Myopia and Presbyopia Treatment Market - North America, Europe, EMEA, APAC : US, Canada, China, Germany, UK - Forecast 2023-2027

Myopia and Presbyopia Treatment Market Analysis Report 2023-2027

The Myopia And Presbyopia Treatment Market size is estimated to grow by USD 7,946.29 million at a CAGR of 8.09% between 2022 and 2027. 

There is an increasing demand for myopia and presbyopia treatment across the globe due to the growing aging population and their need for vision correction. Several factors such as lifestyle changes, advancements in technology, and increased awareness about vision disorders are fuelling the demand further. There is an increasing prevalence of myopia and presbyopia among the aging population which is fuelling a larger demand for treatment options. In addition, the emergence of technology and the rising use of electronic devices such as smartphones, tablets, and computers are leading to increased strain on the eyes of its users. Therefore, the increasing requirement to alleviate the vision of eyes is expected to fuel the demand for these treatment options which, in turn, will positively impact the market.

Technavio has segmented the market into Type, Product, and Geography

• The type segment is classified into myopia treatment and presbyopia treatment
• The product segment is classified into lenses and glass, surgery, and drug
• The geography segment includes key regions such as Asia, North America, Europe, and the Rest of the World (ROW)

It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.

What will be the Size of the Myopia and Presbyopia Treatment Market During the Forecast Period?

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Myopia and Presbyopia Treatment Market Segmentation by Type, Product, and Geography Analysis

Type Analysis 

Myopia treatment

The myopia treatment segment is estimated to witness significant growth during the forecast period.  The condition of myopia commonly referred to as nearsightedness, is a refractive error affecting how light is focused on the retina, resulting in blurred vision. The treatment of myopia has become a significant concern in the global myopia and presbyopia treatment market due to the increasing prevalence of myopia worldwide. The use of corrective lenses, such as eyeglasses or contact lenses is one of the most common treatments for myopia.

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The myopia treatment segment was the largest segment and was valued at USD 7,176.71 million in 2017. The main advantage of these lenses is that they help to redirect the focused light onto the retina, thereby enhancing vision. Refractive surgery is another ideal treatment for myopia. The refractive surgery treatment comprises reshaping the cornea, the clear front surface of the eye, to correct the refractive error. LASIK is one of the prominent types of refractive surgery for myopia, a laser is used to remove some corneal tissue, reshaping its curvature. Another, non-surgical treatment for myopia is orthokeratology, also known as Ortho-K which includes wearing specially designed gas-permeable contact lenses overnight, which gently reshape the cornea while sleeping. Hence, demand for such treatment is expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.

Product Analysis 

Lenses and glass

The global myopia and presbyopia treatment market comprises a wide variety of lenses and glasses that play a major role in correcting vision impairments. These devices are specially designed to cater to the specific needs of individuals suffering from myopia (nearsightedness) and presbyopia (age-related farsightedness). One of the most commonly used lenses for myopia and presbyopia treatment is the multifocal lens. The main feature of these lenses is that it has different zones that enable individuals to see clearly at varying distances. Therefore, it enables the wearer to perform tasks including reading or using a computer without the need for additional glasses. Hence, such factors are expected to fuel the growth of this segment which, in turn, will drive the market growth during the forecast period.

Surgery

Surgical interventions have become essential in providing long-term solutions to patients due to the e increasing prevalence of these vision conditions worldwide. LASIK is one of the prominent surgical procedures used for myopia and presbyopia treatment. This surgical procedure comprises the use of a laser to reshape the cornea and correct the refractive error. There is a growing popularity for LASIK among patients due to its high success rates and minimal post-operative complications. Hence, the above advantages are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.

Regional Analysis

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Asia is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. Some of the key factors that are significantly influencing the growth of the global myopia and presbyopia treatment market in Asia are the increasing cost of therapeutics, poor healthcare infrastructure in various countries, and the lack of awareness of eye diseases, including myopia and presbyopia, in the region. However, despite these challenges, the region is expected to have positive growth due to the approval of various treatments and the rising number of initiatives to increase awareness of eye disorders.

Additionally, the increasing awareness of eye disorders, including myopia and presbyopia is fuelling the growth of the market in Asia. For example, in countries such as India, most of the population is unaware of various eye diseases, such as myopia and presbyopia. As a result, Entod Pharmaceuticals Ltd supported a week-long myopia awareness campaign, National Myopia Week in India, organized by the company's Eye Health Foundation in association with the Strabismus and Pediatric Ophthalmological Society of India. Hence, such awareness campaigns are expected to drive market growth in the region during the forecast period.

COVID Recovery Analysis

In 2020, during the COVID-19 pandemic, the growth of the global myopia and presbyopia treatment market witnessed a significant slowdown due to the temporary closure of manufacturing units resulting in a decline in demand for myopia and presbyopia treatment devices in Asia. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of manufacturing units. Such factors are expected to drive the market during the forecast period.

