Market Overview:
Myopia and presbyopia are common vision problems that affect people of all ages. Various treatment options are available in the market including corrective eyeglasses, contact lenses, refractive surgery and vision correction supplements. These treatments help improve near and distance vision without medication or surgical procedures.
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 key trends:
One of the major trends in the myopia and presbyopia treatment market is the increasing adoption of refractive surgery. Refractive surgeries such as LASIK and LASEK are gaining popularity as they provide a permanent solution to vision problems without dependence on corrective lenses. Furthermore, advancements in technology have made these surgeries safer and more effective. Growing consumer awareness about the benefits of refractive surgery along with rising disposable incomes is expected to drive the demand for refractive surgery over the forecast period.
Segment Analysis
The myopia and presbyopia treatment market is segmented by treatment type into contact lenses, spectacles, and refractive surgery. Among these, the contact lenses segment dominated the market in 2022 and is expected to remain the largest segment over the forecast period. Contact lenses provide better visual clarity and comfort compared to spectacles. Advances in contact lens technology like disposable contact lenses, silicone hydrogel contact lenses, and multifocal contact lenses are also contributing to the growth of this segment.
Key Takeaways
The Global Myopia And Presbyopia Treatment Market Size is expected to witness high growth, exhibiting a CAGR of 8.3% over the forecast period 2023 to 2030, due to the increasing prevalence of myopia and presbyopia worldwide.
Regional analysis: North America dominated the global market in 2022 due to the high awareness regarding myopia and presbyopia treatment in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period owing to the large population suffering from vision disorders in China and India.
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 players are focusing on new product launches and inorganic growth strategies like acquisitions and partnerships to gain a competitive advantage in the market.
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Global Presbyopia Treatment Market: Overview While vision correction treatments for common eye disorders such as myopia and hyperopia mostly bear outstanding results, presbyopia treatment currently available has immense scope of advancement.
Presbyopia treatments although available, the results have not been compelling.
Individuals above the age of 65 years, who usually have common eye disorders such as myopia and hyperopia experience further loss in quality of life if they suffer from presbyopia.
The expanding geriatric population worldwide who are susceptible to eye disorders is serving to boost the presbyopia treatment market.
In developed countries such as the U.S., presbyopia is increasingly observed in individuals between 42 and 44 years.
Excessive use of handheld devices and exposure to radiation are some factors associated with the cause of presbyopia in this age group.
