Myopia and Presbyopia Treatment Market to Grow by USD 9.76 Billion from 2024-2028, as Rising Prevalence Drives Demand with AI Redefining Market Landscape - Technavio

NEW YORK, Nov. 7, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The global myopia and presbyopia treatment market size is estimated to grow by USD 9.76 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 9.05% during the forecast period. Increasing prevalence of myopia and presbyopia is driving market growth, with a trend towards recent developments in myopia and presbyopia treatment. However, high cost of myopia and presbyopia treatment poses a challenge. Key market players include AbbVie Inc., Alcon Inc., Arctic Vision, Bausch Health Companies Inc., BVI Holdings Ltd., Carl Zeiss AG, ENTOD INTERNATIONAL, EssilorLuxottica, Evotec SE, F. Hoffmann La Roche Ltd., Johnson and Johnson Services Inc., Metall Zug AG, NIDEK Co. Ltd., Ophtec BV, Orasis Pharmaceuticals Inc., Regeneron Pharmaceuticals Inc., Sanjeevan School For Perfect Eyesight, Sydnexis Inc., The Cooper Companies Inc., Topcon Corp., Vision Care Group, Visus Therapeutics Inc., and Ziemer Ophthalmic Systems AG.

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Market Driver

The global myopia and presbyopia treatment market is witnessing significant growth due to the introduction of innovative products by key vendors. In June 2022, Johnson & Johnson launched ACUVUE OASYS MAX 1-Day and ACUVUE OASYS MAX 1-Day MULTIFOCAL contact lenses, offering all-day comfort and visual clarity. Johnson & Johnson also introduced TECNIS Synergy Toric II, a Continuous-Range-of-Vision Intraocular Lens with exceptional rotational stability, and CATALYS System cOS 6.0 software for astigmatism management. In October 2021, NIDEK Co. Ltd. Launched Retina Scan Duo 2, a combined OCT and fundus camera system with improved screening and clinical efficiency. Essilor introduced Stellest, a new generation of spectacle lenses that slow the progression of myopia in children, receiving the Breakthrough Device designation by the US FDA in May 2021. These product launches are expected to increase market adoption and maintain competitiveness. 

The Myopia and Presbyopia Treatment Market is experiencing significant growth due to the increasing prevalence of vision loss from nearsightedness and age-related presbyopia. Elderly people and ageing adults are particularly affected, leading in demand for solutions like corneal inlays, implantable contact lenses, and ocular lenses. Surgical procedures such as LASIK, conductive keratoplasty, and LASEK are popular options for myopia, while single prescription lenses, bifocal lenses, multifocal lenses, monovision lenses, and modified monovision lenses cater to presbyopia. Glaucoma, cataracts, retinopathy, and digital screen exposure are common eye problems driving market expansion. Telemedicine and ophthalmic surgeries offer convenient access to prescription lenses, contact lenses, conductive keratoplasty, and progressive multifocals. Medical tourism, diabetes, blindness, and eye treatment are other key areas of focus. Innovations like stem cell therapy, gene therapy, implanting sensors, phacoemulsification systems, intraocular lenses, femtosecond laser, and contact lens technology continue to shape the market landscape. Eye care remains a priority as vision impairment and eye pressure remain major health concerns. 

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Market Challenges

• The myopia and presbyopia treatment market is faced with a significant challenge: the high cost of available treatment options. This issue poses financial barriers for patients, limiting their access to necessary vision correction solutions. For instance, glasses and contact lenses, commonly used to correct myopia and presbyopia, can be costly, especially when considering the need for frequent replacements. Specialized lenses, such as those for astigmatism, add to the expense. Refractive surgeries, like LASIK and PRK, offer long-term solutions but come with substantial costs, making them inaccessible for many. The need for pre- and post-operative care further increases expenses. These financial burdens not only affect individual patients but also healthcare providers, discouraging investment in advanced technologies and limiting the availability of treatment options. The high cost may also discourage individuals from seeking early intervention, leading to more complex and expensive treatments in the future. These factors are expected to hinder market growth during the forecast period.
• The Myopia and Presbyopia Treatment Market faces several challenges. Ageing adults and geriatric population deal with distance vision impairment and presbyopia, requiring solutions like bifocal and multifocal lenses, monovision lenses, and modified monovision lenses. Conductive keratoplasty surgery, LASEK, and phacoemulsification systems with intraocular lenses offer surgical options. Diabetes and eye pressure issues add complexity. Telemedicine and ophthalmic surgeries expand access in rural areas and high income regions. Vision correction options include progressive multifocals, contact lenses, and glasses. Ethnic minorities, women, older population, teenagers, young adults, adults, and senior citizens are key patient demographics. Technological advancements include implanting sensors, femtosecond laser, and stem cell therapy. Medical tourism and gene therapy are emerging trends. Vision improvement is crucial for all, regardless of income or location.

