Myopia And Presbyopia Treatment Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Visual Impairments Across The World
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| Myopia And Presbyopia Treatment market |
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 8.3% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
Myopia and presbyopia treatment products include contact lenses,
spectacles, and intraocular lenses. Contact lenses are flexible lenses that
bond directly on the surface of the eye for vision correction. Spectacles are
worn on the face using frames that hold optical lenses in front of the eyes.
Intraocular lenses are implanted inside the eyes during cataract surgery to
replaceclouded natural lenses.
Market Dynamics:
The increasing prevalence of visual impairments such as myopia and
presbyopia across the world is expected to drive the market growth. As per data
by World Health Organization, over 2.2 billion people across the world suffer
from myopia. Furthermore, presbyopia affects nearly 1.8 billion people
worldwide.
The rising aging population is another key driver fueling the demand for myopia
and presbyopia treatment products.Risk of myopia and presbyopia increases
withage.As per United Nations report, number of people aged 60 years and
aboveis expected to reach 2.1 billion globally by 2050 from 962 million in
2017.
SWOT Analysis
Strength: Myopia And Presbyopia
Treatment market has strong R&D capabilities leading to continuous
innovation and product development. Availability of non-invasive and advanced
treatment options like contact lenses, eyeglasses and refractive surgery are
gaining popularity. Increasing awareness among consumers regarding early
diagnosis and treatment is driving the market growth.
Weakness: High cost associated with
refractive surgeries and LASIK procedures limit their acceptance in low and
middle-income countries. Lack of medical reimbursement for routine eye checkups
and treatment in many countries hinders the market growth.
Opportunity: Rising geriatric
population suffering from presbyopia worldwide presents significant growth
opportunity. Growing myopia prevalence in Asian countries creates demand for
corrective options. Development of affordable treatment solutions can help
expand market reach in untapped regions.
Threats: Risk of post-operation
complications associated with refractive surgeries such as infections raises
safety concerns. Shift towards non-invasive alternatives like contact lenses
poses threat to invasive procedures. Stringent regulatory approval processes
for new treatments and devices delay their commercialization.
Key Takeaways
The Global Myopia
And Presbyopia Treatment Market Share is expected to witness high
growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing
prevalence of myopia and presbyopia worldwide. Asia Pacific dominated the
market accounting for around 50% share globally. Rising urbanization and
extensive use of digital devices for prolonged duration have raised the risk of
refractive errors like myopia in the region.
Regional analysis: North America is the second largest market for myopia and
presbyopia treatment currently. Availability of advanced healthcare
infrastructure and high adoption of surgical and non-surgical corrective
options drive the regional market. Europe is also among the profitable markets
globally with major countries like UK, Germany, France and Italy being key
revenue generators.
Key players operating in the Myopia And Presbyopia Treatment market are ALCON
Inc., Bausch Health Companies Inc., EssilorLuxottica (Essilor Ltd.), Johnson
& Johnson Vision, NIDEK CO. LTD., Topcon Corporation, Zeimer Ophthalmic
Systems AG, and ZEISS International. These companies have strong geographical
presence and offer diversified product portfolio for vision correction. They
are focused on new product launches and acquisitions to expand their global
footprint.
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