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The global myopia and presbyopia treatment market size is estimated to grow by USD 7.95 billion at a compound annual growth rate (CAGR) of 8.09% between 2022 and 2027.
The growing global awareness of vision care is boosting the myopia and presbyopia treatment market. Technological advancements, prolonged screen time, and initiatives in high-prevalence regions like China and South Korea underscore the importance of early intervention. Increased healthcare spending and a heightened understanding of the impact on daily life are driving individuals to seek professional treatment for these vision issues. Recognizing that myopia and presbyopia can significantly affect quality of life, people are actively seeking solutions, contributing to the market's growth.
It also includes an in-depth analysis of drivers, market trends and analysis, and challenges. Our report examines historical data from 2017 - 2021 and market forecast besides analyzing the current market scenario.
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The market share growth of the Myopia treatment segment will be significant during the forecast period. It is pivotal in the global market. Corrective lenses, like eyeglasses or contacts, are commonly used to redirect light onto the retina, improving vision. Refractive surgery, such as LASIK, reshapes the cornea, reducing or eliminating the need for glasses. Orthokeratology involves the overnight use of special lenses for temporary vision correction. Emerging myopia control strategies, like multifocal contact lenses, aim to slow progression, with some showing nearly 50% effectiveness in children according to the NIH. These advancements are expected to drive the demand for myopia treatment, particularly in the market.
The segment was valued at USD 7.18 billion in 2017.
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Presbyopia treatment is vital in the global market due to the aging population. Corrective lenses, like bifocals or multifocal contacts, are common options. Advancements from companies like Zeiss and Alcon offer improved visual performance with multiple focal points. LASIK has evolved to address presbyopia, creating a multifocal corneal surface for clear vision at different distances, reducing dependence on lenses. Pharmaceutical developments in presbyopia treatment further contribute to the expanding market.
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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 will shape the market during the forecast period.
Asia's eye care market showes growth despite challenges such as high therapeutic costs and limited healthcare infrastructure. Marginal growth is expected due to the approval of treatments and increased initiatives to raise awareness of eye disorders, like myopia and presbyopia. The region's primary driver is the growing awareness of eye diseases. Initiatives like World Sight Day and myopia awareness campaigns in India contribute to overcoming the lack of awareness. EssilorLuxottica's participation in Vision China 2022 and Zhaoke Ophthalmology's collaboration with Visus Therapeutics are examples of efforts to promote eye health in the region. Collaborations for the development of eye disease therapies, such as Arctic Vision's partnership with Eyenovia, indicate the region's commitment to advancing eye care. Approvals for therapeutics, like Entod Pharmaceuticals' phase 3 trials for atropine eye drops, signal a positive trajectory for Asia's eye care market during the forecast period.
Companies are implementing various strategies, such as strategic alliances,market forecasting, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
AbbVie Inc., 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, Visus Therapeutics Inc., Ziemer Ophthalmic Systems AG, and Evotec SE
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.
There are multiple factors influencing to the market growth analysis. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
The market is seeing a significant uptick in demand, primarily driven by the aging population seeking vision correction. Lifestyle changes, technology advancements, and increased awareness of vision disorders contribute to this surge. The aging global population is prone to myopia and presbyopia, fueling the need for treatment options. Modern lifestyles, characterized by prolonged screen time, amplify vision issues, prompting more people to seek corrective measures. Advancements in technology, such as laser surgeries and implantable lenses, provide effective and convenient solutions, contributing to the rising demand. Additionally, increased awareness campaigns by governments and healthcare organizations encourage early detection and treatment, further boosting market growth.
The market is undergoing a significant transformation with the introduction of multifocal intraocular lenses. These lenses, exemplified by Alcon's AcrySof IQ ReSTOR, offer a revolutionary approach by addressing both myopia and presbyopia simultaneously. Unlike traditional lenses, multifocal intraocular lenses provide clear vision at various distances, eliminating the need for additional correction like glasses or contacts. Their approval by regulatory authorities globally reflects their effectiveness. With the increasing prevalence of myopia and presbyopia, these lenses offer a comprehensive and cost-effective solution, driving their adoption and contributing to the market's growth.
The high cost of treatment poses a significant challenge in the global market. Corrective lenses, including specialized options, can be costly, impacting patients, particularly those in low-income communities. Refractive surgeries like LASIK or PRK offer long-term solutions but come with high price tags, making them inaccessible for many. The financial burden affects healthcare providers as well, limiting their investment in advanced technologies and equipment. This, in turn, restricts access to treatment options and may deter individuals from seeking early intervention. The high cost of treatment is expected to negatively impact market growth during the forecast period.
The market research and growth 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.
Customer Landscape
The Myopia and Presbyopia Treatment Market is witnessing a surge due to rising cases of vision loss, particularly in individuals aged over 50, affecting 128 million people in regions like East Asia, South Asia, and Southeast Asia. Developing countries with a growing geriatric population face challenges of age and lifestyle-associated vision impairments. Undiagnosed presbyopia and late myopia diagnosis contribute to treatment costs. Advanced solutions, including intraocular phakic presbyopic lenses and implantable contact lenses, offer benefits like accuracy and speed in ophthalmic surgeries.
Ongoing studies focus on technologically advanced products, such as corneal inlays and multifocal lenses, addressing nearsightedness and dry eyes. Minimally invasive techniques like PresbyLASIK and Conductive Keratoplasty provide alternatives for non-LASIK patients. The market is characterized by a diverse product pipeline, emphasizing the preference for progressive multifocals with innovations like anti-reflexive coating and photochromic lenses, ensuring improved image clarity and reducing image jumping during eye movements.
The 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.
Myopia and Presbyopia Treatment Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.09% |
Market growth 2023-2027 |
USD 7.94 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.71 |
Regional analysis |
Asia, North America, Europe, and Rest of World (ROW) |
Performing market contribution |
Asia at 37% |
Key countries |
US, Canada, Germany, China, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AbbVie Inc., 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, Visus Therapeutics Inc., Ziemer Ophthalmic Systems AG, and Evotec SE |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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