Myopia And Presbyopia Eye Drops Market Is Estimated To Witness High Growth Owing To Increase In Ophthalmic Diseases
The Myopia And Presbyopia Eye Drops market is estimated to be valued at US$ 160.11 Mn in 2023 and is expected to exhibit a CAGR of 74.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Myopia and Presbyopia eye drops are prescribed for the treatment of refractive errors such as short-sightedness and long-sightedness. These eye drops work to temporarily change the shape of the eye lens and help vision correction without any surgery. The key active ingredients in these eye drops are Pilocarpine, Atropine and Acetylcholine which help to constrict or dilate the pupil and relax the ciliary muscle.
Market Dynamics:
The growth of the Myopia And Presbyopia Eye Drops market is majorly driven by the increasing prevalence of ophthalmic diseases worldwide. As per WHO, nearly 2.2 billion people suffer from near-sightedness (myopia) or distance vision impairment globally. The rising geriatric population is also leading to higher cases of age-related eye diseases like presbyopia which further increases the demand for corrective eye drops. Additionally, advantages of eye drops over contact lenses and spectacles like convenience of use and immediate results without any pain or downtime are contributing to their rising adoption. However, short term effect of the drops requiring frequent instillation and potential side effects if used long term can hinder the market growth.
SWOT Analysis
Strength: Orasis Pharmaceuticals is working on developing a potential eye drop treatment for myopia and presbyopia with a new mechanism of action which if approved can capture significant market share. High prevalence of myopia and presbyopia globally offers a large target patient pool. Several companies are investing in R&D to develop novel eye drops for these conditions.
Weakness: Existing alternatives like glasses, contact lenses and refractive surgeries have large market acceptance. Many experimental eye drops are still in early clinical trials and uncertainty remains around their long term safety and efficacy. High development cost of new pharmacological treatments.
Opportunity: Increasing awareness about benefits of temporary non-invasive treatments and limitations of existing options. Unmet need for affordable and convenient options especially in developing nations boosts opportunity. Favorable regulations supporting innovations in ophthalmic drug delivery.
Threats: Stringent regulatory approvals required. Safety concerns can lead to clinical trial delays or product withdrawals affecting returns on investment. Launch of competing novel therapies diminishing commercial potential of pipeline drugs. Patent expiries of blockbuster drugs resulting in price erosion and increased competition.
Key Takeaways
The global Myopia And Presbyopia Eye Drops Market Growth is expected to witness high growth, exhibiting CAGR of 74.% over the forecast period, due to increasing preference for non-invasive treatment options.
Regional analysis: North America dominated the market in 2023, supported by availability of advanced healthcare facilities and high adoption of newly launched products in the US. However, Asia Pacific is anticipated to grow at the fastest pace during the forecast period led by large patient population and growing medical tourism in China, India and Southeast Asian countries.
Key players operating in the myopia and presbyopia eye drops market are Orasis Pharmaceuticals, AbbVie Inc. (Allergan), Novartis AG, OSRX Pharmaceuticals, LENZ Therapeutics, Visus Therapeutics, Ocuphire Pharma Inc., Eyenovia, Inc., Vyluma Inc., and Jawa Pharmaceuticals (India) Pvt. Ltd. The leading firms are engaged in new product development through clinical trials and collaborations to gain early mover advantages.
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