The Global 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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Myopia (nearsightedness) and presbyopia are common vision problems that affect people of all ages. Contact lenses, eyeglasses, refractive surgeries etc are used to treat these conditions. Contact lenses are becoming increasingly popular as they are comfortable and allow clearer vision.
Market key trends:
The rising prevalence of myopia and presbyopia is a major trend boosting the market growth. In the last decade, the global prevalence of myopia and presbyopia has increased significantly. As per some studies, nearly 50% of the world’s population is expected to be nearsighted by 2050. Increasing digital screen time for work and entertainment is also contributing to higher rates of these conditions. Additionally, growing awareness about vision correction options and rising healthcare expenditure in developing nations are anticipated to propel the market forward over the forecast period.
SWOT Analysis
Strengths: Wide availability of various treatment options such as contact lenses, spectacles, refractive surgeries etc. Growing adoption of minimally invasive surgeries.
Weaknesses: High costs associated with refractive surgeries. Risks and complications associated with some procedures.
Opportunities: Emergence of advanced technologies such as femtosecond lasers. Developing markets offer immense growth potential.
Threats: Presence of alternative treatment options. Risk of procedure failure or lack of expected outcomes.
Key Takeaways
The Global Myopia And Presbyopia Treatment Market Share was valued at US$ 24.4 Bn in 2023 and is expected to reach US$ 46.1 Bn by 2030, growing at a CAGR of 8.3% during the forecast period. The Asia Pacific region dominated the market with over 35% share in 2023 owing to the large patient population base and growing healthcare spending in countries such as China and India.
Regional analysis:
The Asia Pacific region is expected to be the fastest growing regional market during the forecast period attributed to rising geriatric population, increasing awareness about eye disorders and availability of advanced treatments. China, India and other South Asian countries are likely to drive high demand.
North America held the second largest market share in 2023 led by factors such advanced technologies availability and increasing prevalence of vision disorders. Favorable reimbursement policies further support the region’s growth.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
