Myopia and Presbyopia Treatment Market
Number of pages: 100 | Report Format: PDF | Published date: May 15, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 17.83 billion |
|
Revenue Forecast in 2031 |
US$ 26.55 billion |
|
CAGR |
8.3% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Disease Type, Application, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, global myopia and presbyopia treatment market was valued at US$ 17.83 billion in 2022 and is expected to register a revenue CAGR of 8.3% to reach US$ 26.55 billion by 2031.
Myopia and Presbyopia Treatment Market Fundamentals
Myopia (myopia) is the most frequent cause of visual impairment in those under the age of 40, whereas presbyopia is the age-related natural decrease of near-focusing ability. Squinting, headaches, and eye strain are signs of nearsightedness and presbyopia. With the use of glasses, contact lenses, or refractive surgery, these problems can be treated or corrected. Additionally, new medications for treating myopia and presbyopia include eye drops with active ingredients. As presbyopia is an age-related visual impairment, the growing elderly population is one of the key reasons fueling market expansion. There is much space for advancement in treating eye illnesses with vision correction.
Global myopia and presbyopia treatment industry analysis report comprehensively analyze the market, with the factors that either aid or impede the market growth, such as its drivers, restraints, and opportunities. The research provides insight into the companies that operate in myopia and presbyopia treatment market and their efforts to position themselves as key players through expansion strategies and innovations. It also highlights recent developments that contribute to myopia and presbyopia treatment market growth. The research also analyzes the impact of the COVID-19 pandemic.
This research is valuable for businesses seeking insights into the market, customers, and competition. The research provides special insights into the segmentation, regions, market size & projection, revenue CAGRs, and other important information that may help clients make the right decisions. The report assembles data from market players and professionals across the industrial value chain. The study also incorporates qualitative and quantitative assessments from industry professionals. Secondary research, surveys and interviews, and statistical modeling are all used in our research to estimate market size and projection. Our reports deliver the most reliable market data because of our specialized research methods.
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Myopia and Presbyopia Treatment Market Dynamics
Globally, the aging adult population (those over 40 years of age) and the rising number of geriatrics at risk for vision loss are driving the market's expansion. Most individuals acquire age- and lifestyle-related vision problems, including myopia, around their mid-40s. It is anticipated that these myopia treatment options will continue to develop, increasing the need for myopia and presbyopia therapy. One of the main issue that is anticipated to have a significant effect on the vision care sector is untreated presbyopia. For instance, in 2020, more than 2.1 billion individuals worldwide and more than 128 million Americans had presbyopia, according to the World Health Organization. Over one-third of these individuals are above the age of 50. Furthermore, untreated presbyopia affects approximately 826 million individuals. Recent innovations by significant industry participants are predicted to fuel industry expansion. For instance, Vuity (pilocarpine hydrochloric acid ophthalmic solution) 1.25%, used to treat presbyopia, was approved by the FDA (Food & Drug Administration) in October 2021 by Allergan.
Additionally, the advent of cutting-edge lenses, such as implantable contact lenses and intraocular phakic presbyopic lenses, is anticipated to propel the market throughout the forecast period. Due to these lenses' advantages, it is anticipated that they will become sufficiently popular. They can be removed surgically, correct a large amount of nearsightedness, and are best suited for non-LASIK patients.
Compared to the preceding five years, the prevalence of myopia increased from 1.4 to 3 in 2020. Worldwide, the incidence of vision impairment problems like myopia is rising at an alarming rate. There have been notable increases in the risks of vision impairment due to pathologic disorders, including retinal damage, cataracts, and glaucoma, that are connected with high myopia. Increases in the prevalence of visual impairment are being brought on by these disorders.
Myopia and Presbyopia Treatment Market Ecosystem
Myopia and Presbyopia Treatment Market, by Disease Type
Myopia and Presbyopia Treatment Market, by Application
Myopia and Presbyopia Treatment Market by Application
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In 2022, prescription lenses had the highest revenue share of over 24.0%. Additionally, bifocal, multifocal, monovision and modified monovision contact lenses fall within these categories. Presbyopia can be effectively treated using conductive keratoplasty, LASIK, LASEK, and PRK, among other refractive surgical techniques. The surgical procedure LASIK is extensively used to cure presbyopia. To enhance distant vision, the cornea must be reshaped during surgery. Therefore, it is anticipated that the increasing prevalence of these myopia treatment options and rising demand for LASIK surgery will promote market growth throughout the projection period. For instance, according to the World Report on Vision 2019 issued by the World Health Organization, the yearly global costs of productivity losses linked with vision impairment from untreated myopia alone were projected to be USD 244 billion. Myopia-related hazy vision can be efficiently treated using corrective lenses and refractive surgery, among other methods. So, given the increase in myopia instances, the category is anticipated to rise rapidly throughout the projected period.
