd. launched Teva-Cyclosporine ophthalmic emulsion, 0.05% which is an eye drop used in the treatment of dry eye can be used twice-day. In 2017, the company launched generic Pataday1 (olopatadine hydrochloride ophthalmic solution) 0.2%, in the US.
Market Segmentation
By Type
- Cellulose Derived Tears
- Glycerin Derived Tears
- Oil-Based Emulsion Tears
By Delivery Method
- Artificial Eye Drops
- Ointments
By Application
- Dry Eyes Treatment
- Contact Lens Moisture
- Others
Regional Analysis
- United States
- Canada
Company Profiles
- Akorn, Inc.
- Alcon, Inc.
- Altaire Pharmaceuticals, Inc.
- Bausch & Lomb Inc.
- CooperVision, Inc.
- Johnson & Johnson Services Inc.
- OCuSOFT, Inc.
- Similasan Corp.
- STAAR Surgical Co.
- Teva Pharmaceuticals Industries, Ltd.
- Valent Pharmaceuticals International, Inc.
- Ziemer Ophthalmic Systems AG
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
