Market Overview:
The myopia and presbyopia treatment market offers various products such as contact lenses, spectacles, intraocular lens, and refractive surgery devices. Contact lenses are thin corrective lenses placed directly on the surface of the eye that are used to treat myopia and presbyopia. Spectacles are frames that hold corrective lenses and are used to treat myopia, hyperopia, and astigmatism. Intraocular lens is a surgical implant used to treat cataracts and presbyopia. Refractive surgery devices such as excimer lasers, femtosecond lasers, and phakic intraocular lenses are used in procedures like LASIK, PRK, and LASEK to treat myopia and hyperopia. The growing geriatric population and increasing prevalence of vision defects are major factors driving the demand for myopia and presbyopia treatment products.
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:
Growing adoption of digital healthcare and online vision consultation is a key trend in the myopia and presbyopia treatment market. The COVID-19 pandemic has accelerated the shift towards digital healthcare. Many eye care providers are offering online diagnosis and consultation for routine vision checkups and minor refractive errors. This allows patients to consult eye specialists without visiting clinics, thereby maintaining social distancing. Online retailers are also gaining prominence for purchasing ready-made corrective lenses conveniently. Rising investments by market players in teleophthalmology and remote patient monitoring is expected to further boost digitalization in vision care over the forecast period.
Porter’s Analysis
Threat of new entrants: Low barrier for new entrants in given market as it is relatively easy for new players to enter the market. However, existing players have established their brand value and distribution networks which provide a competitive advantage.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of differentiated products from various manufacturers. Switching costs for buyers are low.
Bargaining power of suppliers: A few major players dominate the supply side resulting in lower bargaining power of suppliers. Suppliers are dependent on major players for majority of their business.
Threat of new substitutes: Threat of new substitutes is low as there are limited treatment options available for given market.
Competitive rivalry: Intense competition among existing players due to their focus on new product launches and strategic partnerships.
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 eye disorders among geriatric population along with growing awareness about early treatment.
The Asia Pacific region is expected to dominate the market and register fastest growth during the forecast period owing to large patient pool, increasing healthcare spending, and rising focus of key players on developing nations in this region.
Key players operating in the Myopia And Presbyopia Treatment 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. Key players are focusing on new product launches and strategic collaborations to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
