Driver Due to the higher occurrence rate of myopia and presbyopia is expected to drive growth of the global myopia and presbyopia treatment market during the forecast period. According to World Health Organization (WHO) estimates from 2015, global prevalence of myopia and high myopia affected 27 percent (1,893 million) and 2.8 percent (170 million) of […]
Myopia and Presbyopia Treatment Market to Touch US$ 20.6 Billion by 2025 at a...
Driver
Due to the higher occurrence rate of myopia and presbyopia is expected to drive growth of the global myopia and presbyopia treatment market during the forecast period. According to World Health Organization (WHO) estimates from 2015, global prevalence of myopia and high myopia affected 27 percent (1,893 million) and 2.8 percent (170 million) of the global population, respectively, in 2010. According to the Brien Holden Vision Institute, the global prevalence of myopia and high myopia would be 33 percent and 4.0 percent in 2020, respectively, and 52 percent (4,949 million) and 10.0 percent (925 million) in 2050.
Browse 32 Market Data Tables and 28 Figures spread through 152 Pages and in-depth TOC on “Global Myopia And Presbyopia Treatment Market, by Disease Type (Myopia and Presbyopia), by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), and by Treatment Type (Prescription Lenses, Contact Lenses, Surgery, Medication, and Others) – Global Forecast to 2027”
Manufacturers and eye care institutions are working together to create new prescription lenses and eyewear that can be used to treat a range of vision disorders and conditions, such as myopia and presbyopia. As a result, creating new products with the potential to obtain FDA approval in the United States offers a major incentive for industry players to bring those products to the market. CooperVision, a soft contact lens manufacturer, received FDA approval for its MiSight 1 day contact lens in November 2019. The lens was created to help people with myopia (to slow the progression of myopia). The MiSight 1 day contact lens will be available in the U.S. in March 2020, according to the company.
Furthermore, Bausch + Lomb Incorporated, a contact lens manufacturer and retailer, unveiled Lomb ULTRA contact lenses, which are new multifocal lenses for presbyopia, in November 2015. The Bausch + Lomb ULTRA contact lenses have MoistureSeal technology, polyvinylpyrrolidone (PVP) for improved wettability, and the highest Dk/t (163) and lowest modulus of any contact lens (70). As a result, the market is growing as a result of increased product production and launches.
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Current and future of global Myopia and Presbyopia Treatment Market outlook in the developed and emerging markets
The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period.
Regions/countries that are expected to witness the fastest growth rates during the forecast period.
The latest developments, market shares, and strategies that are employed by the major market players.
Impact of COVID-19 Pandemic
The coronavirus (COVID-19) epidemic has had an effect on the eyewear industry, as it is facing some possible challenges, such as people with myopia and presbyopia who are unable to leave their homes or attend eye clinics for a regular eye test. Patients are now deferring medical eye care until it is absolutely necessary which has reduced the demand for eye wear products.
Key takeaways of the Global Myopia and Presbyopia Treatment Market:
Due to rising approvals of contact and prescription lenses, the global myopia and presbyopia treatment market is projected to grow at a CAGR of 8.1% over the forecast period (2020–2027). Menicon Co., Ltd., for example, obtained PMA approval from the US Food and Drug Administration in November 2019 for its Menicon Z Night (tisilfocon A) Contact Lenses for Overnight Wear.
One of the most common treatments for myopia and presbyopia is LASIK surgery. As a result, the global myopia and presbyopia treatment market is expected to expand as the number of LASIK (laser-assisted in situ keratomileusis) surgeries increases. In 2019, over 690,000 LASIK procedures were performed globally, according to a study published by SeedScientific (data gathered from multiple sources).
Key companies contributing in the global myopia and presbyopia treatment market are Bausch Health Companies Inc., Topcon Corporation, ALCON Inc., NIDEK CO. LTD., Johnson & Johnson Vision, ZEISS International, Zeimer Ophthalmic Systems AG, and EssilorLuxottica (Essilor Ltd.).
Myopia and Presbyopia Treatment Market: Taxonomy
The global Myopia and Presbyopia Treatment Market is segmented based on drug type, disease type, distribution channel, and region.
By Drug Type
- Antipsychotic
- Antiepileptic
- Anticholinergic
- Analgesics
- Hypnotic & Sedative
- Anticoagulants
- Antihypertensive
By Disease Type
- Epilepsy
- Parkinson’s disease
- Alzheimer’s disease
- Cerebrovascular disease
- Multiple Sclerosis
- Others
By Distribution Channel
- Hospitals Pharmacies
- Retail Pharmacies
- Online pharmacies
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East
- Africa
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