Myopia and Presbyopia Treatment Global Market Report 2024

The global myopia and presbyopia treatment market has grown strongly in recent years. It will grow from $19.3 billion in 2023 to $20.9 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. In the historical period, the expansion in treating myopia and presbyopia was driven by several factors. These include the rising prevalence of both conditions, heightened awareness through educational initiatives, lifestyle changes leading to increased screen time, a preference for non-surgical treatments among consumers, economic growth fueling healthcare spending, extensive clinical research and development efforts, and improved accessibility to eye care services.

The global myopia and presbyopia treatment market is expected to see strong growth in the next few years. It will grow to $28.59 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. In the upcoming forecast period, the growth of treatments for myopia and presbyopia is expected due to various reasons. This includes the emergence of gene therapies designed specifically for eye disorders, a heightened focus on vision correction for lifestyle enhancement purposes, increased adoption of orthokeratology, cultural influences affecting eye care practices, and a noticeable shift towards preventive eye care measures. Major trends projected for this period involve the integration of telemedicine into vision care services, the development of pharmaceutical interventions, the customization of contact lenses to suit individual needs, the rise of myopia control devices, advancements in intraocular lenses (IOLs), the use of refractive surgery for presbyopia, and innovations in lens implant technologies.

The projected rise in the geriatric population, specifically individuals aged 65 and above, is anticipated to propel the growth of the myopia and presbyopia treatment market. This demographic segment, due to age-related vulnerabilities and lowered immunity, experiences heightened risks of eye-related ailments, including myopia and presbyopia. Treatments targeting these conditions often involve thorough examination of the visual and microscopic elements of the eye, aiding in the identification and management of various eye-related illnesses prevalent among the elderly. According to the World Health Organization's October 2022 report, by 2030, one in six individuals globally will be 60 or older, and by 2050, the worldwide population aged 60 or above is estimated to reach 2.1 billion, indicating a substantial surge in demand for treatments addressing age-related vision issues.

The escalating incidence of vision impairment is poised to drive growth in the myopia and presbyopia treatment market. Vision impairment, characterized by reduced visual interpretative abilities, poses challenges in perceiving and comprehending the surrounding environment. This trend is anticipated to spur the development of treatments, encouraging heightened awareness, innovation, and investments in the field. Notably, a report from the Centers for Disease Control and Prevention in August 2023 highlights a projected increase in vision impairment cases to 8.96 million by 2050 in the United States. Factors contributing to this rise include the prevalence of chronic diseases like diabetes and an aging population. Moreover, approximately 6.8% of children under 18 in the U.S. have been diagnosed with eye and vision issues, emphasizing the need for effective solutions catering to various age groups experiencing visual challenges.

A prominent trend in the myopia and presbyopia treatment market revolves around technologically advanced solutions. Major industry players prioritize the development of cutting-edge solutions to fortify their market position. For instance, in January 2021, Alcon introduced AcrySof IQ Vivity IOL, leveraging Vivity X-WAVE technology. This non-diffractive extended depth of focus intraocular lens stands out for providing quality distance, intermediate, and near vision, catering to cataract patients seeking enhanced visual function and improved quality of life. The strategic focus on technological advancements underscores the commitment of market players to meet evolving consumer demands and elevate treatment efficacy.

Companies in the myopia and presbyopia treatment sector are innovating products, such as myopia-combating sun spectacle lenses, to broaden their customer base and drive revenue growth. Notably, in May 2023, HOYA launched MiYOSMART sun spectacle lenses, designed to mitigate myopia progression in children. These lenses, incorporating DIMS Technology, offer specialized options like MiYOSMART Chameleon and MiYOSMART Sunbird, aiming to slow myopia progression while providing sunlight protection. This technology, developed in collaboration with the Hong Kong Polytechnic University, introduces defocus elements to regulate myopia progression during outdoor activities. The market's emphasis on innovation aligns with emerging evidence supporting outdoor time as a preventive measure against myopia, emphasizing the significance of encouraging outdoor engagements for myopic children.

In April 2021, CooperVision, a prominent contact lens manufacturer, completed the acquisition of No7 Contact Lenses, a UK-based company specializing in myopia and presbyopia treatment lenses. This strategic move enables CooperVision to expand its product reach through No7's established distribution channels, enhancing accessibility to their offerings. The acquisition aligns with CooperVision's objective of strengthening its market presence and catering more directly to the needs of individuals seeking myopia and presbyopia treatment solutions.

Major companies operating in the myopia and presbyopia treatment market report are ALCON Inc., Bausch & Lomb Incorporated, Carl Zeiss AG, Essilor Ltd., Hagg Striet UK Ltd., Johnson & Johnson Vision Inc., Nidek Corporation, Topcon Corporation, Zimmer Ophthalmic Systems AG, AbbVie Inc., Orasis Pharmaceuticals Ltd., Regeneron Pharmaceuticals Inc., Sydnexis Inc., The Cooper Companies Inc., Staar Surgical Co., Eyenovia Inc., Allergan PLC, Hoya Corporation, Novartis AG, Menicon Co. Ltd., CooperVision Inc., Visioneering Technologies Inc., AcuFocus Inc., Ocular Therapeutix Inc., SightGlass Vision Inc., Presbia PLC, Ophthotech Corporation, OphthaliX Inc., LensGen Inc., Lightico Ltd., RxSight Inc., Perfect Lens LLC

North America was the largest region in the myopia and presbyopia treatment market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the myopia and presbyopia treatment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the myopia and presbyopia treatment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main focus of myopia and presbyopia treatment is on two specific eye conditions such as myopia and presbyopia. Myopia involves visual images focusing in front of the retina, resulting in reduced clarity when viewing distant objects. Treatments for myopia cater to both adults and children, encompassing corrective measures, surgical interventions, and pharmaceutical approaches. On the other hand, presbyopia treatment methods comprise prescription lenses, contact lenses, intraocular lenses, and refractive surgeries, specifically targeting presbyopia-related visual impairments.

This report provides myopia and presbyopia treatment market statistics, including myopia and presbyopia treatment industry global market size, regional shares, competitors with a myopia and presbyopia treatment market share, detailed myopia and presbyopia treatment market segments, market trends and opportunities, and any further data you may need to thrive in the myopia and presbyopia treatment industry. This myopia and presbyopia treatment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The myopia and presbyopia treatment market includes revenues earned by entities by performing refractive surgery, lens implants, bifocal surgery services and providing eye sight management treatment. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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