Myopia and presbyopia are conditions of the eye which result in a difficulty in viewing objects clearly. Myopia is the condition in which people have a trouble seeing objects at a distance while presbyopia is the condition where people are unable to clearly see the objects kept close to their eyes. Both these conditions are caused when the light entering the eye does not properly focus on the retina, leading to near sightedness in case of myopia. Presbyopia generally occurs among old people and is caused as a result of weakened muscles in the eye. Myopia & presbyopia treatment products comprise of eyeglasses, contact lenses, intra ocular lenses & LASIK surgery devices that improve the impaired visibility caused by myopia & presbyopia.
The market for myopia and presbyopia treatment is anticipated to grow at a CAGR of 7.45% during the forecast period, i.e., 2021-2028. Further, the market accounted for a value of USD 17,836.74 million in 2019 and is predicted to reach a value of USD 34,058.64 million by the end of 2028.
Growth Highlights based on Region during 2018-2028
The market for myopia and presbyopia treatment is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
The market in North America held the leading share in global market in 2019 and is anticipated to continue this trend and hold the largest share of 36.12% in the market in 2028. This can be primarily attributed to the growing demand for advanced eye care products across the world.
Moreover, the increase in investments towards healthcare by government and private entities in order to maintain the highest quality of care offered at healthcare facilities is another major growth driving factor in the region. The market in the United States is anticipated to observe the highest growth in the region, attaining a market value of USD 5,522.15 million in 2019. The market is estimated to rise on the back of increasing adoption of advanced ophthalmic diagnostic products resulting in timely identification of myopia & presbyopia, which is resulting in the high demand for effective treatment solutions. CLICK TO DOWNLOAD SAMPLE REPORT
The market in Europe is anticipated to reach a significantly high market size of USD 9,716.29 million by 2028. It has been observed that with the rising availability of innovative treatment methods, particularly LASIK treatment, there has been a rise in demand for effective treatment products in the region. Myopia and presbyopia treatment market is primarily driven by the demand from Germany, UK, France and Italy. On account of these factors, the market in this region is expected to showcase a high growth over the forecast period.
Myopia and presbyopia treatment market in Asia Pacific is projected to grow at the highest rate during the forecast period with a CAGR of 8.87% between 2021 and 2028. The market in China is leading in this region as a result of rising availability of advanced healthcare in this region along with rising number of manufacturers investing in the country, along with others such as Japan and India to address the growing demand for advanced vision care products in this region.
The demand for myopia & presbyopia treatment products in the Latin America region is expected to develop gradually over the forecast period. Although various public as well as private initiatives such as free eye care camps are resulting in timely diagnostics of various ophthalmic disorders, the region is presently capturing a limited market share in the global market. The market is primarily led by the high demand in Brazil where the changing consumer behavior towards preventive health measures is anticipated to result in relatively higher adoption of various treatments of the eye.
Middle East & Africa
The Middle East & Africa region is generating a moderate demand for the myopia & presbyopia treatment products. The market in this region is witnessing limited players with narrow market penetration along with low awareness regarding the innovative healthcare practices as opposed to conventional mode of care, which is resulting in a relatively modest demand from this region. However, with gradually rising disposable income, encouraging government regulatory policies, and a potential interest of global manufacturers to have a direct market presence in this region, it is predicted that the market for myopia & presbyopia treatment in the region would grow over the forecast period.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Market Drivers and Challenges
Rising prevalence of myopia and presbyopia is the major factor resulting in the demand for products that are used to treat the conditions. These are highly common ophthalmic conditions which occur among people of all ages. Treatment includes a range of equipment for surgeries such as LASIK and the use of lenses which is expected to boost the demand for the overall market over the forecast period. The usage of lenses is the most commonly used method to manage the disorder, although LASIK surgeries are also gaining significant traction across the globe primarily as a result of rising awareness towards the benefits of long-term solutions. Lenses are available in the form of eyeglasses, contact lenses or intra-ocular lenses out of which eyeglasses are presently the most commonly used product on account of lower price point and less maintenance requirement. Moreover, the growing population above the age of 65 is another significant factor predicted to boost the market growth.
Rising healthcare costs which restrict a large section of the population from using these corrective treatment methods is estimated to be a major growth limiting factor for the market. Further, in developing countries, the access to affordable healthcare is limited which is predicted to be another barrier for the market growth over the forecast period.
Some of the affluent industry leaders in the global myopia and presbyopia treatment market are Topcon Corporation, Alcon, Bausch & Lomb Incorporated, Nidek Co., Ltd., Carl Zeiss AG and Johnson & Johnson Vision.
Rising prevalence of myopia and presbyopia and growing population, especially population above the age of 65 years, are major growth driving factors for the market.
The market is anticipated to attain a CAGR of 7.45% over the forecast period, i.e. 2021-2028.
North America is anticipated to hold the dominating share in the market.
Asia Pacific is predicted to provide more business opportunities for market growth on account of growing advancements and demand for innovative products in the region.
The major players in the market are Topcon Corporation, Alcon, Bausch & Lomb Incorporated, Nidek Co., Ltd., Carl Zeiss AG and Johnson & Johnson Vision.
Company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
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