Myopia And Presbyopia Treatment Market Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Eye Disorde

Market Overview:
Myopia and presbyopia treatment market is associated with products such as contact lenses, eyeglasses and LASIK treatment used for correcting vision related to these disorders. Contact lenses are placed directly on the cornea to change its refractive power. Eyeglasses have lenses installed to refract and focus light to aid clear vision. LASIK surgery uses excimer laser to correct refractive errors.

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 myopia and presbyopia treatment market is primarily driven by increasing prevalence of eye disorders globally. As per estimates, nearly 30% of the world's population suffers from myopia and over 1.8 billion people are expected to have myopia by 2050. Moreover, nearly 45% of the global population is expected to be diagnosed with presbyopia by 2050. Further, advancements in eye care treatments and rising healthcare expenditure are also propelling the market growth. However, availability of alternative treatment options and high cost of refractive surgeries may hamper the market growth.

SWOT Analysis
Strength: Myopia And Presbyopia Treatment Market has availability of various treatment options such as spectacles, contact lenses and refractive surgeries. Presence of major players developing advanced treatment options further strengthens this market. Increasing awareness regarding availability of treatment options also acts as strength.

Weakness: High cost associated with refractive surgeries limits their adoption in low and middle income countries. Risk of complications associated with surgeries also acts as weakness.

Opportunity: Rising geriatric population suffering from presbyopia worldwide presents lucrative growth opportunities. Untapped rural markets in developing nations presents promising growth prospects.

Threats: Threat of new substitute available for refractive errors treatment poses major threat. Stringent regulatory approvals for new treatment modalities also act as threat.

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 myopia and presbyopia worldwide. Asia Pacific region is currently dominating as well as fastest growing regional market for myopia and presbyopia treatment due to rising disposable income, growth in healthcare infrastructure and increasing medical tourism. North America also captures significant market share owing to availability of advanced treatment options and rising geriatric population.

Regional analysis: Asia Pacific accounts for major share in global myopia and presbyopia treatment market and is expected to maintain its dominance over forecast period. Factors such as increasing medical tourism, rising healthcare spending, prevalent youth population susceptible to myopia positively influence the market growth. China, India and other developing countries in Asia Pacific are emerging as fast growing regional markets.

Key players: 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 major players are involved in new product launches, collaborations to strengthen their market positions in this lucrative market.