Myopia And Presbyopia Eye Drops Market Driven By Large Patient Population And Increasing Adoption Of Prescription Eye Drops

myopia and presbyopia eye drops market 

The myopia and presbyopia eye drops market is estimated to be valued at US$ 52.7 million in 2023 and is expected to exhibit a CAGR of 74.3% over the forecast period of 2021-2028, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
Myopia and presbyopia are the most common vision disorders worldwide. Myopia refers to nearsightedness, where the eyes have difficulty focusing on distant objects. Presbyopia causes the inability to focus on nearby objects and is associated with aging. The major causes of increased prevalence are extensive use of digital devices and lack of outdoor activities. Several pharmaceutical companies are developing eye drop formulations of existing pharmaceuticals to provide prescription alternatives to eyeglasses and contacts.

Market Dynamics:
The myopia and presbyopia eye drops market is driven by the large patient population suffering from these conditions globally. An estimated 2.6 billion people are affected by myopia worldwide, with the numbers projected to increase to 4.8 billion by 2050. Also, approximately 1.8 billion people are impacted by presbyopia and this figure is expected to double by 2050. The increasing adoption of soft contact lenses and eyeglasses has boosted research into non-invasive eye drop options by pharmaceutical companies. Drug makers are developing various muscarinic receptor antagonists, collagen synthesis promoters, and dual targets drugs in eye drop forms to overcome the limitations of nearsightedness and presbyopia without corrective lenses or surgery. Furthermore, the pandemic has accelerated the adoption of digital devices for work and education, exacerbating near vision problems and increasing the demand for prescription eye drops.

SWOT Analysis
Strength: The myopia and presbyopia eye drops market is witnessing continuous advancements in drug formulations. Some key players are developing multifocal eye drops that can treat both myopia and presbyopia simultaneously. These drops are convenient to use and provide an attractive non-invasive treatment option.

Weakness: High costs associated with drug R&D and clinical trials can delay market entry of new drugs. Additionally, low awareness among consumers in developing nations restricts market growth.

Opportunity: Rising geriatric population suffering from presbyopia worldwide presents an opportunity. Growing myopia prevalence in Asian countries due to excessive Near Work is another growth driver.

Threats: Alternative treatment options like LASIK and contact lenses limit market potential. Additionally, stringent regulations for new drug approvals increase uncertainty.

Key Takeaways
The Global Myopia And Presbyopia Eye Drops Market is expected to witness high growth, exhibiting CAGR of 74.3% over the forecast period, due to increasing prevalence of myopia and presbyopia worldwide.

The Asia Pacific region is projected to be the fastest growing as well as dominating regional market owing to the high incidence of myopia in countries like China, Japan and South Korea due to excessive Near Work habits.

Key players operating in the myopia and presbyopia eye drops market are Orasis Pharmaceuticals, AbbVie Inc. (Allergan), Novartis AG, OSRX Pharmaceuticals, LENZ Therapeutics, Visus Therapeutics, Ocuphire Pharma Inc., Eyenovia, Inc., Vyluma Inc., and Jawa Pharmaceuticals (India) Pvt. Ltd. These players are focused on developing innovative multifocal formulations to expand market share.

Read More - https://www.dailyprbulletin.com/expanding-demand-for-non-invasive-alternatives-to-address-vision-impairment-drives-robust-growth-of-myopia-and-presbyopia-eye-drops-market-share/

 

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