The myopia and presbyopia market is estimated to be valued at US$ 24.4 billion 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 Overview:
Myopia and presbyopia involve refractive errors that affect vision. Myopia, also known as near-sightedness, causes difficulty seeing distant objects clearly. Presbyopia occurs due to the aging of the eye's lens, resulting in difficulty focusing on nearby objects. Both conditions are commonly addressed through corrective lenses such as spectacles and contact lenses.
Market Dynamics:
The myopia and presbyopia market is primarily driven by the rising prevalence of myopia due to increasing smartphone usage and digital screens among children and young adults. According to a study published in JAMA Ophthalmology, the odds of myopia were 35% higher in children who read or used digital devices for more than two hours per day as compared to those who did not. Additionally, advancements in lens material and designs have improved visual comfort for longer durations when engaged in digital activities. The market is also expected to witness growth owing to the aging global population facing presbyopia. According to the World Health Organization, the number of people aged 65 years and older is projected to reach 1.5 billion by 2050 from 703 million in 2019. With age, the eye's natural lens loses elasticity and flexibility for focusing on close objects, thereby driving the demand for corrective solutions.
SWOT Analysis (Strength: explain in three sentence explanation; Weakness: explain two weakness in three sentence long explanation; Opportunity: explain two opportunity in three sentence long explanation; Threats: explain two threats two sentence explanation)
Strength: The myopia and presbyopia market has a large patient pool globally due to rising eye disorders. Technological advancements have led to development of newer and innovative products. Growing awareness among consumers regarding eye care has boosted the demand for vision correction devices.
Weakness: High cost associated with refractive surgeries and specialty contact lenses limits their adoption in low and middle-income countries. Lack of insurance coverage for eye care treatments in many countries increases the cost burden on patients.
Opportunity: Untapped growth opportunities in developing markets of Asia Pacific and Latin America due to rising disposable incomes. Increasing collaboration between market players and healthcare providers to educate people regarding eye care management.
Threats: Availability of generics and low-cost substitutes especially in developing regions poses pricing challenges. Stringent regulations for product approval delays market entry of new devices.
Key Takeaways
The Global Myopia And Presbyopia Market is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing prevalence of eye disorders among both pediatric and geriatric population.
Market size related content comprises: The global myopia and presbyopia market is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing prevalence of eye disorders among both pediatric and geriatric population. The market was valued at US$ 24.4 billion in 2023 and is projected to reach around US$ 46.6 billion by 2030.
Regional analysis related content comprises
Regional analysis related content: Asia Pacific dominated the global market with over 35% share in 2023 due to rising cases of myopia in countries like China, India and Japan. The region is estimated to witness fastest growth during the forecast period, propelled by growing patient pool, rising healthcare spending and increasing acceptance of vision correction treatments. North America held the second largest share in the global market and is expected to maintain its position throughout the forecast period owing to high consumer awareness levels and well-developed healthcare infrastructure in the region.
Key players related content comprises
Key players related content: Key players operating in the myopia and presbyopia 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, acquisitions and expansions to strengthen their market presence. For instance, in 2022, EssilorLuxottica acquired Colorado vision lab Coastal Contacts.
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