Myopia or nearsightedness is a frequently observed eye disorder, in which a person can see objects farther away blurred, however not affecting the nearby object vision. This occurs due to the change in the eye lens shape, which leads to bending (refract) of light rays incorrectly, which causes image focusing in front of the retina instead of on the retina. Moreover, presbyopia is a condition that involves gradual loss of the eyes’ ability to focus nearby objects. It is a naturally observed as a part of aging. Presbyopia usually is diagnosed in mid-40s and the condition worsens with the progression of age.
The global myopia & presbyopia eye drops market is estimated to be valued at US$ 52.7 million in 2021 and is expected to exhibit a CAGR of 74.3% during the forecast period (2021-2028).
Figure 1.Global Myopia & Presbyopia Eye Drops Market Share (%) in Terms of Value, By Indication, 2021
Increasing prevalence of myopia & presbyopia is expected to drive the market growth during the forecast period.
The increasing prevalence of myopia is expected to drive growth of the global myopia & presbyopia eye drops market. For instance, in February 2016, according to a report published in Call for Papers Ophthalmology Science, data was extracted from 145 studies covering 2.1 million participants. It was observed 1,406 million people suffered with myopia (around 22.9% of the world population); and 163 million people with high myopia (around 2.7% of the world population) in 2000. In addition, according to the same source there will be 4,758 million people suffering from myopia (around 49.8% of the world population) and 938 million people with high myopia (9.8% of the world population) by 2050.
|Base Year:||2020||Market Size in 2021:||US$ 52.7 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||74.3%||2028 Value Projection:||US$ 4,494.6 Mn|
Orasis Pharmaceuticals, AbbVie Inc. (Allergan), Novartis AG, OSRX Pharmaceuticals, LENZ Therapeutics, Visus Therapeutics, Ocuphire Pharma Inc., Eyenovia, Inc., Vyluma Inc., and Jawa Pharmaceuticals (India) Pvt. Ltd.
|Restraints & Challenges:||
Figure 2.Global Myopia & Presbyopia Eye Drops Market Share (%), By End User, 2021
Increasing research and development activities for the treatment of myopia & presbyopia, is expected to drive the market growth during the forecast period.
The increasing number of research and development activities by market key players is expected to drive growth of the global myopia & presbyopia eye drops market. For instance, in October 2020, AbbVie, announced the phase III trials for GEMINI 2 and 1 for evaluating the safety, efficacy, and tolerance of their investigational drug candidate AGN-190584 (pilocarpine 1.25%). It is an ophthalmic solution, which is used for treating the condition presbyopia. Moreover, the details of the studies will be presented at medical meetings and will facilitate the new drug application (NDA) submission to U.S. Food and Drug Administration (FDA) in the first half of 2021.
Global Myopia & Presbyopia Eye Drops Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdown in various countries across the globe have impacted the financial status of businesses across all sectors. The healthcare sector is amongst the sector, which has been highly impacted by the COVID-19 pandemic. In addition, the coronavirus pandemic has negatively impacted the supply of raw materials required for the production of health supplements including eye drops for the treatment of myopia and presbyopia, across the globe.
Moreover, to curb the spread of COVID-19, the Centers for Disease Control and Prevention (CDC) had advised patients to not visit hospitals or eye clinics except for emergencies. Therefore, during the COVID-19 pandemic, the demand for ophthalmic products increased, in order to slow down the progression of eye disorders. Therefore, during the COVID-19 pandemic, there was very high demand for eye drops but as the supply chain was disrupted, there was shortage in the availability of eye drops, which hampered the growth of the market.
Global Myopia & Presbyopia Eye Drops Market: Restraint
The major factor that is expected to hinder growth of the global myopia & presbyopia eye drops market include presence of other available treatments for myopia. The other solutions for treatment of myopia include modified spectacle prescription, orthokeratology (ortho-k), and bifocal/ multifocal soft contact lenses.
Major players operating in the global myopia & presbyopia eye drops market include Orasis Pharmaceuticals, AbbVie Inc. (Allergan), Novartis AG, OSRX Pharmaceuticals, LENZ Therapeutics, Visus Therapeutics, Ocuphire Pharma Inc., Eyenovia, Inc., Vyluma Inc., and Jawa Pharmaceuticals (India) Pvt. Ltd.
Presbyopia is an eye disorder, in which one’s eyes gradually lose the ability to see things clearly up close distances. It is a normal part of aging. In addition, myopia is a common eye disorder that cause vision loss, and uncorrected myopia is amongst the leading cause of distance vision impairment worldwide. Several individual studies have shown variations in the prevalence of high myopia and myopia in regions and ethnic groups, and there continues to be uncertainty regarding increasing prevalence of myopia. Moreover, market players are focused on inorganic strategies such as partnerships, in order to increase awareness about childhood myopia which in turn is expected to boost the market growth over the forecast period. For instance, in October 2020, Myopia Profile Pty Ltd and Essilor International entered into a partnership agreement for empowering eye care practitioners with skills, clinical knowledge, and practice in managing childhood myopia. The partnership will also boost public awareness of the consequences of myopia, also called near sightedness, and in addition, this will also encourage parents to have their children’s vision tested.
Researchers are focusing on research and development activities for the development of new treatment for myopia and presbyopia, by using new technologies, which is expected to drive growth of the global myopia & presbyopia eye drops market over the forecast period. For instance, in January 2019, Bar-Ilan University’s Institute of Nanotechnology and Advanced Materials (BINA), Israel, developed eye drops called as ‘nanodrops’ for correcting the refractive-related vision problems such as myopia and presbyopia. The eye drops are made up of a synthetic nanoparticle solution and have been tested on pig’s cornea. The researchers reported that the drops treated two kinds of refractive errors: myopia and presbyopia in pigs.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.