Myopia and Presbyopia Eye Drops Market Growth Accelerated by Increase In Myopia And Presbyopia Cases

Myopia and Presbyopia eye drops are used for temporary relief from blurred vision caused by refractive errors such as nearsightedness and farsightedness. Myopia and presbyopia eye drops contain saline or other solutions which helps in moisturizing the eyes and providing temporary relief from vision issues. Increase in usage of digital devices and lack of outdoor activities have accelerated the cases of myopia and presbyopia worldwide. The global Myopia And Presbyopia Eye Drops Market is estimated to be valued at US$ 1.8 billion in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing prevalence of myopia and presbyopia cases globally is the major key trend fueling the growth of the market. According to a study by The International Myopia Institute, it is estimated that around 50% of the world's population will suffer from myopia by the year 2050. The increasing number of eye examinations have also contributed towards early diagnosis and treatment of refractive errors. This has resulted in rising demand for temporary vision correction medicines such as eye drops for instant relief from blurred or dimmed vision. Technological advancements in the formulation of eye drops with advanced preservatives and ingredients are further aiding the market growth.

Segment Analysis
The global myopia and presbyopia eye drops market size is bifurcated into myopia and presbyopia segments. Presbyopia eye drops are dominating the market currently due to high prevalence of presbyopia compared to myopia globally. Presbyopia occurs due to natural aging eye lens and almost all people over 40 years of age suffer from it. Myopia eye drops market size is expected to grow faster during the forecast period with rising cases of myopia, especially among children and young adults due increasing usage of digital devices.

Key Takeaways

The global myopia and presbyopia eye drops market is expected to witness high growth during 2022-2031. Factors such as increasing eye problems due to extensive use of digital devices andphones, growing geriatric population, and rising awareness about managing eye disorders non-surgically will support market expansion.

Regional analysis: North America is currently the largest market for myopia and presbyopia eye drops owing to rising healthcare expenditures and availability of advanced eye care products in the region. Asia Pacific market is predicted to grow at the fastest rate during the forecast period mainly due to large patient population, growing consumer disposable income, and improving access to healthcare in developing countries like India and China.

Key players: Key players operating in the myopia and presbyopia eye drops market are Johnson & Johnson Vision, Bausch + Lomb, Novartis, CooperVision, and Alcon. Johnson & Johnson Vision leads the market with its line of over-the-counter Optive products to treat symptoms of presbyopia. Bausch + Lomb offers Durezol and Vistagan eye drops for myopia and sells Biosight myopia control lenses to slow the progression of nearsightedness in children.

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