Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Myopia (nearsighted) is the most common cause of impaired vision in people under age 40 while presbyopia is the normal loss of near focusing ability that occurs with age. The symptoms of myopia and presbyopia include squinting, eye strain, and headaches. The conditions can be corrected or treated with eyeglasses, contact lenses or refractive surgery. Moreover, eye drops containing medication are also emerging treatment for myopia and presbyopia. Increasing geriatric population is one of the major factors driving growth of the market, as presbyopia is an age-related visual impairment.
The global myopia and presbyopia treatment market is estimated to be valued at US$ 17.9 Billion in 2020 and is expected to exhibit a CAGR of 8.1% over the forecast period (2020-2027).
Figure 1. Global Myopia and Presbyopia Treatment Market Value (US$ Bn) & Y-o-Y Growth Analysis, (2016-2027)
Continuous product developments by leading players and research institutes is expected to drive growth of the myopia and presbyopia treatment market
The development and launching of innovative products such as eyeglasses, lenses, and other eye wears is expected to drive the market growth. Moreover, most of the players are also engaged in research and development activities, in order to develop medications for treating myopia and presbyopia treatment. For instance, on April 24, 2019, Sydnexis, Inc. initiated a phase 3 clinical trial study to evaluate the safety and effectiveness of SYD-101 sterile topical ophthalmic solution (atropine sulfate) in children with myopia. The study is estimated to be completed in July 2024. Also, on June 3, 2019, Eyenovia Inc. initiated phase 3 clinical trial study to evaluate the progression of myopia in participants using microdosed atropine 0.01%, atropine 0.1% or placebo ophthalmic solution. The study is estimated to be completed in May 2024.
Thus, such increasing number of lead candidates in late phase (phase 3), which may have potential to gain FDA approval for further use, is expected to drive growth of the global myopia and presbyopia treatment market during the forecast period.
The launch of new products by major players such as Alcon, Ophtec BV, BVI, BAUSCH + LOMB Incorporated, and others is a major factor that drives growth of the market. For instance, in March 2020, Alcon launched AcrySof IQ Vivity, a first-of-its-kind intraocular lens (IOL) (presbyopia-correcting IOLs (PC-IOLs)). In September 2018, OPHTEC BV launched a new IOL concept for the correction of presbyopia with an optic using the patented Continuous Transitional Focus (CTF) technology.
Myopia and Presbyopia Treatment Market Report Coverage
||Market Size in 2019:
||US$ 17.9 Bn
|Historical Data for:
||2016 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 31.0 Bn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East: GCC, Israel, and Rest of the Middle East
- Africa: South Africa, North Africa, and Central Africa
- By Disease Type: Myopia, Presbyopia.
- By Treatment Type: Prescription Lenses, Contact Lenses, Surgery, Medication, Others.
ALCON Inc., Bausch Health Companies Inc., EssilorLuxottica (Essilor Ltd.), Johnson & Johnson Vision, NIDEK CO. LTD., Topcon Corporation, Zeimer Ophthalmic Systems AG, and ZEISS International.
- Increasing number of product launches
- Increasing prevalence of myopia and presbyopia among geriatric population
- Presence of major players in key regions
|Restraints & Challenges:
Global Myopia and Presbyopia Treatment Market: Impact of Coronavirus (Covid-19) Pandemic
Covid-19 outbreak has negatively impacted growth of the myopia and presbyopia treatment market, as small and medium ophthalmology practices have been completely shut down due to the lockdown in key regions and only large ophthalmology practices are remained open, which are dealing with emergency cases. This has reduced the number of patient visits to ophthalmology clinics and in turn, decreased demand for contact lenses, prescription lenses, and other eye wears.
Global Myopia and Presbyopia Treatment Market- Regional Analysis
On the basis of region, the global myopia and presbyopia treatment market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
Among regions, North America is expected to exhibit high growth potential over the forecast period in the myopia and presbyopia treatment market, owing to increasing prevalence of myopia and presbyopia among the regional population. For instance, according to American Academy of Ophthalmology, in 2016, an estimated 9.6 Billion adults in the U.S. were highly myopic or severely nearsighted. Among these, around 820,000 have a degenerative form of the disease and over 41,000 suffer from a complication called myopic choroidal.
Moreover, presence of leading players such as Carl Zeiss, Visioneering Technologies, Inc., and Alcon in Europe region is expected to drive growth of the Europe myopia and presbyopia treatment market, as these players are continuously focusing on product development and launches. For instance, in February 2019, Visioneering Technologies, Inc. launched NaturalVue Brand Contact Lenses for myopia progression control & presbyopia in the U.K.
Figure 2: Global Myopia and Presbyopia Treatment Market Share (%) in Terms of Value, By Region (2020 & 2027)
Global Myopia and Presbyopia Treatment Market- Competitive Landscape
Key players operating in the global myopia and presbyopia treatment market include ALCON Inc., Bausch Health Companies Inc., EssilorLuxottica (Essilor Ltd.), Johnson & Johnson Vision, NIDEK CO. LTD., Topcon Corporation, Zeimer Ophthalmic Systems AG, and ZEISS International.