The Myopia And Presbyopia Treatment Market is fragmented with the presence of several players. The market consists of various treatment options including contact lenses, eyeglasses, and refractive surgeries. Myopia refers to near-sightedness where distant objects appear blurry. Presbyopia occurs due to aging where the eye’s lens loses elasticity making it difficult to focus on nearby objects. Growing prevalence of myopia and presbyopia is increasing the demand for effective treatments.
The 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 8.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The myopia and presbyopia treatment market consists of refractive error correcting devices such as contact lenses, eyeglasses, and refractive surgeries. Contact lenses are gaining popularity due to convenience and clear vision. Growing awareness regarding refractive eye surgeries and technological advancements are enhancing their adoption rate. The market is witnessing introduction of advanced techniques like refractive lens exchange surgery and femtosecond laser for more precise outcomes.
Market key trends:
Increasing prevalence of myopia especially among children and growing geriatric population are primary drivers for market growth. According to a study, over half of the world’s population is expected to be nearsighted by 2050. The COVID-19 pandemic is influencing the trend where excessive digital screen time is accelerating myopia. Growing awareness regarding refractive corrections is encouraging people to adopt lens devices and surgeries for suitable vision. Technological innovations are resulting in improved procedures with better accuracy and safety. This is expanding the market reach in developing regions.
Porter’s Analysis
Threat of new entrants: Low capital requirement and established value chain pose low threat of new entrants in the myopia and presbyopia treatment market.
Bargaining power of buyers: Large customer base with increasing disposable income increases buyers bargaining power in the market.
Bargaining power of suppliers: Established suppliers and differentiated products decrease suppliers bargaining power in the market.
Threat of new substitutes: Fast technological advancement and strong R&D acts as a threat of new substitutes.
Competitive rivalry: High.
SWOT Analysis
Strength: Wide product offerings and strong brand image. Effective marketing strategies to create awareness.
Weakness: High dependence on limited number of suppliers. Significant research and production costs.
Opportunity: Growing geriatric population susceptible to presbyopia. Rising prevalence of myopia globally.
Threats: Stringent regulatory approval process. Threat from alternative treatment options.
Key Takeaways
The Global Myopia And Presbyopia Treatment Market Size is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing prevalence of myopia and presbyopia worldwide. Asia Pacific dominates the market and is expected to grow at fastest pace during the forecast period owing to large population suffering from vision disorders in countries like China and India.
Regional analysis: Asia Pacific accounted for largest share of over 40% in 2023 in the global myopia and presbyopia treatment market. China and India being densely populated countries have high number of people suffering from vision disorders which is driving high demand. The market in Asia Pacific is expected to expand at highest CAGR during 2023-2030 backed by increasing healthcare infrastructure and spending.
Key players operating in the myopia and presbyopia treatment market are ALCON Inc., Bausch Health Companies Inc., EssilorLuxottica (Essilor Ltd.), Johnson & Johnson Vision, NIDEK CO. LTD., Topcon Corporation, Zeimer Ophthalmic Systems AG, and ZEISS International.
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