The market segmentation sections provide myopia and presbyopia treatment market outlook in terms of the demarcation of different consumer groups. Market segmentation is the splitting of an industry into subgroups depending on characteristics such as disease type and application. Market segmentation data helps organizations understand the preferences and distinctive demands of different customer groups and implement targeted marketing strategies. This data additionally helps in identifying potential myopia and presbyopia treatment market demand opportunities.
Myopia and Presbyopia Treatment Market by Region
The North America region will likely show dominance during the forecast period. The industry's expansion is also credited to the existence of several important market participants, rising myopia and presbyopia cases, widespread contact lens use, and surgical alternatives in the area. Additionally, the market is expanding due to recent product introductions, increased optometrists, and rising consumer knowledge of available treatment alternatives. The region's market will also be driven by the launch of many initiatives by major market participants to raise awareness of myopia and presbyopia. For instance, CooperVision began a US education campaign in October 2021 called Take Control: Myopia & You to raise awareness and inspire parents to arrange for their children to get eye tests. The Max orthokeratology lens from Euclid Systems Corp. was introduced in June 2021 and is intended to decrease myopia temporarily.
The Asia Pacific region is estimated to see the fastest increase in myopia and presbyopia treatment market trends throughout the projected period due to the growing senior population, the high incidence of myopia-related eye treatments, and the rise in healthcare services. Consumers' growing awareness of targeted myopia therapy is expected to fuel the regional market for myopia and presbyopia therapies. Additionally, there are more than twice as many cases of visual issues in East Asia, South Asia, and Southeast Asia than there are in any other region.
Furthermore, China is a significant contributor to the Asia-Pacific region's myopic population and the epidemic of early myopia. Myopia would affect about 52.7% of Chinese children and teens in 2020, according to the National Health Commission (NHC), and the prevalence rates for primary, middle, and high school pupils were 35.6%, 71.1%, and 80.5%, respectively. China has launched a number of programs to tackle the incidence of myopia. For instance, a renowned Chinese eye hospital, Aier Eye Hospital, launched a one-stop tailored diagnostic and treatment strategy to prevent and reduce childhood myopia. By the end of 2025, NHC hopes to increase the number of children under the age of six who get eye care and vision testing services.
Based on the regions, the global myopia and presbyopia treatment market is segmented into:
The industry's regional segmentation provides insights into geographic pockets in terms of myopia and presbyopia treatment industry trends, market size, share, and growth rate. This information helps organizations assess potential growth opportunities in new regional markets, understand competitive threats, and develop localized sales and expansion strategies. This section also offers deeper insights into the regional and country-level myopia and presbyopia treatment market overview.
Key Components of the Report
Myopia And Presbyopia Treatment Market Competitive Landscape
The market competitive landscape analysis is performed by gathering and evaluating data about the key competitors, industry trends, and market dynamics. It involves collecting and analyzing data on factors such as products, pricing, geographic reach, customer demographics, marketing tactics, and recent developments. Competitive landscape analysis can help organizations identify present or prospective opportunities and risks in the market.
Myopia And Presbyopia Treatment Market Strategic Developments
Reasons To Buy This Report
Key Strengths of Our Report
Target Audience to Benefit from this Report.
Myopia (myopia) is the most frequent cause of visual impairment in those under the age of 40, whereas presbyopia is the age-related natural decrease of near-focusing ability.
The total myopia and presbyopia treatment market size worldwide in 2022 was 17.83 billion.
The North America region will have the largest myopia and presbyopia treatment market size during the forecast period from 2023 to 2031.
The revenue CAGR in the global colorectal myopia and presbyopia treatment is expected to have 8.3%.
The resultant market size of myopia and presbyopia treatment market in 2031 will be 36.55 billion.
High cost of the treatment and lack of early diagnosis are hindering the market growth.
The growing prevalence of myopia and presbyopia, and rising adoption of advanced diagnostic and surgical treatments drive the market.
Some prominent global myopia and presbyopia treatment market players include Ziemer Ophthalmic Systems AG, Johnson & Johnson Vision, and NIDEK CO., LTD.
The prescription lenses segment has the highest share in the global myopia and presbyopia treatment market.
*Insights on financial performance are subject to the availability of information in the public domain
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