The global Myopia And Presbyopia Eye Drops Market is estimated to be valued at US$ 160.11 Mn or Mn in 2023 and is expected to exhibit a CAGR of 74.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Myopia and presbyopia eye drops are used to temporarily relieve or prevent near-vision blur caused by both these common refractive errors. The drops work by relaxing the ciliary muscles of the eyes to allow focusing at various distances.

Market key trends:
One of the key trends in the myopia and presbyopia eye drops market is the rising adoption of combination drug formulations. Several companies are developing and launching eye drops that contain multiple active pharmaceutical ingredients (APIs) to simultaneously treat both myopia and presbyopia. For instance, Ocuphire Pharma’s Nyxol eye drops contain 0.75% phentolamine mesylate and 2% tropicamide. Such combination therapies offer enhanced efficacy and patient compliance over separate treatment with individual drug formulations.
Market key trends:
One of the key trends in the myopia and presbyopia eye drops market is the increasing prevalence of myopia and presbyopia conditions worldwide. According to estimates, nearly half of the world’s population is expected to be affected by myopia by the year 2050. Presbyopia also affects nearly everyone above the age of 40. Growing near-point digital device usage has further accelerated the onset of these conditions at a younger age. This has significantly increased the demand for advanced eye drops that can effectively treat myopia and presbyopia.

SWOT Analysis
Strength: Growing prevalence of myopia and presbyopia presents a large patient pool. Presbyopia generally affects everyone above the age of 40.
Weakness: High development and regulatory costs associated with new eye drops. Existing eye drops have short effective duration and require frequent instillation.
Opportunity: Rising health awareness and growing disposable incomes in developing countries provide new growth opportunities.
Threats: Threat from alternative treatments like contact lenses and refractive surgeries. Stringent regulatory approval process for new eye drops.

Key Takeaways
The global Myopia And Presbyopia Eye Drops Market Growth is expected to witness high growth, exhibiting CAGR of 74% over the forecast period, due to increasing digital device usage leading to early onset of these conditions.

The Asia Pacific region is expected to witness the fastest growth in the myopia and presbyopia eye drops market during the forecast period. This is attributed to rising health awareness, growing disposable incomes, and increasing prevalence of myopia in countries like China, India and South Korea.

North America is anticipated to hold the largest share in the global market due to presence of major players, growing research activities and availability of advanced treatment options.

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