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Key Myopia and Presbyopia Treatment Market Players 

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

AbbVie Inc: The company offers treatment for Myopia and Presbyopia such as VUITY pilocarpine HCl ophthalmic solution, approved by the FDA.

• Alcon Inc.
• Arctic Vision
• Bausch Health Companies Inc.
• BVI Holdings Ltd.
• Carl Zeiss AG
• ENTOD INTERNATIONAL
• EssilorLuxottica
• F. Hoffmann La Roche Ltd.
• Johnson and Johnson
• Metall Zug AG
• NIDEK Co. Ltd.
• Ophtec BV
• Orasis Pharmaceuticals Inc.
• Regeneron Pharmaceuticals Inc.
• Sanjeevan School For Perfect Eyesight
• Sydnexis Inc.
• The Cooper Companies Inc.
• Topcon Corp.
• Vision Care Group

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Myopia and Presbyopia Treatment Market: Key Drivers, Trends, Challenges, and Customer Landscape

There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. 

Key Myopia and Presbyopia Treatment Market Drivers

One of the key factors driving the myopia and presbyopia treatment market growth is the rising awareness regarding vision care. There is an increasing emphasis on vision care in the global myopia and presbyopia treatment market. Additionally, there is a growing awareness of the need to take care of their eyes and seek appropriate treatment for these common vision problems. Factors such as advancements in technology, rising healthcare expenditure, and the understanding of the impact that vision problems can have on daily life are leading to this increasing awareness.

Moreover, another key factor is the advancement in technology is significantly contributing to the increasing awareness. The emergence of smartphones, tablets, and other digital devices has led to increasing screen time among people. As a result of this increased screen time, it has led to an increased risk of myopia, particularly in children. Hence, such factors are fuelling the demand for this treatment which in turn will drive the market growth during the forecast period.

Significant Myopia and Presbyopia Treatment Market Trends

A key factor shaping the myopia and presbyopia treatment market growth is the emergence of multifocal intraocular lenses. There is a significant shift in the global myopia and presbyopia treatment market due to the emergence of multifocal intraocular lenses. The advent of these lenses has revolutionized the treatment options available for individuals suffering from both conditions, at the time addressing multiple vision impairments. For instance, multifocal intraocular lenses are specially designed to offer clear vision at various distances, enabling individuals to see clearly at both near and far distances. 

Moreover, the main feature of multifocal lenses is that they work by dividing the incoming light into different focal points, unlike traditional mono-focal lenses that only focus on one fixed point.  As a result, it enables the patients to see objects at different distances without requiring additional correction, such as glasses or contact lenses. For instance, the prominent company Alcon developed multifocal intraocular lenses known as  AcrySof IQ ReSTOR lens which has gained popularity among physicians and patients alike. Hence, such factors are expected to drive market growth during the forecast period.

Major Myopia and Presbyopia Treatment Market Challenges

Safety concerns associated with the use of contact lenses are one of the key challenges hindering the myopia and presbyopia treatment market growth. Despite its various advantages, there are several safety concerns associated with the use of contact lenses in the treatment of myopia and presbyopia.  The improper and prolonged use of contact lenses can result in severe eye infections, including pink eye (conjunctivitis), eye irritation, and corneal abrasions. 

Moreover, if proper care is not taken, the risk of getting these conditions is significantly high. Therefore, such safety concerns can negatively impact the market. In addition, there is a high chance that dust or chemicals can be caught behind the lens and result in severe damage to the cornea. Furthermore, the excessive eye watering can also result in severe irritation. Hence, such factors are expected to hinder the market growth during the forecast period.

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Key Myopia and Presbyopia Treatment Market Customer Landscape

The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Myopia and Presbyopia Treatment Market Customer Landscape

Segment Overview

The myopia and presbyopia treatment market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Type Outlook (USD Million, 2017 - 2027)
  • Myopia treatment
  • Presbyopia treatment
• Product Outlook (USD Million, 2017 - 2027)
  • Lenses and glass
  • Surgery
  • Drug
• Geography Outlook (USD Million, 2017 - 2027)
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • ROW
    • Australia
    • Argentina
    • Brazil

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What are the Key Data Covered in this Myopia and Presbyopia Treatment Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the myopia and presbyopia treatment market between 2023 and 2027
• Precise estimation of the myopia and presbyopia treatment market size and its contribution to the market in focus on the parent market
• Detailed analysis of customer landscape covering Diver of price sensitivity, Adoption of the lifecycle, and key purchase criteria 
• Companies landscape comparing criticality of inputs and factors of differentiation
• Exclusive Matrix on companies' position and classification
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across Asia, North America, Europe, and the Rest of the World (ROW)
• A thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of myopia and presbyopia treatment market companies

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