Market Overview:
The myopia and presbyopia eye drops market is estimated to be valued at US$ 52.7 million in 2023 and is expected to exhibit a CAGR of 74.3% over the forecast period, 2021-2028, as highlighted in a new report published by Coherent Market Insights. Myopia and presbyopia eye drops are non-invasive solutions used to temporarily relieve or reduce near- and farsightedness. These drops contain pharmacological agents that alter the refractive properties of the eye to improve vision clarity for a defined period.
Market Dynamics:
The growth of the myopia and presbyopia eye drops market is driven by growing preference for non-invasive treatment options and increasing availability of novel pharmaceutical formulations. Myopia and presbyopia eye drops offer a convenient alternative to eyewear and eye surgery with negligible risk or discomfort. Various companies are developing eye drops with prolonged duration of action to reduce treatment frequency. For example, Orasis Pharmaceuticals is evaluating an investigational eye drop to reduce myopia progression in children that may only require dosing once every few months.
Market Key Trends:
The myopia and presbyopia eye drops market is witnessing high growth due to the rising prevalence of myopia and presbyopia across the globe. As per studies, the prevalence of myopia has increased from around 25% to 30% in the 2000s to over 50% in the 2020s among children and young adults. Similarly, the prevalence of presbyopia has also increased substantially among the aging population. The growing awareness about eye care and availability of innovative treatment options like eye drops are driving more people to opt for advanced but non-invasive therapies like eye drops compared to alternatives like surgery.
SWOT Analysis
Strength: Non-invasive nature and ease of administration of eye drops make them a highly preferred therapy.
Weakness: Temporary relief and need for repeated use limits long term compliance.
Opportunity: Large untapped market in developing countries and rising healthcare expenditure can boost growth.
Threats: Stiff competition from existing generic drugs and alternatives like modular intraocular lenses poses challenge.
Key Takeaways
The Global Myopia And Presbyopia Eye Drops Market is expected to witness high growth at a CAGR of 74.3% over the forecast period of 2021-2028. The market was valued at US$ 52.7 million in 2023.
Regional Analysis
The North America region currently dominates the market due to high adoption of innovative technologies and growing healthcare expenditure. Asia Pacific is expected to witness the fastest growth over the coming years led by countries like China, India, and South Korea. The large population base suffering from eye disorders, rising awareness, and improving access to healthcare present huge opportunities for players in the region.
Key Players
Key players operating in the myopia and presbyopia eye drops market are Orasis Pharmaceuticals, AbbVie Inc. (Allergan), Novartis AG, OSRX Pharmaceuticals, LENZ Therapeutics, Visus Therapeutics, Ocuphire Pharma Inc., Eyenovia, Inc., Vyluma Inc., and Jawa Pharmaceuticals (India) Pvt. Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
