Summary
The Artificial tears market in South and Central America is expected to grow from US$ 94.0 million in 2021 to US$ 130.3 million by 2028; it is estimated to grow at a CAGR of 4.8% from 2021 to 2028. The incidence of dry eye is commonly seen in people of age 65 and above. The geriatric population is increasing rapidly worldwide. According to the 2019 revision of World Population Prospects, by 2050, one in six people would be over age 65 years, an increase from one in eleven in 2019. Furthermore, the number of people over age 80 would reach 426 million by 2050 from 143 million in 2019. Aging is one of the prominent factors, which weakens eye vision. Various healthcare companies design their products by focusing on geriatric population. As the degeneration process among older people is much faster, they are highly prone to eye conditions. Therefore, the high prevalence of dry eye among older population is likely to encourage manufacturers to introduce new eye products in the market, which, in turn, will contribute to the growth of the market. Also, the development in the healthcare industry has increased life expectancy. Countries across the world are adopting new techniques to treat older people safely and effectively. Therefore, the increased quality of life is decreasing the death rates, and the older population is significantly growing all over the world. This is expected to boost the growth of the market.
The market for Artificial tears market is segmented into type, delivery mode, and application.Based on type, the artificial tears market is segmented into glycerin derived tears, cellulose derived tears, oil-based emulsion tears, polythylene glycol-based tears, sodium hyaluronate based artificial tears, and propylene glycol-based tears.
In 2020, glycerin derived tears segment accounted for the largest share of the market owing to their easy availability and ability to keep eyes moist for long.Glycerin is a humectant, as well as a demulcent and lubricant.
Glycerin also has the benefit of promoting epithelial cell growth and reducing the harmful effects of high osmolarity on the ocular surface. Povidone is a lipid that binds to the tear film’s existing oil layer, thickening it and reducing evaporation.
The COVID-19 pandemic presented numerous impacts on health systems, social life, and human behavior worldwide.It remains a challenge for local communities.
In Brazil, a decrease in the number of treated patients was observed in the Artificial Tears department despite efforts to keep the treatment routine as normal as possible.Nevertheless, a higher decrease in the total number of sessions was detected, indicating a smaller number of fractions/patients overall.
According to International Labour Organization, one such survey for Brazil (XP Investments) estimates that 35% of workers are working from home.According to International Labour Organization, With the COVID-19 pandemic, the percentage of workers teleworking has risen tremendously, as companies have taken steps to facilitate the practice to keep their operations ongoing.
A March 25th survey of 250 large firms in Argentina found, for example, that 93% had adopted teleworking as a policy in response to the COVID-19 pandemic. This triggers incidence of dry eye syndrome (DES). These factors had a potential impact on the South and Central America artificial tears market.
The overall South and Central America Artificial tears market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the South and Central America Artificial tears market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the South and Central America Artificial tears market. Johnson and Johnson Services, Inc., Alcon Inc., OASIS Medical, AbbVie Inc., Bayer AG, Prestige Consumer Healthcare Inc., Santen Pharmaceutical Co., Ltd., and Bausch Health Companies Inc. are among a few players operating in the South and Central America Artificial tears market.
