Myopia and presbyopia are common vision disorders affecting a large population worldwide. Myopia, also known as nearsightedness, refers to a vision condition where distant objects appear blurry due to elongation of the eye or the cornea having too much curved shape. Presbyopia refers to age-related blurring of close-up vision, usually affecting people aged 40 and above due to loss of flexibility in the eye’s natural lens. Ophthalmic drops are commonly used to temporarily relieve symptoms of myopia and presbyopia. Popular eye drops contain ingredients like pilocarpine and carbachol to constrict the pupils and temporarily increase near vision by deepening the eye’s point of focus. The global myopia and presbyopia eye drops market is estimated to be valued at US$ 610.5 million in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising awareness regarding vision correction and available treatment options is expected to drive the myopia and presbyopia eye drops market growth over the forecast period. Presbyopia is a natural part of aging and almost everyone will develop difficulty focusing on nearby objects over the age of 45. Eye care professionals are creating awareness about viable treatment options like eye drops that can temporarily relieve symptoms. Another key driver referenced from the heading is the flourishing of this market by rising awareness regarding vision correction specifically. Educating people through social media campaigns and optometrist consultations regarding manageable vision disorders like nearsightedness and presbyopia is proving instrumental in market growth.
Segment Analysis
The global myopia and presbyopia eye drops market is dominated by the anti-fatigue/lubricant eye drops segment. Anti-fatigue eye drops make up the majority share of the overall market as they combat dryness and irritation associated with extended screen time. The demand for anti-fatigue eye drops is high given the prevalence of digital device usage among people of all ages for work, education and entertainment. Presbyopia correcting eye drops is the fastest growing segment driven by the increasing older population globally that suffers from age-related blurry near vision.
PEST Analysis
Political: Regulations regarding eye care products are evolving to boost standards. Favourable regulations promote the development of advanced myopia and presbyopia management solutions.
Economic: Rising disposable incomes in developing nations have boosted consumer spending on vision care products. The growing economy also encourages investments in R&D of innovative eye drops.
Social: Extensive use of digital devices for work and leisure has made eye issues more common. Also, greater health awareness and accessibility of care are driving the market growth.
Technological: Advances are being made in active pharmaceutical ingredients and drug delivery technologies to develop more effective prescription eye drops with fewer adverse effects. Novel technologies aid in customized myopia and presbyopia management.
Key Takeaways
The global myopia and presbyopia eye drops market size is expected to witness high growth over the forecast period of 2022-2030.
The Asia Pacific region currently dominates the market and is expected to maintain its lead position during this period. Rising disposable incomes, increasing health awareness and a huge target patient population are fueling market growth in Asia Pacific countries like China and India.
Key players operating in the myopia and presbyopia eye drops market are Johnson & Johnson Vision, Bausch + Lomb, Alcon, CooperVision, and Novartis. Among these, Johnson & Johnson Vision tops the market with its robust product portfolio of market-leading brands like Systane and Acuvue Moist. The company has a strong global presence and continuously invests in product innovations.