by Market Overview:
Myopia (nearsightedness) and presbyopia are common eye conditions caused by refractive errors. Contact Lenses are small lenses worn directly on the surface of the eye to correct refractive errors like myopia, hyperopia, and astigmatism. They help to improve vision without surgery.
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:
The increasing prevalence of myopia and presbyopia is one of the major trends driving the growth of the market. The World Health Organization (WHO) estimates that close to 5 billion people will be affected by myopia by 2050. Moreover, rapid urbanization and extensive use of digital devices are major factors contributing to the rising cases of myopia globally. Advanced technologies are also being developed to treat both conditions more effectively through minimally invasive procedures or without any surgery. Development of multifocal contact lenses and extended wear silicone hydrogel lenses that provide comfortable vision for long hours are some emerging technology trends.
SWOT Analysis
Strength: The myopia and presbyopia treatment market is fast growing owing to rising prevalence of vision disorders. Advancements in contact lenses, intraocular lenses and laser refractive surgeries have improved vision correction outcomes.
Weakness: High costs associated with laser eye surgeries and prescription lenses limits their adoption in low and middle-income countries. Side effects of refractive surgeries act as a deterrent for some patients.
Opportunity: Increasing awareness about vision care and growing geriatric population susceptible to presbyopia offers new opportunities. Research into advanced technologies like adaptive optics and femtosecond lasers for customized vision correction present lucrative opportunities.
Threats: Threat from vision correction surgeries and therapies in late stages of clinical trials. Strong competition from generic contact lenses and glasses limits pricing flexibility of market players.
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 disorders worldwide.
Regional analysis: North America dominates the market currently owing to high adoption of refractive surgeries and presence of major players. However, Asia Pacific is expected to register fastest growth due to rising disposable incomes, growing medical tourism and large consumer base in densely populated countries like China and India.
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. Major players are investing in R&D to develop advanced intraocular lenses, laser systems and lenses to consolidate their position in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
