by The Global Myopia And Presbyopia Treatment Market is estimated to be valued at US$ 24.4 Bn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Myopia (nearsightedness) and presbyopia are common vision conditions that affect people across all age groups. Myopia occurs when the eyeball grows too long or the cornea has too much curvature, causing light to focus in front of the retina instead of directly on it. Presbyopia happens when the eye’s lens loses elasticity with age, making it difficult to focus on close objects. Together, myopia and presbyopia affect over 5 billion people worldwide.
Currently available treatment options for myopia include eyeglasses, contact lenses, refractive surgeries like LASIK and lens implantation surgeries. Presbyopia is primarily treated with reading glasses, bifocal and progressive addition lenses in eyeglasses and contact lenses. Advanced options like corneal inlays are also being used. The growing prevalence of myopia and presbyopia worldwide has increased the need for improved vision care solutions. New therapies utilizing innovative technologies aim to slow myopia progression and enhance near and distance vision.
Market Key Trends:
One of the key trends in the market is the development of specialty contact lenses to treat both myopia and presbyopia. Examples include multifocal contact lenses that contain different focal points to aid near, intermediate and distant vision. Scleral lenses which rest on the sclera and vault the cornea are also utilized. Another trend is drug-eluting contact lenses embedded with myopia controlling drugs like atropine which can slow axial elongation of the eyeball and reduce myopia progression, especially in children. Surgical advances include new intraocular lenses that provide extended depth of focus without compromising visual quality. Such innovations aim to offer patients more effective and convenient options for managing common vision issues.
Porter’s Analysis
Threat of new entrants: The ophthalmic industry has moderate barriers for new entrants due to high R&D investments required to develop new treatment technologies.
Bargaining power of buyers: Individual customers have low bargaining power due to lack of substitutes for vision correction. However, large buyers like opticians and retailers have moderate bargaining power to negotiate on price and distribution terms.
Bargaining power of suppliers: Key raw material suppliers for contact lenses, intraocular lenses and vision care devices have moderate bargaining power due to limited number of suppliers. However, suppliers have less bargaining power for generic drugs and commoditized products.
Threat of new substitutes: New substitute technologies like refractive surgeries and digital vision aids pose potential threats. However, substitutes are still in nascent stages and cannot entirely replace traditional correction methods.
Competitive rivalry: The myopia and presbyopia treatment market is highly competitive with major global players competing on basis of technology, pricing and service offerings.
Key Takeaways
The Global Myopia And Presbyopia Treatment Market Share is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing urbanization and adoption of digital devices that strain eyes. The market size for 2023 is estimated to reach US$ 24.4 Bn.
The Asia Pacific region is expected to dominate the market during the forecast period. Rapid economic growth, growing middle class and improving disposable incomes in countries like China and India are driving massive demand for vision correction solutions in the region.
North America is anticipated to grow at a steady pace attributed to high awareness regarding vision correction options and availability of advanced treatments. Advancement in technologies like LASIK surgeries and customized contact lenses will further boost market in North America.
Key players operating in the myopia and presbyopia treatment market are ALCON Inc., Bausch Health Companies Inc., EssilorLuxottica (Essilor Ltd.), Johnson & Johnson Vision, NIDEK CO. LTD., Topcon Corporation, Zeimer Ophthalmic Systems AG, and ZEISS International. Major players are focusing on new product launches, mergers and acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
