The Myopia And Presbyopia Treatment Market consists of various vision correction devices and treatments that help individuals suffering from myopia (nearsightedness) and presbyopia. Myopia and presbyopia are common vision disorders that are on the rise, especially amongst younger generations. Contact lenses, spectacles, and refractive surgeries like LASIK are widely used to rectify vision and improve visual acuity in individuals affected by myopia and presbyopia. The global 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 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing incidence of myopia and presbyopia worldwide due to sedentary lifestyles and extensive smartphone and digital device usage is a major factor driving the growth of the myopia and presbyopia treatment market. According to studies, the prevalence of myopia has increased dramatically in the last few decades, especially in Asian countries. For instance, it is estimated that around 50% of the world’s population will be nearsighted by 2050. Similarly, presbyopia is almost universal in individuals over the age of 45. The growing geriatric population globally has contributed to the rising prevalence of vision disorders like presbyopia. Advanced treatment options like laser refractive surgeries and premium intraocular lenses are gaining traction worldwide to effectively manage these common vision conditions.
SWOT Analysis
Strength: Global myopia and presbyopia treatment market size has wide range of treatment options available like contact lenses, eyeglasses and refractive surgery which provides flexibility to patients.
Weakness: Risk of complication from refractive surgeries like LASIK can lead to poor vision or other eye problems. Dependence on imported products and technologies for some treatments.
Opportunity: Growing geriatric population suffering from presbyopia and increasing prevalence of myopia in younger generation presents lucrative market opportunities. Emergence of novel techniques like refractive lens exchange and femtosecond laser enhance business prospects.
Threats: Safety concerns regarding long term effects of refractive surgeries and cost of newer treatments poses significant challenges. Stringent regulatory norms and lack of awareness in developing nations also restricts market growth.
Key Takeaways
The global Myopia And Presbyopia Treatment market is expected to witness high growth at a CAGR of 14% during the forecast period of 2023 to 2030. The market size is estimated to reach US$ 24.4 Bn by 2024.
Regional analysis: Asia Pacific region currently dominates the market and is expected to maintain its lead position during the forecast period. Presence of major key players and availability of low-cost refractive surgeries in countries like China, India, South Korea is propelling market growth in the region.
Key players: Key players operating in the Myopia And Presbyopia Treatment market are Wuxi Biologics, Clean Cell Inc., Sartorius AG, Pall Corporation, Merck KgaA, Lonza Group Ltd., General Electric Company, Thermo Fischer Scientific Inc., Asahi Kasei Medical Co. Ltd., and Charles River Laboratories International Inc., among others. These players are focusing on new product launches and geographical expansion to enhance their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it