by Market Overview:
Myopia and presbyopia are the most common eye disorders. Myopia, commonly known as near-sightedness, occurs when the eyeball grows too long or the cornea has too much curvature which creates blurred distance vision. Presbyopia occurs due to weakening of eye lens with age causing blurred near vision. The treatment for myopia and presbyopia includes corrective eyeglasses, contact lenses, refractive surgery, and medication drops. Corrective glasses remain the most common and cost-effective treatment option. Contact lenses provide better vision correction without occlusion issues compared to eyeglasses.
The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising prevalence of myopia and presbyopia is a key factor promoting the growth of the myopia and presbyopia treatment market. According to an article published in JAMA Ophthalmology, the prevalence of myopia has increased from 26% to 42% between 1972-2004. Furthermore, according to Vision Impact Institute, globally around 153 million people suffer from presbyopia. The growing adoption of contact lenses over eyeglasses due to better cosmetic appearance and comfort is further expected to accelerate the market growth. However, the high cost of refractive surgery and limited awareness in underdeveloped countries are some of the factors limiting the market growth. Technological advancements leading to new lens material, design and coating technology are expected to provide growth opportunities over the forecast period.
Segment Analysis
The global myopia and presbyopia treatment market can be segmented into corrective lenses, surgery, and drugs and devices. Corrective lenses dominate the market mainly due to high prevalence of these conditions globally. Corrective lenses such as contact lenses and spectacles are prescribed widely as the first line of treatment for low to moderate refractive errors. Their low cost and convenient usage contribute to their huge demand.
PEST Analysis
Political: The governments of various countries are focusing on improving eye care facilities and awareness programs to address vision impairment. This is expected to positively impact the market.
Economic: Rising disposable incomes in developing nations have increased spending on advanced vision correction treatments and devices. Growing urbanization also supports market growth.
Social: Changing lifestyles with increased digital usage and lesser time spent outdoors have contributed to high incidence of myopia. Also, growing consciousness about eye health and visual impairment drives the market.
Technological: Innovations in materials, design, and functionality of contact lenses and IOLs (intraocular lenses) have enhanced vision outcome and patient comfort. Advances in LASIK and other refractive surgeries boost their popularity.
Key Takeaways
The Global Myopia And Presbyopia Treatment Market Size is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing prevalence of vision impairment worldwide. The market size for 2023 is estimated at US$ 24.4 Bn.
Regional analysis: Asia Pacific leads with the largest share mainly attributed to giant population bases of China and India that are heavily affected. Growing consumer affordability and healthcare investments in the region also support market growth.
Key players analysis: 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. These players are focusing on new product launches, mergers, partnerships and geographical expansion to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
