Myopia and presbyopia are common eye conditions affecting near-vision clarity. Eye drops providing temporary relief from blurred vision have emerged as an effective alternative to contact lenses or vision correction surgery. Myopia and presbyopia eye drops contain pharmaceutical ingredients that temporarily alter the shape of the eye's lens, thereby improving near focus for a few hours. This enables clear vision while reading, working on computers or using mobile phones without dependence on corrective aids. The global Myopia And Presbyopia Eye Drops Market is estimated to be valued at US$ 942.2 million in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing preference for non-invasive solutions to correct vision issues presents significant opportunities for the myopia and presbyopia eye drops market. As corrective surgeries are costlier and contact lens wear may cause discomfort, eye drops allowing quick and temporary blur-free vision open an attractive alternative for millions facing near vision challenges. With rising health awareness and convenient usage, the demand for eye drops is expected to surge multifold in the coming years. Safety, effectiveness and affordable pricing of eye drop treatments makes it a promising solution much favored by both physicians and patients alike. The market players are poised to gain vastly by capitalizing on this emerging trend.
Porter's Analysis
Threat of new entrants: Low capital requirement but presence of established players makes market entry difficult.
Bargaining power of buyers: Buyers have bargaining power due to availability of substitutes but brand loyalty increases switching costs.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to intellectual property on important drug formulas.
Threat of new substitutes: Threat from new non-drug substitutes like corrective contact lenses and refractive surgeries is moderate.
Competitive rivalry: High due to competition between major players to gain market share through innovative drug delivery systems and pricing strategies.
SWOT Analysis
Strengths: Growing aging population and increasing myopia cases drives demand. Established distribution networks of major players.
Weaknesses: Side effects of certain drugs and low adoption in developing nations. High R&D costs for new drug development.
Opportunities: Untapped markets in Asia and Africa offer high growth potential. Combination therapies present new opportunities.
Threats: Stringent regulations delay drug approvals. Reimbursement issues in certain countries constrain market growth.
Key Takeaways
The global Myopia And Presbyopia Eye Drops Market size is expected to witness high growth during the forecast period of 2022-2030.
Regional analysis indicates that Asia Pacific will continue dominating the market owing to rising disposable incomes, growing medical tourism, and increasing awareness. China, India, Japan, and South Korea account for more than 60% of the global myopia patient population presenting vast opportunities. North America and Europe are also major markets however growth rates will be higher in developing Asian countries.
Key players operating in the myopia and presbyopia eye drops market are Bausch & Lomb, Alcon, Allergan, and Novartis. Bausch & Lomb leads the market with its extensive product portfolio including Zeralite and Optive brands. Alcon is another major player competing with offerings such as Pataday and Optive Starguard. Allergan sells Vuity drops for presbyopia correction. Novartis' major brand is Simbrinza indicated for glaucoma. New product launches and increased accessibility in rural regions will drive future revenues for these companies.
Get more insights on this topic: https://www.trendingwebwire.com/myopia-and-presbyopia-eye-drops-market-size-and-opportunity-analysis/
