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 region is currently dominating as well as fastest growing regional market for myopia and presbyopia treatment due to rising disposable income, growth in healthcare infrastructure and increasing medical tourism. North America also captures significant market share owing to availability of advanced treatment options and rising geriatric population.

Regional analysis: Asia Pacific accounts for major share in global myopia and presbyopia treatment market and is expected to maintain its dominance over forecast period. Factors such as increasing medical tourism, rising healthcare spending, prevalent youth population susceptible to myopia positively influence the market growth. China, India and other developing countries in Asia Pacific are emerging as fast growing regional markets.

Key players: 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. These major players are involved in new product launches, collaborations to strengthen their market positions in this lucrative market.

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