At 5.7% CAGR, the Asia Pacific Eye Drops Market is projected to be worth US$ 4,386.59 million by 2030, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific eye drops market was valued at US$ 2,823.84 million in 2022 and is expected to reach US$ 4,386.59 million by 2030, registering a CAGR of 5.7% from 2022 to 2030. Rising prevalence of ophthalmic diseases and high incidence of age-related eye diseases are the critical factors attributed to the Asia Pacific eye drops market expansion.

Weakening of eye vision is prominently caused by aging. According to the World Health Organization's World Vision Report, with an aging global population, vision impairment has risen to the forefront as a significant public health concern. In 2020, 11 billion people had uncorrected presbyopia or distance vision impairment. This amount is predicted to rise to 18 billion by 2050. Cataracts, age-related macular degeneration, glaucoma, diabetic retinopathy, and presbyopia are common causes of vision impairment that occur more frequently in later life (>60 years). Although, over the last 30 years, the age-standardized prevalence of vision impairment and blindness has reduced, this decrease has been offset by a rapidly aging population, resulting in a surging number of individuals with blindness and vision impairment globally, primarily adults over the age of 60. Thus, the high prevalence of eye disease among the older population is likely to encourage manufacturers to introduce new eye care 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. Various healthcare companies design products focusing on the geriatric population. Countries worldwide are adopting new techniques to treat older people safely and effectively. Thus, the growing aging population is driving the growth of the market.

On the contrary, Product recalls hamper the Asia Pacific eye drops market. 

Based on type, the Asia Pacific eye drops market is segmented into antibiotics, artificial tears, hormones, and others. The antibiotics segment held 38.6% share of Asia Pacific eye drops market in 2022, amassing US$ 1,089.95 million. It is projected to garner US$ 1,724.95 million by 2030 to expand at 5.9% CAGR during 2022–2030. 

Based on application, the Asia Pacific eye drops market is segmented into eye diseases, eye care, and others. The eye diseases segment held 64.3% share of Asia Pacific eye drops market in 2022, amassing US$ 1,816.52 million. It is projected to garner US$ 2,794.96 million by 2030 to expand at 5.5% CAGR during 2022–2030. The eye diseases segment is further segmented into dry eye, glaucoma, cataract, and others.

Based on purchase mode, the Asia Pacific eye drops market is segmented into OTC and prescription. The prescription segment held 59.3% share of Asia Pacific eye drops market in 2022, amassing US$ 1,675.81 million. It is projected to garner US$ 2,663.15 million by 2030 to expand at 6.0% CAGR during 2022–2030.

Based on country, the Asia Pacific eye drops market has been categorized into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 29.5% share of Asia Pacific eye drops market in 2022. It was assessed at US$ 833.31 million in 2022 and is likely to hit US$ 1,327.38 million by 2030, exhibiting a CAGR of 6.0% during 2022–2030.      

Key players operating in the Asia Pacific eye drops market are AbbVie Inc, Alcon AG, Bausch & Lomb Inc, Biomedica Pvt Ltd, Pfizer Inc, Prestige Consumer Healthcare Inc., and Rohto Pharmaceutical Co Ltd, among others.   

• In May 2023, Bausch + Lomb Corporation received FDA Approval for MIEBO (perfluorohexyloctane ophthalmic solution; formerly known as NOV03), for the treatment of the signs and symptoms of dry eye disease (DED). MIEBO is the first and only FDA-approved treatment for DED that directly targets tear evaporation.

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