Myopia and presbyopia treatment involves the use of corrective eyeglasses, contact lenses, refractive surgery, and drug therapies to treat vision disorders related to near- or farsightedness. Corrective glasses and contact lenses are commonly used options for low to moderate vision problems, while refractive surgeries such as LASIK and PRK are conducted for high prescriptions. These procedures reshape the cornea using excimer lasers to adjust focusing power. Several pharmaceutical companies are developing novel drug therapies to temporarily relieve myopia progression in children or symptoms of presbyopia in adults through medication eye drops.

The global 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 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the key drivers for growth of the myopia and presbyopia treatment market is the increasing prevalence of vision disorders globally. According to the Vision Loss Expert Group, nearly 2.2 billion people worldwide are affected by myopia and approximately 1.8 billion people suffer from presbyopia due to the aging global population. The rapidly growing elderly population experiencing presbyopia coupled with rising cases of myopia specifically in Asian countries results in high market demand for viable treatment options. In addition, increasing awareness about the availability of advanced prescription eyeglasses, contact lenses, LASIK surgery, and emerging drug therapies further enhances the adoption rate. Continuous innovation with emphasis on new product development boosts competition and growth opportunities within the lucrative global market over the forecast period.

SWOT Analysis

Strength: Global myopia and presbyopia treatment market size have advanced solutions which can treat many eye conditions effectively. Modern digital devices and lasers help carry out precision surgeries with minimal risks. Contact lenses and eyeglasses provide affordable options to correct vision without surgery.

Weakness: Eye surgery has risks of complications and side effects like infections. Expensive treatments like Lasik are not affordable for all. Dependence on imported technology increases costs for some solutions. Traditional options like glasses are not preferred by many due to aesthetics.

Opportunity: Rising incidence of myopia and presbyopia worldwide creates growth potential. Developing economies offer scope due to large underserved populations and increasing disposable income. New technologies for refractive treatments expanded options. Favorable medical reimbursements and government support aid adoption.

Threats: Stiff competition between players limits pricing power and margins. Regulations on medtech approvals are stringent. Social media spreads awareness on side effects creating reluctance in some. Novel therapies may disrupt existing solutions requiring R&D investments. Economic slowdowns affect discretionary spend on elective procedures.

Key Takeaways

The global myopia and presbyopia treatment market is expected to witness high growth over the forecast period. The market size is projected to increase from US$ 24.4 Bn in 2024 to over US$ 50 Bn by 2030, recording a CAGR of 14%.

Regional analysis - Asia Pacific dominates currently and will lead growth owing to rising income, lifestyle changes and the large patient pool in populous nations like China and India. Manufacturers are expanding locally through partnerships to tap opportunities.

Key players - Key players operating in the myopia and presbyopia treatment market are Wuxi Biologics, Clean Cell Inc., Sartorius AG, Pall Corporation, Merck KgaA, Lonza Group Ltd., General Electric Company, Thermo Fischer Scientific Inc., Asahi Kasei Medical Co. Ltd., among others. They focus on R&D to widen portfolios and global expansion into high potential markets.

Get More Insights On This Topic: https://www.trendingwebwire.com/myopia-and-presbyopia-treatment-market-analysis-growth-forecast-outlook-2023-2030/