PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1350277
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1350277
The global myopia and presbyopia market is estimated to be valued at US$ 24.4 billion in 2023 and is expected to exhibit a CAGR of 8.3% during the forecast period (2023-2030).
Report Coverage | Report Details | ||
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Base Year: | 2022 | Market Size in 2023: | US$ 24.4 Bn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023 to 2030 CAGR: | 8.30% | 2030 Value Projection: | US$ 42.7 Bn |
Presbyopia and myopia are terms used to describe eye dysfunction. Myopia makes it difficult to see objects in the distance, and presbyopia makes it difficult for the natural lens to shift its focus between near and far objects. Presbyopia affects people between the ages of 40 and 50. Surgery and medication are both options for treating myopia and presbyopia. Additionally, contact lenses or glasses can be used to treat these conditions. Myopia and presbyopia are becoming more common worldwide. The most frequent cause of vision impairment in people under the age of 40 is myopia (nearsightedness), whereas presbyopia is the typical age-related loss of near focusing ability. Squinting, eye strain, and headaches are signs of myopia and presbyopia. The conditions can be corrected or treated with eyeglasses, contact lenses, or refractive surgeries. Moreover, eye drops containing medication are also emerging treatments for myopia and presbyopia. Increasing geriatric population is one of the major factors driving the growth of the market, as presbyopia is an age-related visual impairment. Myopia (nearsighted) is the most common cause of impaired vision in people under the age of 40 while presbyopia is the normal loss of near focusing ability that occurs with age.
Increasing launches of new products,treatments, mergers, and acquisitions by key market players are expected to drive the global myopia and presbyopia treatment market growth. For instance, on October 12, 2020, Eyenovia, Inc., a clinical stage ophthalmic biopharmaceutical company developing a pipeline of Microdose Array Print (MAPTM) therapeutics, and Bausch Health Companies Inc., its global eye health business, announced that an affiliate of Bausch Health Companies Inc. has acquired an exclusive license in the U.S. and Canada for the development and commercialization of an investigational microscopic print. This experimental atropine formulation is administered using Eyenovia, Inc. patented Optejet dispenser technology.