Asia Pacific Artificial Tears Market

Market Introduction

Artificial tears are lubricant eye drops used for treating the irritation and dryness associated with the deficiency in tear production in dry eyes or keratoconjunctivitis sicca. These are also used for moistening contact lenses and during eye check-ups and examinations. The rapidly growing aging population is primarily contributing to the growth of the artificial tears market. Aging makes people more susceptible to eye conditions such as dry eye, resulting in high demand for artificial tears. Also, increasing number of eye surgeries and post eye surgery management is further boosting the growth of the artificial tears market.

Thus, a growing older population is expected to create a significant demand for artificial tears in the coming years, which is further anticipated to drive the artificial tears market.

Countries in the Asia Pacific are facing challenges due to increasing incidences of COVID-19. People are packing India’s public Dry Eyes Treatment, as many are unable to afford private ones that generally uphold higher standards of care. The outbreak has severely affected the tourism industry and imposed supply chain disruptions; moreover, low-income countries face additional challenges due to the shortage of healthcare infrastructure. Restrictive measures have been put forth in South Korea, Malaysia, Singapore, the Philippines, and India to prevent disease transmission. In November 2020, NovaBay Pharmaceuticals, Inc., a pharmaceutical company focusing on commercializing Avenova for the eye care market, announced the signing of an agreement with Paragon Care Group Australia Pty Ltd for the exclusive distribution of Avenova in Australia. Paragon Care Group will begin distributing Avenova directly to consumers under its Designs for Vision brand beginning in early 2021. Avenova the best product to treat the chronic bacterial infections that affect approximately 85% of all dry eye sufferers. Thus, artificial tears market is moderately impacted due to COVID -19.

Market Overview and Dynamics

The Artificial tears market in Asia Pacific is expected to grow from US$ 341.2 million in 2021 to US$ 549.5 million by 2028; it is estimated to grow at a CAGR of 6.3% 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, 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.

Key Market Segments

In terms of type, the glycerin derived tears segment accounted for the largest share of the Asia Pacific artificial tears market in 2020. In terms of delivery mode, the eye drops segment accounted for the largest share of the Asia Pacific artificial tears market in 2020. In terms of application, the dry eyes treatment segment held a larger market share of the artificial tears market in 2020.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the Artificial tears market in Asia Pacific are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Johnson and Johnson Services, Inc., Alcon Inc., OASIS Medical, AbbVie Inc., Bayer AG, Prestige Consumer Healthcare Inc., Santen Pharmaceutical Co., Ltd., Bausch Health Companies Inc., and Aurolab.

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ASIA PACIFIC ARTIFICIAL TEARS MARKET SEGMENTATION

By Type

• Glycerin Derived Tears
• Cellulose Derived Tears
• Oil-based Emulsion Tears
• Polythylene Glycol Based Tears
• Sodium Hyaluronate Based Artificial Tears
• Propylene Glycol Based Tears

By Delivery Mode

• Eye Drops
• Ointments

By Application

• Dry Eyes Treatment
• Contact Lenses Moisture

By Country

• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific

Companies Mentioned

1. Johnson and Johnson Services, Inc.
2. Alcon Inc.
3. OASIS Medical
4. AbbVie Inc.
5. Bayer AG
6. Prestige Consumer Healthcare Inc.
7. Santen Pharmaceutical Co., Ltd.
8. Bausch Health Companies Inc.
9. Aurolab

Asia Pacific Artificial Tears Market Strategic Insights

Asia Pacific Artificial Tears Market Segmentation Analysis

Asia Pacific Artificial Tears Market Report Highlights

Asia Pacific Artificial Tears Report Scope

Asia Pacific Artificial Tears Market Country and Regional Insights