Myopia and Presbyopia Treatment Global Market Types and Applications, Drivers, Ongoing Trends, Future Demand, Challenges, Top Companies And Forecast 2024-2033

"The Business Research Company recently released a comprehensive report on the Global Myopia and Presbyopia Treatment Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The myopia and presbyopia treatment market size has grown strongly in recent years. It will grow from $19.3 billion in 2023 to $20.9 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to increasing prevalence of myopia and presbyopia, awareness and education initiatives, shift in lifestyles and screen time, consumer preference for non-surgical treatments, economic growth and healthcare spending, clinical research and development, accessibility to eyecare services.

The myopia and presbyopia treatment market size is expected to see strong growth in the next few years. It will grow to $28.59 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to emergence of gene therapies for eye disorders, focus on vision correction for lifestyle enhancement, growing adoption of orthokeratology, cultural factors impacting eyecare practices, shift towards preventive eyecare. Major trends in the forecast period include telemedicine for vision care, pharmaceutical interventions, customized contact lenses, myopia control devices, advanced intraocular lenses (iols), refractive surgery for presbyopia, lens implant technologies.

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Market Drivers and Trends:

The rising incidence of vision impairment is expected to boost the growth of the myopia and presbyopia treatment market going forward. Vision impairment refers to a condition in which an individual's ability to see and interpret visual information is significantly reduced, leading to difficulties in perceiving and understanding the surrounding environment. The growing incidence of vision impairment can spur the myopia and presbyopia treatment development, leading to increased awareness, innovation, investments, improved access to treatments, and ultimately better outcomes for those seeking solutions for their vision issues. For instance, in August 2023, according to a report published by the Centers for Disease Control and Prevention, a US-based government agency, the projected increase in the number of individuals with vision impairment by 2050, reaching 8.96 million, is attributed to the growing prevalence of conditions such as diabetes and other chronic diseases, as well as the aging population in the United States. Additionally, approximately 6.8% of children under the age of 18 in the U.S. have been diagnosed with eye and vision issues, with nearly 3% of these children experiencing blindness or visual impairment, characterized by difficulties in seeing even with corrective eyewear. Therefore, the rising incidence of vision impairment is driving the growth of the myopia and presbyopia treatment market.

Technologically advanced solutions are a key trend gaining popularity in the myopia and presbyopia treatment market. Major companies operating in the market are focused on developing technologically advanced solutions to sustain their position in the myopia and presbyopia treatment market. For instance, in January 2021, Alcon, a US-based Ophthalmology company, launched AcrySof IQ Vivity IOL (Vivity), the first and only non-diffractive extended depth of focus intraocular lens (IOL) developed with Vivity X-WAVE technology. The unique features of the AcrySof IQ Vivity IOL provide monofocal-quality distance vision at a distance of at least a few arms, along with excellent intermediate vision and useful near vision. The lens can be used by cataract sufferers who want to enhance their quality of life and restore their visual function.

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Major Key Players of the Market:

ALCON Inc., Bausch & Lomb Incorporated, Carl Zeiss AG, Essilor Ltd., Hagg Striet UK Ltd., Johnson & Johnson Vision Inc., Nidek Corporation, Topcon Corporation, Zimmer Ophthalmic Systems AG, AbbVie Inc., Orasis Pharmaceuticals Ltd., Regeneron Pharmaceuticals Inc., Sydnexis Inc., The Cooper Companies Inc., Staar Surgical Co., Eyenovia Inc., Allergan plc, Hoya Corporation, Novartis AG, Menicon Co. Ltd., CooperVision Inc., Visioneering Technologies Inc., AcuFocus Inc., Ocular Therapeutix Inc., SightGlass Vision Inc., Presbia plc, Ophthotech Corporation, OphthaliX Inc., LensGen Inc., Lightico Ltd., RxSight Inc., Perfect Lens LLC

Myopia and Presbyopia Treatment Market 2024 Key Insights:

• The myopia and presbyopia treatment market size is expected to see strong growth in the next few years. It will grow to $28.59 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Rising Geriatric Population Fuels Growth Of Myopia And Presbyopia Treatment Market
• Technological Advancements Transforming The Landscape Of Myopia And Presbyopia Treatment
• North America was the largest region in the myopia and presbyopia treatment market share in 2023

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