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Segment Overview

This myopia and presbyopia treatment market report extensively covers market segmentation by

1. Type 
• 1.1 Myopia treatment
• 1.2 Presbyopia treatment
2. Product 
• 2.1 Lenses and glass
• 2.2 Surgery
• 2.3 Drug
3. Geography 
• 3.1 Asia
• 3.2 North America
• 3.3 Europe
• 3.4 Rest of World (ROW)

1.1 Myopia treatment- Myopia, or nearsightedness, is a common refractive error that affects how light is focused on the retina, leading to blurred vision. The global myopia and presbyopia treatment market are witnessing significant growth due to the increasing prevalence of myopia worldwide. Corrective lenses, such as eyeglasses or contact lenses, are popular treatment options for myopia. For instance, concave lenses help redirect light onto the retina, improving vision. Refractive surgery, like LASIK, reshapes the cornea to correct refractive errors. Another non-surgical option is Orthokeratology, which involves wearing specially designed contact lenses overnight to gently reshape the cornea. Myopia control strategies, such as multifocal contact lenses, have emerged to slow down myopia progression in children, reducing the risk of complications. According to the National Institutes of Health, orthokeratology and soft bifocal contact lenses have slowed myopia progression by nearly 50% in children. These factors are driving the demand for myopia treatment and expected to fuel market growth during the forecast period.

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Research Analysis

Myopia and presbyopia are common vision impairments affecting millions of people worldwide. Myopia, also known as nearsightedness, causes difficulty in seeing objects at a distance, while presbyopia, a natural aging process, makes it hard to focus on nearby objects. Vision loss due to these conditions can significantly impact daily life, particularly for elderly people and ageing adults. Various treatments are available to correct myopia and presbyopia. Corneal inlays, implantable contact lenses, and ocular lenses are some advanced options for correcting myopia. Presbyopia can be managed with prescription lenses, contact lenses, conductive keratoplasty, progressive multifocals, and ophthalmic surgeries like LASIK and phacoemulsification. Telemedicine is also emerging as a convenient solution for eye care. Moreover, innovative treatments like stem cell therapy, gene therapy, implanting sensors, and Phacoemulsification systems are under investigation to provide long-term solutions for vision impairment caused by myopia and presbyopia. Eye treatment options continue to evolve, offering hope for those experiencing vision problems.

Market Research Overview

Myopia, or nearsightedness, and presbyopia, a condition that causes difficulty in focusing on nearby objects, are common vision problems affecting millions of people worldwide. Vision loss due to these conditions can lead to disability and decreased quality of life, particularly among elderly people. Various treatment options are available, including corneal inlays, implantable contact lenses, and ocular lenses. Surgical procedures such as LASIK, conductive keratoplasty surgery, LASEK, and phacoemulsification systems with intraocular lenses have gained popularity. Single prescription lenses, bifocal lenses, multifocal lenses, monovision lenses, and modified monovision lenses are also commonly used. Other factors contributing to vision impairment include glaucoma, cataracts, retinopathy, digital screen exposure, and ageing population. Telemedicine and ophthalmic surgeries offer convenient access to eye care for patients in rural areas and high-income regions. Ethnic minorities, women, older population, teenagers, young adults, adults, and senior citizens are all affected by these vision problems. Diabetes, blindness, eye problems, and eye treatment are significant concerns for patients. Stem cell therapy, gene therapy, implanting sensors, and other advanced technologies hold promise for future vision improvement. Vision correction options include glasses, contact lenses, and various surgical procedures. Ageing adults and senior citizens are particularly vulnerable to distance vision impairment and require regular eye examinations. Vision correction is essential to maintain good eye health and prevent vision loss.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Myopia Treatment
• Presbyopia Treatment
• Product
• Lenses And Glass
• Surgery
• Drug
• Geography
• Asia
• North America
• Europe
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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