Myopia And Presbyopia Treatment Market Outlook & Forecast to 2032

Description

Myopia And Presbyopia Treatment Market Synopsis:

Myopia And Presbyopia Treatment Market Size Was Valued at USD 24.85 Billion in 2023, and is Projected to Reach USD 38.93 Billion by 2032, Growing at a CAGR of 5.11% From 2024-2032.

The Myopia and presbyopia treatment market implies the worldwide market of products, cure, and services that are targeted at the correction of refractive errors including myopia and presbyopia. It also entails optical therapies – spectacles and contact lenses –, surgical ones – LASIK and PRK –, and pharmaceutical – to improve the patient’s vision acuity and make bearing the problems associated with these chronic conditions easier for people of all ages.

Myopia and presbyopia have been on the rise within the recent past as a result of current life style, long hours spent on screens and due to aging populations. With more children and young adults developing myopia attributed to increase near-vision activities and reduced time in outdoors. This has led to a very high demand of contact lenses and laser operations to fix the eye impairments. On the other hand, presbyopia – a vision condition that is more common in individuals above the age of forty, is also receiving much attention due to growth in the global ageing population especially within the more developed world. Since consumers want to have good vision and be actively engaged in different activities, the demand for superior solutions is still present, and businesses are investing in new developments.

Technological changes in handling eye conditions and patients’ his biggest for preferring less-invasive procedures are also other relevant factors that have driven this market. Laser operations such as LASIK and intraocular lenses (IOLs) have becoming common, while medicinal treatments are gradually assuming the status of choice for people who dislike operations. The diverse groups of products and services strengthen the competition as companies shift attention to increasing the effectiveness of the offered treatment procedures and adopting to patients’ needs and expectations for various categories of people and regions.

Myopia And Presbyopia Treatment Market Trend Analysis:

Technological Innovation in Eye Care Solutions

The market for treating myopia and presbyopia is highly progressive because of new eye care technologies. Special emphasis is being placed on high-precision lenses and the methods of surgery as manufacturers are aiming for more personalized solutions possessing optimised benefits to suit the patients. For example, wavefront-guided technologies including Lasik and updated microarchitectures beginning from faced sources are delivering remarkable vision correction with satisfactory side effects. Furthermore, new pharmaceutical solutions, including eye drop solutions for presbyopia, are offering people wearing glasses and contact lenses a better and more non-invasive treatment options. All these innovations do not only improve on the aspects of convenience and comfort but also addresses calls for a technological advanced generation to provide the market need.

Another is the use of artificial intelligence in eye care. Mobile health applications and value-based care are improving the efficiency of diagnoses and minimized human mistake in vision sensitive operations. These innovations are expected to also help in the uptake of more enhanced myopia and presbyopia management as patients seek the surest safety in these technologies. The projections on the functionality of AI and Machine Learning in the eye care sector suggest the following adaptability and general market growth in the following years.

Expanding Market in Emerging Economies

It emerging economies such as the Asia-Pacific and Latin America region the demand for vision correction products and treatments is rapidly growing. These regions have higher levels of youth myopia prevalence and a growing population of elders with presbyopia. These include; higher disposable income, enhancing health care facilities, and customer awareness of eye health issues. For this reason, key players are gradually trying to establish their coverage in these areas by means of partnerships, localized products, and cooperation.

Myopia And Presbyopia Treatment Market Segment Analysis:

Myopia And Presbyopia Treatment Market is Segmented on the basis of Type, Presbyopia, and Region.

By Type, Corrective segment is expected to dominate the market during the forecast period

Based upon the type of products it offers; the forensic area of corrective segment including eyeglasses and contact lenses for myopia and presbyopia treatment is expected to lead the market for the considered timeframe. This has a lot to do with it being relatively cheap and easy to acquire in most parts of the world due to its simplicity in use except for the extreme young and old who may not understand the use of this system. Eyeglasses are still the initial management strategy of choice for myopia and presbyopia because they are conservative and easy to fit to meet individual demands for correction. Another important role belongs to contact lenses although such correction method is more popular among young people. Also, new features like blue light blockage and higher definition lenses are adding more allure to, and more demand in, this segment. Due to its accessibility and general applicability in many different markets, the corrective segment is well placed for further expansion and to increase its market dominance.

By Presbyopia, Prescription Lenses segment expected to held the largest share

According to analysts, the prescription lenses segment will account for the largest share of the presbyopia treatment market because prescription lenses are easily available and readily usable for correcting near vision instantly. One of the most common and inexpensive vision correction procedures that use corrective lenses are bifocal, trifocal, and progressive lenses that are prescribed to the middle-aged and elderly customer with presbyopia for clear vision at a close distance along with the far vision. Moreover, as the lens manufacturing technology has advanced into the lightweight materials and coating of lenses it has become more comfortable and aesthetically suitable to incorporate them. They prefer prescription lenses because these are easily accessible throughout the world and easy to use as compared to contact lenses, thus continuing with the market domination.

Myopia And Presbyopia Treatment Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast period

By the year 2023, North America is expected to have the largest market share in the myopia and presbyopia treatment market because of achy health care infrastructure, high disposable income, and high tendency of embracing new treatments. Preventive eye care and the provision of this good/high quality health care services have boosted demand for corrective procedures and products in the region. Opinions indicate that North America consumes only about 35-40 % of the global total, due to leading organizations and increasing obsession with eye care. Also, the US is a significant market within this area and has a massive share in contributing to this percentage because of the developed healthcare system and because the population is aging.

Active Key Players in the Myopia And Presbyopia Treatment Market:

Alcon (Switzerland)

EssilorLuxottica (France)

CooperVision (United States)

Johnson & Johnson Vision (United States)

Bausch + Lomb (United States)

Carl Zeiss Meditec AG (Germany)

Hoya Corporation (Japan)

Menicon Co. Ltd. (Japan)

Nidek Co., Ltd. (Japan)

Topcon Corporation (Japan)

Staar Surgical (United States)

SIFI S.p.A. (Italy)

SEED Co., Ltd. (Japan)

Visioneering Technologies, Inc. (United States)

Novartis AG (Switzerland)

Other Active Players

Key Industry Developments in the Myopia And Presbyopia Treatment Market:

In October 2021, The Food and Drug Administration approved Vuity (pilocarpine hydrochloric acid ophthalmic solution) 1.25% for the treatment of presbyopia, or age-related hazy near vision, in adults. Allergan is a division of AbbVie. Myopia and Presbyopia Treatment Market Industry Reports, https://www.mordorintelligence.com

In May 2021, The US FDA approved Johnson & Johnson Vision’s ACUVUE Abiliti Overnight Therapeutic Lenses, which are intended to assist correct children’s developing myopia by reshaping the cornea’s curvature.