Key Drivers and Opportunities in the Myopia and Presbyopia Treatment Market: Insights into Trends and Growth
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What Long-Term Growth Rate is Expected for the Myopia and Presbyopia Treatment Market Between 2025 and 2034?
The market for treating myopia and presbyopia has seen significant growth in the recent past. It is projected to escalate from $21.04 billion in 2024 to $22.7 billion in 2025, experiencing a compound annual growth rate (CAGR) of 7.9%. The expansion witnessed in the historical period is due to several factors including a rise in myopia and presbyopia cases, efforts towards awareness and education, changes in lifestyles and screen time, preference for non-surgical interventions among consumers, economic progression and healthcare outlay, advancements in clinical research, and the accessibility of eye care services.
The market size for myopia and presbyopia treatments is slated to experience robust growth in the coming years, increasing to a substantial $31.43 billion in 2029 with an 8.5% compound annual growth rate (CAGR). This growth during the forecast period is anticipated due to the introduction of gene therapies for ophthalmic abnormalities, emphasis on enhancing lifestyle through vision correction, increased utilization of orthokeratology, cultural considerations affecting eyecare rituals, and a shift towards preemptive eyecare. Leading trends expected in this period comprise of telemedicine for vision care, pharmacological interventions, personalized contact lenses, myopia restricting apparatus, technologically advanced intraocular lenses(IoLS), refractive surgeries aimed at presbyopia, along with lens implant techniques.
How Are Key Drivers in the Industry Acting as Catalysts for the Growth of the myopia and presbyopia treatment Market?
The anticipated surge in the elderly population is predicted to boost the myopia and presbyopia treatment market. The elderly population is defined as individuals aged 65 and over, who often experience various health issues due to declining immunity and age. Age also escalates the likelihood of myopia, presbyopia, and other eye-related diseases among this demographic. The procedure of myopia and presbyopia treatment involves examining the visual and microscopic aspects of the eyes to detect and manage diverse eye conditions prevalent in the elderly population. For example, a report released by the World Health Organization (WHO), a Switzerland-based international public health authority, in October 2022, projects that by 2030, one out of every six people globally will be 60 or above. By 2050, the global population aged 60 and over is projected to reach 2.1 billion. Furthermore, the population of individuals aged 80 and over is set to surge by 426 million between 2020 and 2050 compared to the existing population. Therefore, the escalating elderly population is fueling the growth of the myopia and presbyopia treatment market.
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What Are the Key Firms That Are Driving Transformation in the Myopia and Presbyopia Treatment Market?
Major companies operating in the myopia and presbyopia treatment market are:
• ALCON Inc._x000D_
• Bausch & Lomb Incorporated_x000D_
• Carl Zeiss AG_x000D_
• Essilor Ltd._x000D_
• Hagg Striet UK Ltd._x000D_
What Current Trends in the Myopia and Presbyopia Treatment Market Should Industry Players Pay Attention To?
The growing popularity of advanced technological solutions is a significant trend within the myopia and presbyopia treatment market. With the aim of maintaining their market position, the leading companies are focusing on improving their technologies. For example, Entod Pharmaceuticals, a manufacturer based in India, unveiled PresVu Eye Drops in September 2024. This product, first of its kind in India, has been developed specifically for presbyopia treatment which usually affects people aged 40 and above. Approved by the Drug Controller General of India (DCGI), PresVu Eye Drops are designed to minimize reliance on reading glasses while also lubricating the eyes. The product utilizes progressive dynamic buffer technology that ensures its sustained effectiveness and safe use over time.
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How Are the Key Segments of the Myopia and Presbyopia Treatment Market Impacting Its Expansion and Revenue Streams?
The myopia and presbyopia treatment market covered in this report is segmented –
1) By Disease Type: Myopia, Presbyopia
2) By Myopia Treatment Type: Corrective, Surgical, Drugs
3) By Presbyopia Treatment Type: Prescription Lenses, Contact Lenses, Intraocular Lenses, Refractive Surgery
Subsegments:
1) By Myopia: Eyeglasses And Contact Lenses, Refractive Surgery, Pharmacological Treatments, Orthokeratology
2) By Presbyopia: Multifocal Eyeglasses, Bifocal Contact Lenses, Presbyopia-Correcting Surgery, Pharmacological Treatments
What Regions Are Driving Expansion in the Myopia and Presbyopia Treatment Market?
North America was the largest region in the myopia and presbyopia treatment market share in 2024. 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.
How Is the Myopia and Presbyopia Treatment Market Categorized and Defined in the Industry?
Myopia and presbyopia treatment refers to the treatment or procedure to correct and sharpen the vision caused by myopia and presbyopia in adults and children. The key objective of myopia and presbyopia treatment is to diagnose underlying disorders, lower the risk of injury, prevent ocular symptoms, and detect the disease early.
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