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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Myopia and presbyopia treatment products include contact lenses, spectacles, and intraocular lenses. Contact lenses are flexible lenses that bond directly on the surface of the eye for vision correction. Spectacles are worn on the face using frames that hold optical lenses in front of the eyes. Intraocular lenses are implanted inside the eyes during cataract surgery to replaceclouded natural lenses.
Market Dynamics:
The increasing prevalence of visual impairments such as myopia and presbyopia across the world is expected to drive the market growth. As per data by World Health Organization, over 2.2 billion people across the world suffer from myopia. Furthermore, presbyopia affects nearly 1.8 billion people worldwide.
The rising aging population is another key driver fueling the demand for myopia and presbyopia treatment products.Risk of myopia and presbyopia increases withage.As per United Nations report, number of people aged 60 years and aboveis expected to reach 2.1 billion globally by 2050 from 962 million in 2017.
SWOT Analysis
Strength: Myopia And Presbyopia Treatment market has strong R&D capabilities leading to continuous innovation and product development. Availability of non-invasive and advanced treatment options like contact lenses, eyeglasses and refractive surgery are gaining popularity. Increasing awareness among consumers regarding early diagnosis and treatment is driving the market growth.
Weakness: High cost associated with refractive surgeries and LASIK procedures limit their acceptance in low and middle-income countries. Lack of medical reimbursement for routine eye checkups and treatment in many countries hinders the market growth.
Opportunity: Rising geriatric population suffering from presbyopia worldwide presents significant growth opportunity. Growing myopia prevalence in Asian countries creates demand for corrective options. Development of affordable treatment solutions can help expand market reach in untapped regions.
Threats: Risk of post-operation complications associated with refractive surgeries such as infections raises safety concerns. Shift towards non-invasive alternatives like contact lenses poses threat to invasive procedures. Stringent regulatory approval processes for new treatments and devices delay their commercialization.
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 prevalence of myopia and presbyopia worldwide. Asia Pacific dominated the market accounting for around 50% share globally. Rising urbanization and extensive use of digital devices for prolonged duration have raised the risk of refractive errors like myopia in the region.
Regional analysis: North America is the second largest market for myopia and presbyopia treatment currently. Availability of advanced healthcare infrastructure and high adoption of surgical and non-surgical corrective options drive the regional market. Europe is also among the profitable markets globally with major countries like UK, Germany, France and Italy being key revenue generators.
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 companies have strong geographical presence and offer diversified product portfolio for vision correction. They are focused on new product launches and acquisitions to expand their global footprint.
Popular Posts
