Myopia and Presbyopia Eye Drops Market is Estimated to Witness High Growth Owing to Opportunity for Improving Vision without Contact Lenses or Surgery
Myopia and presbyopia are common vision conditions that affect people worldwide. Eye drops containing oxymetazoline, pilocarpine and artificial tears are frequently used to relieve symptoms of myopia and presbyopia. Such eye drops work by constricting the pupils, relaxing the ciliary muscles or lubricating the eyes. They provide temporary relief from blurred vision and are suitable for daily or occasional use. The global myopia and presbyopia eye drops market offers a wide range of prescription and over-the-counter eye drops. The market players are developing advanced formulations with added benefits like antioxidant properties and long lasting effects. The global Myopia And Presbyopia Eye Drops Market is estimated to be valued at US$ 800 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023-2032, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing prevalence of eye disorders like myopia and presbyopia is a key driver leading to increased sales of eye drops worldwide. Myopia has become an optical pandemic affecting over 30% of the global population. The sedentary lifestyle and extensive use of digital devices is contributing to rising rates of near-sightedness. Similarly, the elderly population above 45 years is more vulnerable to presbyopia where the eyes lose the ability to focus on nearby objects. The other driver favoring the market growth is increasing awareness about options to manage symptoms of myopia and presbyopia non-surgically using eye drops. This has boosted the demand for over-the-counter eye drops offering temporary relief from blurred or strained vision during work or while using digital devices.
SWOT Analysis
Strength: Myopia and presbyopia eye drops come with several advantages over prescription glasses or contact lenses. Eye drops provide temporary relief from blurred or reduced vision and are easy to use. A few drops in each eye can quickly improve near and far vision for a few hours. This convenience allows patients flexibility without heavy, bothersome lenses.
Weakness: Eye drops only provide temporary relief and vision correction. Patients must remember to apply drops multiple times a day, carrying the risks of missing doses. Frequent use can also become expensive over time compared to daily-wear lenses. Some patients report side effects like burning, stinging, and headaches after application.
Opportunity: The market remains under-penetrated as many patients are not aware of eye drop options or are hesitant to try them. Companies can invest in expanding awareness through education campaigns stressing the ease and flexibility of drops. New formulations promising longer-lasting effects would attract more customers by reducing application frequency.
Threats: Prescription alternatives like progressives and LASIK surgery take patients permanently out of the eye drop market. Low compliance from missed doses threatens consistent sales. Increased generic competition may drive down prices and margins for branded products. Regulatory hurdles slow market entry for new players.
Key Takeaways
The global Myopia And Presbyopia Eye Drops market size is expected to witness high growth over the forecast period of 2022-2028.
Regional analysis: North America dominates the Myopia And Presbyopia Eye Drops market currently, supported by advanced healthcare infrastructure and high adoption of new technologies. Japan, China and India are other major Asian markets displaying double digit growth. Local players are strengthening their presence through collaborations while MNCs are expanding manufacturing capacity in the region to tap potential.
Key players: Key players operating in the Myopia And Presbyopia Eye Drops market are Johnson & Johnson Vision, Alcon Inc., Bausch Health, Allergan, CooperVision. Johnson & Johnson Vision and Alcon collectively command over half the market. Newer entrants are focusing on combination drops and novel delivery systems to gain share. Consolidation remains active as large companies acquire niche brands for portfolio expansion.
Get more insights on this topic: https://www.newswirestats.com/myopia-and-presbyopia-eye-drops-market-size-and-outlook/ Myopia And Presbyopia Eye Drops, Myopia And Presbyopia Eye Drops Market, Myopia And Presbyopia Eye Drops Market size, Myopia And Presbyopia Eye Drops Market share, Coherent Market Insights
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian