The Growing Myopia And Presbyopia Eye Drops Market Is Driven By Rising Eye Disorders Prevalence
Myopia and presbyopia eye drops help individuals with near- or farsighted vision deficiencies see more clearly by temporarily relaxing the eye's focusing muscles. These drops contain ingredients like pilocarpine that constrict the pupil and the ciliary muscle, allowing the lens to change shape and focus on objects closer or further away. The eye drops market has been growing in demand due to the rising prevalence of eye conditions like myopia (nearsightedness) and presbyopia (farsightedness) caused by prolonged computer and smartphone use especially among younger populations.
The Global Myopia And Presbyopia Eye Drops Market is estimated to be valued at US$ 184.45 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the myopia and presbyopia eye drops are Johnson Controls, ATLASBX Co. Ltd., Exide Technologies, East Penn Manufacturing Co, Crown Battery Manufacturing Company, C&D Technologies INC., GS Yuasa Company, Leoch International Technology Ltd, Chaowei Power Holdings Limited, and Camel Group Co. Ltd., Hoppecke Batterien GmbH & Co. KG. These companies are focusing on expanding their product portfolio and global footprint to capitalize on the market potential.
There is a growing demand for Global Myopia And Presbyopia Eye Drops Market Size owing to the rising prevalence of eye disorders worldwide. Increased screen time among young adults and children has significantly contributed to the rising cases of myopia and presbyopia. According to a study, the prevalence of myopia is expected to increase to 5 billion people worldwide by 2050.
Myopia and presbyopia eye drops manufacturers are expanding their reach globally, especially in emerging Asian and Latin American markets. Favorable government initiatives to raise awareness about eye care and eye disorder treatment availability is supporting the market growth. The increasing disposable incomes in developing nations have also improved affordability and access to eye care products.
Market drivers
One of the key drivers of the myopia and presbyopia eye drops market is the rising geriatric population globally who are more prone to develop presbyopia due to age-related hardening of the eye's lens. As per estimates, over 1.5 billion people worldwide are expected to be aged 65 years and above by 2050. Growing awareness regarding the availability of corrective options like eye drops for temporary relief is another factor fueling the market demand. Significant R&D investments by manufacturers in formulations with fewer preservatives and better efficacy are helping increase customer acceptance for eye drops.
The current geopolitical situation is impacting the growth of the Myopia And Presbyopia Eye Drops Market in several ways. Political tensions and economic uncertainties in major markets like North America, Europe and Asia Pacific are causing consumers to cut down on discretionary spending. This is negatively impacting the sales of eye drops which are considered non-essential products by many. Additionally, restrictions on international trade and supply chain disruptions due to geo-political issues are hampering the smooth availability of raw materials and finished products. This is hindering the ability of manufacturers to meet the demand. The companies operating in this market need to diversify their supplier networks and look for alternate sourcing options to reduce dependence on key markets that are facing political turbulence. They also need to focus on establishing local manufacturing facilities in fast growing regions to cater to the demand as well as gain from trade incentives offered by regional trade blocks.
In terms of value, North America accounts for the largest share in the Myopia And Presbyopia Eye Drops Market currently. The developed markets in the US and Canada have high consumer awareness about eye care and disposable incomes enabling greater spend on vision correction products. However, Asia Pacific is projected to be the fastest growing region during the forecast period owing to a growing older population suffering from presbyopia in nations like China, India and Japan. Additionally, improving standards of living and increasing healthcare spends will support the rise of this market in developing Asian countries. The large untapped growth potential and relaxed regulatory environment make Asia an attractive investment destination for industry players.
The Westen region, which includes countries in Western Europe and North America, presently holds the largest share of the Myopia And Presbyopia Eye Drops Market in terms of value. Factors like high awareness among consumers about eye health, rising prevalence of vision disorders due to aging populations and increasing healthcare spends in developed countries give this region an advantageous position currently. However, growth is expected to be higher in the Eastern region which includes East Asian markets like China and South Asian countries, during the forecast period. Rising incomes, growing focus on preventive healthcare and increasing consumer bases with vision issues indicate that the Eastern region will emerge as the largest market for myopia and presbyopia eye drops by 2030. Companies should focus on expanding to high potential developing nations in Asia which offer the twin benefits of rapidly increasing demand and lower costs of manufacturing.
Get More Insights On This Topic: Myopia And Presbyopia Eye Drops Market
English
Arabic
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian