Market Overview And Growth Highlights 2019-2028
The Asia-Pacific presbyopia treatment market accounted for a market value of USD 1760.0 million in 2019 and is anticipated to reach USD 3658.05 million by 2028, by growing at a CAGR of 8.51% during the forecast period i.e. 2020-2028. The Asia-Pacific presbyopia treatment market is anticipated to grow over the forecast period owing to the rising number of people suffering from presbyopia and the increasing geriatric population. There has been a rise in demand for efficient medical resources on the back of various innovations in the medical devices sector, especially with surgical devices and tools used. Additionally, favorably changing patient reimbursement policies by services covering the use of various products & solutions further improve these products' adoption rate across the region.
Key players of Asia-Pacific presbyopia treatment market are focusing towards advancements and innovation of presbyopia treatment. Advancements such as user-friendly design, software enhancements for better visualization and treatment procedures are being followed by number of manufacturers across the region. Rapidly increasing internet penetration across Asia-Pacific countries is easing the companies to reach out where they do not have presence of representatives. Through online distribution channel’s growth, the market is attributed to offer increased growth opportunities for existing as well as new market players. Large number of product innovations and launches by key players in this market, is expected to generate significant opportunities for the growth and business expansion accompanied with brand strengthening and promotion.
Market Segmentation Synopsis
By Age Group
The Asia-Pacific presbyopia treatment market is segmented by age group into less than 40, 40-60-year-old, above 60. Out of these, the 40-60-year-old segment accounted for the largest market share of 57.6% in the Asia-Pacific presbyopia treatment market in 2019. The population count for 40-60 years age group is comparatively the highest as compared to other age group individuals. As presbyopia usually occurs in the early to mid-40s and continues to worsen until around 60 years of age, the probability for the prevalence of the disease amongst this age group is also very high. Such a factor is anticipated to drive the growth of the segment in the APAC presbyopia treatment market. CLICK TO DOWNLOAD SAMPLE REPORT
By Treatment Type
The Asia-Pacific presbyopia treatment market is anticipated to grow exponentially over the forecast period on account of the rising number of people suffering from presbyopia and the increasing geriatric population. Presently, the treatment options available in the market for presbyopia treatment include corrective eyeglasses, contact lenses, refractive surgery, lens implants, and pharmacological treatment. Among them, corrective eyeglasses accounted for the largest market share in 2019. Corrective eyeglasses are considered as the most simple and safe way to treat presbyopia. The most prescribed corrective lenses include bifocal eyeglasses or progressive lens eyeglasses. A bifocal lens is usually split into two parts. The larger part is used to correct distant vision, whereas the smaller lens is used to correct near vision. The other alternative to corrective eyeglasses is contact lenses. There are currently various types of contact lenses available in the market, including bifocal lenses, monovision lenses, and modified monovision. People prefer contact lenses over eyeglasses as they move with the eye and provide a more natural field of view. Additionally, the contact lenses have no frame unlike the eyeglasses to block the vision.
Market Drivers & Challenges
Growing Prevalence of Presbyopia across the Asia-Pacific Region
Presbyopia is one of the most common vision disorders that require professional ophthalmic diagnosis and treatment. These disorders have been found to be prevalent in people across all genders and ages. Since the occurrence rate of presbyopia is increasing across the Asia-Pacific region owing to unhealthy lifestyle and other causes such as environmental changes, the Asia-Pacific presbyopia treatment market is anticipated to record a significant growth over the forecast period.
Increasing Geriatric Population to Drive the Market Growth
According to the statistics by the World Bank, population ages 65 and above in the East Asia & Pacific increased from 10.3% of total population in the year 2017 to 11.179% of total population in the year 2019.
The occurrence rate of vision related disorders has been recorded very high among older population or people with age of more than or equal to 40. Increasing number of elderly people living with presbyopia is a major factor that is expected to drive the growth of this market across all the countries of Asia-Pacific region. Further, rising occurrence of diabetic retinopathy and other eye related disorders amongst geriatric population is fueling the requirement for ophthalmic diagnostic and testing, which in turn is anticipated to boost the growth of Asia-Pacific presbyopia treatment market in the upcoming years.
Rising Healthcare Cost And Lack Of Sufficient Healthcare Personnel
Presbyopia treatment equipment manufacturing companies usually fail to meet the increasing demand for ophthalmology clinical treatment. To meet the rising demand for ophthalmology clinical treatment, there is an increase in the imports of the equipment required for the treatment, which is further adding up to the cost of presbyopia treatment. Moreover, lack of sufficiently trained healthcare personnel owing to the absence of standardized training procedures in the developing countries such as Indonesia, South Africa and others is projected to hamper the growth of Asia-Pacific presbyopia treatment market in the upcoming years.
Economic Conditions To Affect The Asia Pacific Presbyopia Treatment Market
It has been observed that patients tend to avoid surgeries or are not referring physicians for their regular eye exams owing to the fear of out-of-pocket expenditure. This factor is limiting the number of patients visiting the surgery center, especially in developing countries where the access to affordable healthcare is one of the major detrimental factor in any product adoption.
Impact Of COVID-19 on Asia-Pacific Presbyopia Treatment Market
The coronavirus pandemic is causing changes in the healthcare industry in each of the countries of the Asia-Pacific region. Yet those hailing from advanced health firms are more hopeful than others within the business that these progressions will eventually profit their drawn-out business. Furthermore, the huge influx of patients influenced by the pandemic has led to the shortage of presbyopia diagnosis and treatment. Also, with the growing infection rates, various countries have sealed their borders which has further led to the disruption of the supply chain of presbyopia treatment products. Hence, the import and export of contact lenses and surgical equipment have also stopped. This has created obstacles for the healthcare providers to provide effective diagnostic solutions and treatment to the rapidly increasing number of presbyopia patients.
Some of the affluent leaders in the Asia-Pacific presbyopia treatment market are NIDEK CO., LTD, Johnson & Johnson Vision Care, Inc., Alcon Vision LLC, Carl Zeiss AG, Bausch & Lomb Incorporated, Essilor International, Ziemer Ophthalmic Systems AG, Topcon Corporation, Novartis AG and others.
FREQUENTLY ASKED QUESTIONS
Growing prevalence of presbyopia across the Asia-Pacific region and increasing geriatric population are some of the major factors driving the market growth.
The market is anticipated to attain a CAGR of 8.51% over the forecast period, i.e. 2020-2028.
The major players in the market are NIDEK CO., LTD, Johnson & Johnson Vision Care, Inc., Alcon Vision LLC, Carl Zeiss AG, Bausch & Lomb Incorporated, Essilor International, Ziemer Ophthalmic Systems AG, Topcon Corporation, Novartis AG and others.
The company profiles are selected based on the revenues generated from segments, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The Asia-Pacific presbyopia treatment market is majorly segmented by age group and treatment type.
Presbyopia mostly occurs from the age range of 40 to 60 years owing to ageing of the muscles of human eye. This factor is estimated to be the significant growth indicator for age group segment’s growth.
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